Real Brokerage Agrees To Pay $9.25M To Settle Commission Suits

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TamirPoleg BradInman 1024x576

The Real Brokerage has agreed to modify its business operations as part of a proposed settlement agreement in the Umpa v. NAR case. The company will pay $9.25 million as part of the settlement and make changes to provide clarity on clients’ ability to negotiate commissions. This settlement release Real, its subsidiaries, and its 16,000 agents from the claims in the Umpa lawsuit. The agreement aims to protect brokerages and their agents from class action lawsuits related to commission practices in the real estate industry. Real estate firms named in the Umpa case are eligible to participate in the settlement by following certain procedures. The proposed settlement outlines various changes that Real will implement, including not implying to clients that buyer agent services are free. This story will be updated as more details unfold.

The Real Brokerage has agreed to pay $9.25 million as part of a proposed settlement in the Umpa v. NAR class action lawsuit. This settlement includes changes to the brokerage’s operations, such as providing clarity on clients’ ability to negotiate commissions. The company, along with its subsidiaries and agents, will be released from the claims in the lawsuit. This settlement comes after the National Association of Realtors reached a settlement that protected many of its members. Brokerages that were not covered by the NAR settlement had the option to participate in the settlement by either depositing a specific amount into an escrow account or participating in mediation. The Umpa lawsuit alleges that NAR and various real estate companies engaged in anticompetitive practices that inflated commissions. The proposed settlement includes other changes, such as not suggesting to clients that buyer agent services are free. The details of the settlement have not been publicly disclosed yet and will need to be approved by the court.

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