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A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions, moving to resolve lawsuits that claim the rules have forced people to pay ...
Rhonda Burnett, the lead plaintiff, testified about her experience with a real estate agent from HomeServices of America subsidiary ReeceNichols. According to Burnett, the agent gave her a contract to sign with a commission rate of 6% already filled in, and she was told that the rate was non-negotiable. [12]
How to apply for a settlement in the real estate commission lawsuit The only way to receive payment is by submitting a claim form by May 9, 2025. Forms can be submitted online at www ...
Florida lawsuits against real estate brokers The Missouri case may be 1,400 miles away from South Florida but the Sunshine State is not immune to these legal challenges.
Lawsuit Subject of lawsuit Court of decision Year of decision AT&T Mobility v. Concepcion: contracts that exclude class action arbitration: Supreme Court of the United States: 2011 Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit: SLUSA preempting state law class action claims: Supreme Court of the United States: 2006 West v. Randall
They sign a contract specifying the percentage of the commission split — traditionally, each party takes 3%. That puts the standard commission on a $300,000 home at $18,000.
The Department of Business and Professional Regulation (DBPR) is the agency charged with licensing and regulating more than 1.6 million businesses and professionals in the State of Florida, such as alcohol, beverage & tobacco, barbers/cosmetologists, condominiums, spas, hotels and restaurants, real estate agents and appraisers, and veterinarians, among many other industries.
With such a steep drop in commissions earnings, some experts argue this could mean the demise in real estate agents—or as Spieler puts it, a major “compression,” or downsizing of the profession.
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