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Budge Huskey, the president and CEO of Premier Sotheby's International Realty, has issued an eight-point statement that challenges assumptions raised the mainstream media about the $418 million settlement announced by the National Association of Realtors (NAR).
"Since the settlement announcement, there have been numerous articles and stories in the media on what this means for buyers and sellers," said Huskey in a statement issued by his company. "Regrettably, most reflect a profound lack of understanding of the real estate business as well as mistaken claims."
The eight assumptions answered by Huskey are as follows (in a verbatim presentation):
1) The settlement forces real estate brokers to reduce their compensation.
False
The settlement in no way establishes any standard or limitation on realtors for what they may charge, nor the services they...
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