| In This Issue: Thursday, Nov. 20, 2008 | |||||
Special Report |
Final Approval Granted to DOJ-NAR Settlement |
| U.S. Federal District Court Judge Matthew F. Kennelly on Nov.18 gave final approval to the settlement announced earlier this year between NAR and the U.S. Department of Justice over the display of MLS listings on brokers' virtual office Web sites. |
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The final judgment, which affirms the favorable provisions agreed to by NAR and DOJ on May 27, preserves the MLS as a means of broker-to-broker cooperation. "This compromise will ensure that MLSs are used for what they were originally intended, to help real estate professionals find buyers for people who want to sell their homes," says NAR General Counsel Laurie Janik.
Under the final settlement, all MLSs must adopt the 2008 VOW Policy without modification and amend certain sections of their Model VOW Rules. Associations and MLSs will also be required to make changes to their bylaws. MLS executives will be asked to complete and send to NAR by Feb. 15, 2009, a form certifying that the changes were made. Complete details on these actions are available at this time on Realtor.org and will be included in a package to AEs and MLS executives from NAR Legal Affairs sent by regular mail next week. Among the resources to look for, online and in next week's letter, are a cover letter from NAR General Counsel Laurie Janik and copies of the final modified VOW Policy and Model VOW Rules. "In addition to adopting the new policy, bylaw provision and rules, it is important that the MLS act consistently with the policy and rules and enforce the rules in a uniform and even-handed manner," says Janik. "It is also important that the MLS not adopt any other policy or practice that governs brokers in their operation of VOWs." |
Report compiled by Robert Freedman, rfreedman@realtors.org, 202/383-1012. |
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