LITIGATION UPDATE
The Bay Area Real Estate Information Services, Inc. (BAREIS), an independent northern California MLS, has been sued in a class action. The complaint also names Marin, North Bay, Northern Solano County and Solano Associations of REALTORS®, along with National Association of REALTORS®, though they have no interest, ownership or control of the independent MLS. The lawsuit also includes corporate defendants ― RE/MAX Holdings, Inc.; Anywhere Real Estate Inc.; Keller Williams Realty, Inc.; Compass, Inc.; and eXp World Holdings, Inc.
The action appears to make similar allegations to those made by plaintiffs in the recent Burnett v. NAR, et al. case in Missouri, relating to the practice of cooperative compensation in which listing brokers offer compensation to brokers representing buyers as part of marketing the property. The jury in that case recently returned a verdict against NAR and the corporate defendants; NAR has indicated that it will appeal.
As always, we will monitor this case and others that impact the industry. To read more, click here.