Gibson is a class action lawsuit filed by the same lawyer who handled the current Sizzer Burnett case. He accused NAR of conspiring to artificially inflate a committee of agents representing sellers, who are violating the federal antitrust law.
At the end of October, some of the accused saw their village receive final approval. January includes the remaining defendants – Berkshire Hathaway Energy, Windermere Real Estate and Hannah Holdings -Responses have been filed against a claim made in the Gibson lawsuit.
It was adopted in May 2020, CCP Brokers must list properties to multiple listing services (MLS) within one business day of signing a listing agreement. Supporters argue that it guarantees fair housing opportunities, and critics argue that it limits the rights of homeowners to sell their property as it chose.
CCP regulations are designed to prevent properties that are listed outside the market and not advertised to the public.
What’s next?
While NAR is already involved in Gibson’s lawsuit, Ketchmark stressed that individual brokers involved in supporting the CCP could still face legal scrutiny.
“Anyone who votes to continue enforce this rule will take their deposits and be accountable if they believe it is being done with anti-competitive goals in mind,” he told Inman.
Ketchmark has dismissed concerns that repealing the policy could lead to large brokerages withholding lists from platforms such as: Zillow and Realtor.commaking it difficult for consumers to access the list in one place.
“I have more faith in the free market than people who have such arguments,” he said.
He also refused to justify the NAR’s CCP for fair housing, saying the trade group has a history of implementing “anti-competitive rules designed to hurt consumers and home buyers.”
NAR confirmed that the policy assessment is almost complete and that a predicted decision is expected “in the coming weeks.” However, it remains unclear whether the NAR leadership team, consisting of eight top executives and brokers, will vote exclusively. The decision could also include a large executive committee of a trade group with 71 members.
