The real estate establishment's latest salvo against the so-called 'bombshell' buyers' agent case is a sprawling, 3,000-page argument against granting class-action status in the Moehrl federal suit
On Thursday, Realogy Brokerage Group CEO M. Ryan Gorman shared the company's stance on the National Association of Realtors' Participation Rule, saying, 'There’s no reason why an offer of compensation needs to be a mandatory requirement for a home to be listed in the MLS .' Mostly, real estate agents disagreed
In court filings, regulator says rules 'restrict how real estate agents can market properties, dictate how real estate commissions are set, and impede commission negotiations'
Real estate commissions are inflated by as much as $50B per year due to the lack of price competition created by having listing brokers set co-op fees for buyer brokers, according to the report in the Berkeley Business Law Journal
The big residential brokerage franchisors and holding companies have joined NAR in its motion to dismiss a lawsuit that seeks to overturn the status quo of buyer's agent commissions
Opinion
The look, functionality and way we insure homes are apt to change — and so should our expectations
The suit is nearly identical to 'bombshell' claim filed by 6 law firms on behalf of homeseller Christopher Moehrl
Benjamin Brown, a partner at Cohen Milstein and co-chair of the firm's antitrust practice group, is a lawyer whose name the real estate industry may come to know well