The CEO of the National Association of Realtors is stepping down. This, after a federal jury ruled some real estate agents and brokers conspired to artificially boost commissions.
In a case that could change the way Americans buy and sell their homes, a federal jury in Kansas City, Missouri, found that the National Association of Realtors and two large residential real estate companies engaged in a conspiracy to inflate commissions, awarding $1.8 billion in damages.
The lawsuit challenged the way commissions are paid. That's the 5 to 6 percent of the purchase price paid by the seller to their agent who, in turn, shares a portion of it with the buyer's agent. Critics say it makes negotiation of the sales charge almost impossible. We reached out to the National Association of Realtors and they say the issue is not close to being final and they will appeal the verdict.
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