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Chicago Realtor License Defense LawyerOn Thursday, November 19, 2020, the Department of Justice (“DOJ”) announced that it planned to file a lawsuit against NAR, along with a proposed settlement that targeted NAR’s rules, policies, and practices, which the DOJ says are anticompetitive. The DOJ’s proposed settlement attempts to bring a level a transparency and competition to the real estate industry.

The proposed settlement posed by the DOJ would require NAR to change rules regarding broker commissions and service charges. NAR would have to change rules that currently enable MLS participants to not display or distribute MLS listings based on the compensation offered to the brokerage or agent, and rules that permit MLS participants to represent/suggest that their services are free to a client with no cost. The proposed settlement also calls for an end to limiting access to lock boxes to real estate brokers with respect to those properties listed on the MLS.

NAR agreed to comply with the proposed DOJ settlement agreement and will modify some of its rules and repeal others in order to resolve the antitrust lawsuit. NAR must comply with the settlement agreement within 45 days.

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