BrokerageIndustry News

N.Y. Realtor group cautions members on rate setting

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In a legal advisory this month, the New York State Association of Realtors told its members that there is an apparent rise in the offer of variable payments to cooperating brokers in real estate transactions, and there is a potential for antitrust violations related to the discussion of these practices. Listing brokers are in some cases notifying other brokers that they will pay them a different amount of compensation than the level advertised in the local multiple listing service for bringing a buyer to the real estate transaction, according to the advisory. Anthony Gatto, director of legal services for the Realtors association, said in Nov. 8 notice to member brokers, "It has come to NYSAR's attention that the amount of a listing broker's cooperating compensation in the (MLS) or otherwise being offered to the successful selling broker is possibly being discussed in venues that could lead to unintended legal consequences of an antitrust nature." The real estate industry is already o...