Real estate media outlets have been on a quest in recent weeks to imagine what might happen when a 10-year agreement between the National Association of REALTORS® and the Department of Justice comes to an end in November.
The agreement centers on how MLS rules treat virtual office websites for real estate brokerages that operate without bricks-and-mortar locations. The agreement prevents NAR from setting rules that unreasonably disadvantage VOWs, impede customer referrals by VOWs, or impose unreasonable fees on brokers who operate a VOW.
The media speculation is fueled by the fact that the agreement is set to expire, says NAR General Counsel Katie Johnson. But some writers have mischaracterized both the settlement’s purpose and the association’s position, prompting Johnson to
spell out the facts in an article posted to the association’s website Wednesday. In the article, Johnson defines a VOW, lays out the terms of the 2008 settlement, and makes clear that NAR has no intention to alter its VOW policy when the agreement expires.
—REALTOR® Magazine
