MV Realty

New laws enacted to prevent the use of Non-Title Recorded Agreements for Personal Services — or NTRAPs — are sweeping the nation as critics decry alleged deceptive and predatory practices

MV Realty was under scrutiny for deceiving homeowners in financial distress into signing exclusive listing agreements that lasted 40 years in exchange for cash

California AG Rob Bonta filed a lawsuit against the embattled brokerage on Thursday, accusing it of taking advantage of struggling homeowners

The company is currently facing lawsuits from more than a half-dozen states over its allegedly deceptive business practices

Charlie Lee, the National Association of Realtors' senior counsel, spoke on legal issues impacting agents at the MLS Association Executives Session at the Realtors Legislative Meetings on Sunday

Preliminary injunction in Massachusetts says 'homeowner benefit agreements' are actually high-interest mortgage loans and can no longer be offered or enforced until case is resolved

Legislation expected to go into effect April 1 addresses allegedly deceptive tactics employed by MV Realty and was based on a model bill drafted by American Land Title Association

Following lawsuits in Pennsylvania, Massachusetts, Florida and Ohio, the brokerage is redrafting 40-year contracts that offer homeowners cash in exchange for exclusive rights to list their home

Ohio is the latest state to file suit against MV Realty for deceptive practices following probes by regulators over its 'homeowner benefit agreements' in Florida, Pennsylvania and Massachusetts

State attorneys general call brokerage 'a scam' and allege its business model and contract terms are 'unconscionable' and target elderly and financially vulnerable homeowners

North Carolina regulators are investigating alleged predatory and deceptive practices by Florida-based MV Realty, which operates in 33 states and has more than 500 licensed agents