Entities, including multiple MLSs and realtor associations, received compliance requests under a settlement. The requests include proof of enforcement of compensation disclosure requirements and documentation of business practices. Co-lead counsel can ask for compliance proof from the involved organizations as part of the settlement. Last year, professor Tanya Monestier objected to the settlement, highlighting issues with the implementation and suggesting some agents were modifying buyer representation agreements exploitatively. Her concerns centered around potential unethical practices and the manipulation of buyer agreements.
The enforcement mechanisms in the settlement grant the co-lead counsel authority to request proof of compliance from entities bound by the settlement's practice changes.
By opting into the settlement, MLSs and Realtor associations agreed to provide proof of compliance as a condition of their being covered by the settlement.
Attorneys requested all guidance and educational materials about compliance with the settlement's business practice changes and documents related to buyer broker compensation.
Tanya Monestier claimed that some buyers were being asked to sign documents that allow for seller paid bonuses inappropriately.
#mls-compliance #real-estate-settlement #buyer-representation #tanya-monestier #real-estate-practices
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