Friday, December 22, 2006

Realcomp 'update'

The one remaining holdout from the FTC’s enforcement activities relating to MLS uploads to, REALCOMP II LTD., remains dug in. Late yesterday it purported to offer an ‘update’ on the status of the FTC matter on its website, which appears to simply put readers on notice that it has not backed down. Realcomp boasts that earlier this year it “rejected a proposal by the Federal Trade Commission (FTC) aimed at redefining and restricting Multiple Listing Services,” which “could result in the sale of properties between buyers and sellers with no obligation to utilize or compensate broker members, which is completely outside the purpose of the Multiple Listing Service.” The statement includes quotations from Karen Kage, the MLS’s CEO.

RealComp also repeats that it “is in the position of being supported by the NAR through their E&O insurance, which is expected to cover all associated costs regarding the litigation.”

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