How the RE Commission Settlement Impacts You
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 18 March 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
Discover how the real estate commission settlement impacts you.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 1325. If y'all know what I mean put your hands up and declare with me |
| 0:14.0 | Yeah, I'm full of time I'm gonna live a good life |
| 0:21.0 | I'm gonna live the good life |
| 0:22.0 | beautiful and glorious life Step into a world of wealth and wealth and financial freedom without budgets, boredom or bosses on, bey and Smart. And now here's your host, Linda P. Jones. |
| 0:38.7 | Welcome to Be Wealthy and Smart. I'm Linda P. Jones, America's Wild Mentor, Empowering Women and Men Worldwide to Financial Freedom. |
| 0:45.0 | On today's show, we're going to talk about how the Real Estate Commission settlement impacts you. |
| 0:51.0 | Because this has been an ongoing lawsuit with the National Association of Realtors, |
| 0:56.4 | and there was a big legal settlement that could shrink Realtor Commissions. |
| 1:01.4 | So what I'd like to do is read to you this article from USA Today |
| 1:05.4 | because it gives all the facts of the lawsuit and I think it's better to just |
| 1:09.9 | read what they said happened in the lawsuit rather than try and paraphrase it or talk |
| 1:14.6 | about it casually. |
| 1:15.9 | So it says, Realtor Commission fees consumers pay to buy and sell a house could soon change. |
| 1:22.3 | The National Association of Realtors, embroiled in legal battles |
| 1:25.7 | over the real estate industry's commission structure, has reached a settlement that could dramatically |
| 1:31.1 | slash the fees paid to agents. |
| 1:34.0 | NAR said Friday that the settlement would lead to it put in place a new multiple listing |
| 1:40.3 | service rule which would prohibit offers of broker compensation. |
| 1:45.4 | The association's rules do not set commission rates, NARS said, which are negotiated between consumers |
| 1:52.0 | and their agents. |
| 1:53.4 | However, the real estate industry has long worked under a model of a 5% to 6% commission paid by the |
| 2:00.4 | seller and split between the seller's agent and the buyer's agent. |
... |
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