ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Keller Williams Realty has become the latest real estate giant to reach a settlement in a series of class-action lawsuits.
The settlement states that Keller Williams will make it clear to franchisees that they are not required to offer compensation to buyer brokers, to inform customers that commissions are negotiable and that real estate agents must show properties regardless of the amount of offered compensation, according to a motion filed in the litigation.
The brokerage has agreed to pay $70 million to settle claims nationwide across class-action lawsuits that allege the National Association of Realtors’ “participation rule” and “cooperative compensation” practices unfairly forced home sellers to pay inflated commissions to buyer agents and amounted to a conspiracy with brokerages to keep commissions high.
Read: Hundreds of thousands of people expected to pack Orlando this weekend
Click here to read the full story on the Orlando Business Journal’s website.
Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.