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The National Association of Realtors (NAR) published a reminder for certain brokerages of the June 18 deadline to opt into NAR’s Settlement Agreement resolving claims related to the Sitzer/Burnett case.

According to NAR, brokerages with a residential transaction volume in 2022 that exceeded $2 billion and all MLSs are required to opt into the Settlement Agreement to obtain a release of liability.

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State and local realtor associations, individual NAR members and brokerages with an NAR member as principal whose residential transaction volume in 2022 was $2 billion or below do not have to take any specific action to obtain a release of liability under the Settlement Agreement. However, NAR added these must abide by the terms of the Settlement Agreement.

Following this opt-in deadline, NAR’s mandatory MLS policy changes implementing the settlement practice changes will take effect on Aug. 17. The agreement is subject to final court approval, with a hearing scheduled for Nov. 26.

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