RealTown's RealTalk

so what is the short version, and practical impact, of this item from Inman?
Merv.
**********
 

Settlement of an antitrust lawsuit that the federal government filed three
years ago against the nation's largest real estate trade organization is
now
final.
 

U.S. District Court Judge Matthew Kennelly this week issued a final
judgment
to settle the U.S. v. National Association of Realtors case -- the lawsuit
was originally filed in September 2005 and amended in October 2005.
 

The federal government had charged that the Realtor group approved policies
governing the online sharing and display of property listings information
that were illegally restrictive, while the Realtor group countered that the
policies did not violate federal antitrust law.
 

A proposed settlement was reached in May 2008, just weeks before a trial
was
set to begin. The Justice Department had initiated an investigation of NAR
policies in 2003.
 

The proposed settlement was amended slightly (see Inman News) to address
public comments received, and Judge Kennelly signed off on these amendments
in issuing a final judgment.
 

In a statement today, NAR President Charles McMillan said, "This is a great
day for real estate and for consumers. This compromise is terrific news for
the industry. We are pleased with the settlement so that we can all focus
now on what matters most -- stabilizing the housing market and helping the
U.S. economy recover."
 

The final settlement provides that the Realtor group does not admit any
liability or wrongdoing, NAR also noted in its statement.
 

Gina Talamona, a Justice Department spokeswoman, said in a statement, "We
are pleased that the judge entered the settlement. The department believes
that the NAR settlement enhances competition in the real estate brokerage
industry giving consumers more choices, better quality service and lower
commissions."
 

Under the settlement agreement, NAR must adopt a "Modified Virtual Office
Web site (VOW) Policy" that allows member brokers who participate in
multiple listing services to operate Web sites that carry property
information from other brokers and does not allow other brokers to "opt
out"
from sharing property listings information with those VOW sites.
 

The settlement could potentially lead MLS participants to display a broader
range of property information on MLS participants' public-facing Web sites,
though consumers will be required to register at VOW sites before gaining
access to this more extensive set of information.
 

"The impact of the amended VOW policy is expected to be minimal, since most
consumers do not use VOWs because these sites require online registration,"
NAR officials said in a statement.
 

The settlement does not affect NAR's policies for Internet Data Exchange
(IDX) sites, which are powered by data-sharing agreements among brokers.
Brokers participating in IDX sharing agreements can choose to withhold
property information from other MLS participants.
 

NAR officials are required in the settlement to direct local Realtor boards
to repeal the former VOW policy and a separate hybrid policy dubbed the
Internet Listing Display (ILD) if they had adopted those policies, and to
direct those boards to adopt the Modified VOW policy within 90 days of the
final judgment, which was issued on Tuesday, Nov. 18.
 

NAR is directed in the final settlement to deny insurance coverage under
any
NAR insurance policy to boards that do not comply with the settlement and
to
report to the Justice Department "the identity of that member board and the
rule or practice it refused to rescind and cease to enforce."
 

NAR must designate an "Antitrust Compliance Officer" by mid-December who
has
responsibility for "educating member boards about the antitrust laws and
for
achieving full compliance with this final judgment."
 

And on a quarterly basis NAR must hand over to the Justice Department
copies
of any communications "with any person containing allegations of any
member's board's noncompliance with any provision of the Modified VOW
policy
or with this final judgment or failure to enforce any rules implementing
the
Modified VOW policy."
 

NAR is also required to publish a prominent link on its Realtor.org Web
site
to a Web site that has published copies of the final judgment, a notice to
repeal ILD and VOW policies, and a copy of the Modified VOW policy. And NAR
must publish all of these items in an upcoming issue of its Realtor
Magazine
publication.
 

Laurie Janik, during an NAR annual conference earlier this month, detailed
other provisions of the then-pending settlement before an audience of MLS
officials (see Inman News), such as requirements that participants in
NAR-affiliated MLSs actively engage in the business of real estate
brokerage
or risk losing participation as of May 27, 2009.

Editor's Note
The short version is that likely it was much to do about nothing. There is not going to be any rush to set up VOWs under the new rules. For a short summary, see http://www.realtown.com/about/resources/InternetListingDisplayResource/Final-SummarySaul and John