By Dennis Norman, on June 12th, 2025 
Rob Hahn recently ignited an important conversation about the National Association of REALTORS® (NAR) decision to significantly modify Standard of Practice 10-5, a rule initially established to prevent harassment based on protected characteristics. While NAR’s move to restrict 10-5’s scope solely to REALTORS’ professional activities has been welcomed as a step toward safeguarding free speech, Hahn highlights another critical dimension needing attention: restitution for those previously penalized under its broader interpretation.
According to Hahn, now that NAR acknowledges the overreach of the initial rule, it owes apologies and possibly reparations to REALTORS previously sanctioned under it. As Continue Reading →
By Dennis Norman, on June 10th, 2025 
A new federal lawsuit filed in California is challenging a long-standing National Association of REALTORS® (NAR) policy that many small and independent brokers argue has quietly stifled competition in the real estate industry for years. The suit, brought by broker John Diaz, centers on the “Variable Dues Formula” — a policy that requires designated REALTOR® brokers to pay NAR dues not just for themselves, but also for any agents in their firm who are not NAR members, even if those agents opt out of the services.
While this may sound like an administrative issue, it has real consequences, particularly for Continue Reading →
By Dennis Norman, on June 5th, 2025 
The National Association of REALTORS® Board of Directors today approved updates to Standard of Practice 10-5 and Professional Standards Policy Statement 29 — both key components of Article 10 of the Code of Ethics. These long-anticipated changes, debated since 2023, aim to bring more clarity and consistency to how REALTORS® are held accountable when it comes to discrimination and harassment.
As I reported in my May 26th article, concerns had been growing over whether SOP 10-5 infringed on members’ personal free speech — especially in cases where comments or beliefs expressed outside the workplace led to disciplinary action. The revised Continue Reading →
By Dennis Norman, on June 4th, 2025 
Lawrence Yun, Chief Economist, NAR
Yesterday, I attended the Economic Forecast session during the NAR Mid-Year Meetings in Washington D.C., where National Association of REALTORS® Chief Economist Lawrence Yun gave a sobering yet hopeful outlook for the housing market — and homeowners, sellers, and agents in the St. Louis area should take note.
Yun, recently ranked one of the nation’s top economic forecasters by The Wall Street Journal, admitted the recovery he had predicted hasn’t yet materialized. “I thought at this conference I would share some good news with you. Home sales are rising. Momentum Continue Reading →
By Dennis Norman, on May 30th, 2025 
Quick Summary: A new legal challenge could undo the $1.8 billion+ Sitzer/Burnett vs NAR real estate commission settlement. If successful, it could reverse everything the industry has done to comply, and throw home sellers, agents, and brokerages in St. Louis and across the U.S. into another round of litigation and uncertainty.
A key settlement in the Sitzer/Burnett commission lawsuit, the one that was supposed to change how agents get paid, may be on the brink of collapse. Law professor and former home seller Tanya Monestier has filed a formal appeal in the U.S. Court of Appeals for the Eighth Circuit. Continue Reading →
By Dennis Norman, on April 12th, 2025 
Zillow’s new policy, set to take effect in May 2025, takes a hard stance against listings that are marketed publicly without being listed on the MLS and displayed via MLS feeds. Zillow says it’s about fairness and protecting consumers. But is it? Or is it about consolidating control of listing visibility under the guise of transparency? And with Zillow now operating as a licensed brokerage—and a member of many MLSs—is this policy actually benefiting consumers, or simply solidifying Zillow’s role as a gatekeeper?
Zillow claims alignment with NAR’s Clear Cooperation Policy, but that claim Continue Reading →
By Dennis Norman, on April 9th, 2025 
If you’re a homebuyer or seller in the St. Louis area, heads up—there’s something going on in Washington that may affect your next move in a bigger way than you think.
The Department of Justice just appointed Roger Alford to a top antitrust role. He’s not a household name, but he’s someone who’s been deep in the fight over real estate commissions and how homes get marketed. He played a key role in the massive $1.8 billion verdict in the Sitzer/Burnett case here in Missouri—where a jury said real estate commissions were being artificially inflated by the industry.
So what’s Continue Reading →
By Dennis Norman, on April 3rd, 2025 
There’s been a significant appointment at the Department of Justice that should grab the attention of everyone in the real estate industry. Roger Alford, a Notre Dame law professor with deep antitrust experience and a key expert witness in the 2023 Sitzer/Burnett case against NAR, has been named Principal Deputy Assistant Attorney General for the DOJ’s Antitrust Division. That’s a strong signal of where things may be heading.
Alford has made his views on NAR’s practices clear—particularly the Clear Cooperation Policy and MLS rules that tie access to REALTOR® membership. In his testimony and published work, he’s Continue Reading →
By Dennis Norman, on March 25th, 2025 
Today, the National Association of REALTORS® (NAR) announced significant changes to its controversial Clear Cooperation Policy (CCP). After months of debate and scrutiny—from brokers, MLS leaders, agents, and legal experts—NAR introduced the new “Multiple Listing Options for Sellers” policy, which aims to address concerns around consumer choice and market fairness.
I’ve written extensively on why the original CCP faced such strong opposition, notably in my recent article highlighting attorney Michael Ketchmark’s explicit warning to NAR brokers: repeal CCP or face legal action. Ketchmark, lead counsel in the landmark Sitzer lawsuit, clearly indicated that maintaining the CCP could Continue Reading →
By Dennis Norman, on March 12th, 2025 
The National Association of Realtors (NAR) is on the verge of making a pivotal decision about its controversial Clear Cooperation Policy (CCP)—a rule requiring listings to be submitted to a multiple listing service (MLS) within one business day of public marketing. Now, attorney Michael Ketchmark, lead counsel in the landmark Sitzer lawsuit, has issued a stark warning: if NAR brokers vote to maintain the rule, he may take legal action against them.
Ketchmark, in an interview with Inman News, made his stance clear: “It’s my expectation that after this meeting, when this comes to a NAR Continue Reading →
By Dennis Norman, on January 27th, 2025 
The National Association of REALTORS® (NAR) recently released its 2024 Member Profile, offering valuable insights into the business activity of REALTORS®. One of the most compelling findings is in Chapter 2, particularly Exhibit 2-6, which sheds light on the number of residential transaction sides completed by agents. Here’s what the data reveals and why it matters.
Residential Sides: A Snapshot of REALTOR® Activity
In 2023, the median number of residential transaction sides completed by REALTORS® was 10, a decline from prior years, reflecting the challenges of the current housing market. The breakdown of residential sides highlights the disparity in activity Continue Reading →
By Dennis Norman, on January 23rd, 2025 
The real estate industry’s relationship with the National Association of Realtors faces mounting challenges as multiple lawsuits emerge nationwide. Texas broker Lou Eytalis recently joined others in challenging NAR’s mandatory membership requirements for MLS access (see lawsuit complaint below), with similar cases in Michigan, Pennsylvania, and Louisiana. These suits coincide with controversy over NAR’s Standard of Practice 10-5, which has sparked First Amendment challenges from both brokers and agents who argue the rule improperly restricts speech by banning hate speech and discriminatory language on personal social media accounts.
These legal challenges come amid a turbulent Continue Reading →
By Dennis Norman, on January 14th, 2025
The Supreme Court yesterday declined to review the National Association of REALTORS’ (NAR) appeal to block the Department of Justice (DOJ) from resuming its antitrust investigation. This decision allows the DOJ to reopen its probe into NAR’s practices, including the Clear Cooperation Policy and the Participation Rule, both of which have been criticized for limiting competition in the real estate industry.
The Clear Cooperation Policy requires listing brokers to submit a property to their Realtor-affiliated MLS within one business day of marketing it publicly. This policy was intended to ensure transparency but has faced allegations of reducing competition and restricting Continue Reading →
By Dennis Norman, on December 6th, 2024 
The National Association of Realtors’ 2024 Profile of Home Buyers and Sellers provides fascinating insights into the evolving preferences and demographics of today’s real estate market. As reflected in the charts below, buyers continue to seek homes and neighborhoods that align with their lifestyles and values, while trends in home size, type, and location highlight shifting priorities.
Key Highlights from the Report Family Dynamics in Home Purchases: The share of homebuyers without children under 18 in the home has risen significantly, reaching 73% in 2024, compared to just 41% in 1981. This trend underscores how demographic changes are shaping the Continue Reading →
By Dennis Norman, on December 5th, 2024 
The 2024 Profile of Home Buyers and Sellers, published by the National Association of Realtors (NAR), provides a detailed look at the trends shaping the real estate market. One of the most striking takeaways is the continued rise in the age of first-time home buyers. In 2024, the median age of first-time buyers is 38 years—a dramatic jump from 29 yearsin 1981. This increase reflects the growing challenges young buyers face, including rising home prices, student loan debt, and tighter lending standards. The chart below vividly illustrates this trend over the past four decades.
In contrast, repeat buyers now have Continue Reading →
By Dennis Norman, on November 27th, 2024
The landmark settlement in the Burnett (Sitzer) v. National Association of Realtors (NAR) class action lawsuit has officially received final approval from U.S. District Judge Stephen R. Bough on November 27, 2024. This settlement is set to impact millions of homeowners across the U.S., offering substantial financial restitution and mandating significant changes in real estate practices. The full details of the court’s order and settlement terms are provided in the document below.
Judge Bough emphasized the fairness of the settlement, noting that it provides “substantial benefits to the class” while ensuring equitable treatment of all members. Over 491,000 claims have Continue Reading →
By Dennis Norman, on November 26th, 2024 
A recent Notorious P.O.D. interview with Wilson Fauber, a Virginia real estate broker and ordained minister, has brought renewed attention to the National Association of Realtors’ (NAR) controversial Standard of Practice 10-5. The rule prohibits hate speech, epithets, and harassing language by Realtors® at all times, including outside their professional lives.
Fauber faces an ethics hearing over social media posts he made years before the rule’s enactment, including one quoting scripture. Supporters argue the rule ensures a welcoming environment for all, while critics believe it infringes on personal freedoms and is being selectively enforced.
Why This Matters to Agents
The Continue Reading →
By Dennis Norman, on November 19th, 2024 
The New York Times published a detailed investigation yesterday into the spending practices of the National Association of REALTORS® (NAR), raising significant questions about the organization’s leadership and its stewardship of member dues. The report, titled “Chauffeured Cars and Broadway Tickets: Inside the National Realtors Group,” written by Debra Kamin, explores what some describe as a culture of excess and self-interest within one of the largest trade associations in the United States.
The investigation reveals that NAR’s top executives and elected leaders have enjoyed a range of extravagant perks, from luxury hotel suites and first-class travel to private club memberships Continue Reading →
By Dennis Norman, on November 13th, 2024
The term “REALTOR®” is one of the most recognized in the real estate industry, but its meaning is often misunderstood. While many people assume all real estate agents are REALTORS®, that’s not the case. The distinction goes beyond holding a license—it’s tied to a specific organization, a shared history, and a professional designation with legal and ethical implications. Let’s explore where the term comes from, how it’s protected, and what it means today.
A Brief History of the Term
The term “REALTOR®” was coined in 1916 by Charles N. Chadbourn, a real estate agent who sought to create a professional Continue Reading →
By Dennis Norman, on November 7th, 2024 
In his recent article, “Repeal the Speech Code,” Rob Hahn has urged the National Association of REALTORS® (NAR) to reconsider its controversial Standard of Practice 10-5. This policy, implemented in 2020, prohibits REALTORS® from using harassing or hate speech, epithets, or slurs based on protected classes, such as race, religion, and gender identity, in both professional and personal settings. Hahn argues that while intended to promote inclusivity, the policy overreaches and restricts REALTORS®’ freedom of speech outside of real estate-related activities.
The case of Brandon Huber, a REALTOR® and pastor, illustrates Hahn’s concerns. Huber was penalized under Standard of Practice Continue Reading →
By Dennis Norman, on November 5th, 2024 
The National Association of REALTORS® (NAR) 2024 Profile of Home Buyers and Sellers provides a comprehensive look at trends shaping the real estate market this year. From changing demographics to buyer challenges, this report highlights critical shifts in homebuying and selling behaviors. The full report is available below for readers who wish to explore it in detail.
One of the most notable trends is the rising age of both first-time and repeat homebuyers:
First-time buyers now have a median age of 38, marking a significant shift from the late-20s median seen in the 1980s. This increase reflects the growing challenges Continue Reading →
By Dennis Norman, on October 30th, 2024
Tanya Monestier, a tenured law professor at the University at Buffalo School of Law and former professor at Roger Williams University School of Law, has stepped into the Sitzer v. NAR lawsuit with a compelling and meticulously researched objection to the proposed settlement. Monestier, whose academic work on contract law and consumer protection has been cited by courts across North America—including the United States Court of Appeals and the Supreme Court of Canada—brings a formidable legal background to her critique. Her objection portrays the settlement as a superficial, paper-only solution that leaves consumers vulnerable to the same anti-competitive practices it Continue Reading →
By Dennis Norman, on October 10th, 2024 
For the past few years, the National Association of Realtors’ (NAR) Clear Cooperation Policy has been a focal point of contention, sparking debate across the real estate industry. The rule, which mandates that any property being marketed to the public must be listed on the MLS within one business day, was introduced with the intention of promoting transparency and ensuring equal access to listings for agents and buyers alike. However, the policy has faced consistent opposition from various quarters, with critics arguing that it hampers the ability of agents to serve their clients’ best interests and limits consumer choice.
As Continue Reading →
By Dennis Norman, on September 27th, 2024 
The National Association of Realtors’ (NAR) Clear Cooperation Policy has been a contentious topic since its inception in 2019. The rule, which mandates that listings must be added to the MLS within one day of being publicly marketed, aims to provide transparency and equal access to all agents and homebuyers. However, as highlighted in anInman News article today, the policy is now facing strong opposition from major real estate firms like Compass and Anywhere Real Estate, both of which are calling for changes that would provide more flexibility to sellers.
This isn’t the first time the Clear Cooperation Policy has Continue Reading →
By Dennis Norman, on September 24th, 2024 
There was an opinion piece published today on Inman News by Eric Bramlett that suggests that fears of a widespread shift in commission payments from sellers to buyers are overblown. Bramlett argues, “Sellers are primarily concerned with the net proceeds they’ll receive and the overall terms of the contract.” While I agree that many sellers will still “pay” the buyer’s agent commission, I don’t believe the traditional commission structure will endure. In fact, the St. Louis Association of REALTORS® is in the process of updating the forms that most of the St Louis area REALTORS®, including listing agreement. In this Continue Reading →
By Dennis Norman, on July 24th, 2024 
This week, on July 23rd, the St. Louis REALTORS® Association implemented new and revised contract forms and agreements for use by Realtors throughout St. Louis and the surrounding areas. These updates are a direct response to significant changes in industry practices resulting from the settlement of massive class action lawsuits by the National Association of Realtors (NAR). For a detailed breakdown of these changes, you can refer to the settlement agreement below.
The revisions aim to align current practices with the legal outcomes of these settlements, ensuring compliance and fostering transparency in real estate transactions. One of the pivotal changes Continue Reading →
By Dennis Norman, on July 5th, 2024 
Starting August 17, 2024, the National Association of REALTORS® (NAR) is implementing a new requirement on its members that will impact home buyers and REALTORS® alike. This new rule mandates that REALTORS® must have a written agreement with buyers before showing them any homes. This change is required as part of the settlement agreement of multiple massive class-action lawsuits where NAR was accused of anti-competitive practices. The settlement aimed to increase transparency and fairness in real estate transactions, ensuring that both buyers and agents have a clear understanding of their relationship and obligations. However, there’s a lot of confusion Continue Reading →
By Dennis Norman, on June 27th, 2024
A recent flash poll by T3 Sixty at the NAR Midyear Conference highlights significant dissatisfaction among real estate professionals regarding the National Association of REALTORS® (NAR) and its handling of the ongoing commission lawsuit. View the entire report and survey results below.disa
Key Findings: Approval of NAR’s Performance: Only 30% of respondents approve of NAR’s overall performance. A striking 63% disapprove, indicating widespread dissatisfaction. Handling of Compensation Lawsuits: Just 32% approve of NAR’s legal strategies. A majority of 62% disapprove, showing deep concerns about the settlement’s impact.
At MORE Realtors, we understand the confusion and concerns surrounding these changes. Our Continue Reading →
By Dennis Norman, on May 8th, 2024 
Lawrence Yun, Chief Economist for the National Association of REALTORS
In his forecast yesterday at the 2024 REALTORS® Legislative Meetings, National Association of Realtors® Chief Economist Lawrence Yun delivered a promising outlook for the real estate market with expectations for rising existing-home sales. According to Yun, the U.S. is likely to see existing-home sales increase to 4.46 million in 2024, a 9% rise from 2023, and surge to 5.05 million in 2025. Yun highlighted, “More jobs mean more home sales and higher housing demand. You need a strong local economy for a strong housing market.”
Additionally, Continue Reading →
By Dennis Norman, on April 26th, 2024
Home sellers have reached a momentous $250 million settlement with HomeServices of America and its subsidiaries, including Long & Foster Companies, BHH Affiliates, LLC, and HSF Affiliates, LLC. This settlement, disclosed in a recent press release by the law firm representing the plaintiffs, resolves class action claims as part of a broader dispute over commission costs in the real estate industry.
In a landmark case held on October 31, 2023, a Missouri jury found HomeServices of America, along with the National Association of Realtors (NAR) and Keller Williams, culpable of conspiring to inflate commission fees, resulting in nearly $1.8 billion Continue Reading →
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