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Get the Facts 08.13.24

Dispelling an NAR Settlement/Independent MLS Myth

Join Washington REALTORS® Legal Hotline Lawyer, Annie Fitzsimmons, as she dispels a rumor circulating about the NAR settlement and it's ramifications for REALTOR® members who use independent MLSs (such as the NWMLS).
 
You can also get the facts straight from NAR by visiting their FAQs site at: nar.realtor/the-facts/nar-settlement-faqs. Tune in to stay confident and informed! 

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What To Do When Clients Ask About Class Notice 

Class notice is a court-approved process through which members of the “Settlement Class”—home sellers who sold a home during the eligible date ranges, the home was sold on an MLS anywhere in the U.S., and paid a commission to a real estate brokerage in connection with the sale of the home—will be informed about NAR’s proposed settlement of the Sitzer-Burnett case. Notices will be distributed by mail and electronically. Class notice informs class members of their rights, options, and deadlines to exercise those rights and options under the proposed settlement. Watch NAR’s video on what class notice means for REALTORS® here.
 
Consumers in your area may have already received a notice regarding separate settlements made by certain brokerage firms; however, this notice will be new and will address NAR’s settlement. It is important to underscore that NAR does not manage the class notice process. NAR members may nonetheless receive questions from consumers. NAR members should direct consumers to the settlement website (www.RealEstateCommissionLitigation.com) where they can find relevant information. You may also direct them to call the settlement administrator at 888-995-0207, for additional guidance. NAR members should refrain from further advising consumers on class notice.

  • The practice changes are detailed here and clarifying information is available in NAR’s FAQ on facts.realtor.
  • To obtain a release of liability under the settlement, you must be a REALTOR® on the date of class notice.
  • NAR has made updates to their FAQ, including a new section on transaction brokerage (#80-86).
  • NAR will host a webinar on August 15 from 3-4PM CT on the practice changes. Access it here.
  • Throughout 2024, NAR is making the popular Accredited Buyer’s Representative (ABR®) designation course available to REALTORS® at no cost: become.abr.realtor.

Nearly 3 Billion People Hacked in National Public Data Breach: What You Need to Know 

Recently, nearly 3 billion individuals had their personal info compromised in one of the largest data breaches in history. This incident, involving National Public Data (NPD), showcases the risks associated with data security lapses. The leaked data includes sensitive information such as Social Security numbers, addresses, and more.
 
Understanding the scope and implications of this breach is crucial for safeguarding your personal information! Read the full article to learn more details, the legal actions being taken, and the steps you can take to protect your identity. Stay vigilant, REALTORS!®

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Don't Miss Your Chance: Register for FBC 2024 Today! 

Join us in Kennewick at the Three Rivers Convention Center September 18th – 20th 2024!
 
Our annual Fall Business Conference event brings together 250+ passionate REALTORS® from all corners of our stunning state to shape the future of the association, set new directions, and drive success. Network, participate in leadership elections, and take part in engaging discussions like the Member Forum that will elevate WR and your real estate career to new heights!
 
Plus, pack a little fun into your conference experience and join us for Fun Night hosted by the Tri-City Association of REALTORS®.... more details to come, so stay tuned. 
 
Seize this opportunity to connect with fellow leaders and leave your mark at the 2024 Fall Business Conference - register today! 

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More Agents Joining NAR Ahead of Settlement Deadline  

Despite market uncertainties and changes in industry practices, NAR membership has shown resilience, specifically in Washington State! 
 
The latest data reveals an increase of over 29,000 NAR members between April and August, pushing the total to approximately 1.53 million... And Washington REALTORS® experienced the highest growth during this period! Read the full article to learn more about the factors behind this trend and the implications of the upcoming industry changes.

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Legal Hotline Q & A of the Week

08.13.24 Q&A