The US Department of Justice and the National Association of Realtors agreed Tuesday to settle an antitrust case filed by the Department in 2005, which alleged that the Association’s policies and rules limited competition between traditional and online real estate brokers and agents. The settlement, which is subject to approval by a federal judge, allows internet brokers and agents who frequently offer discounted commission rates to fully access affiliated multiple listing services. After the lawsuit was initially filed, the Association’s policy of excluding internet brokers from listing service membership was suspended.
Although the Association did not admit fault, it agreed to the binding ten-year settlement that prohibits discrimination and exclusion of online brokers and agents from listing service membership. The settlement is expected to bring about reduced sales commissions, while increasing consumer choice and quality of service.
