Austin Board of REALTORS(R) Reacts to Antitrust Claims by FTC; Organization Emphasizes Rule No Longer in Effect, Never Targeted Limited Service Brokers.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas -- Today the Federal Trade Commission issued a news release announcing a voluntary agreement with Austin Board of REALTORS(R) (ABoR) related to a rule no longer in effect at the organization. Previously established on May 31, 2005, then rescinded three months later on Aug. 31, 2005, the rule prevented homes under "exclusive agency listings" from being featured on the organization's consumer Web site, AustinHomeSearch.com. David M. Foster, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Austin Board of REALTORS(R), commented on the announcement, "As an association that supports members of all business models, we feel the approach outlined in the FTC FTC See Federal Trade Commission (FTC). ruling is correct. However, we also feel the FTC's press release misrepresented the purpose of the ABoR rule." Foster continued, "The rule was initially established to ensure that our consumer Web site was used to promote listings to benefit members. We realized, however, that the rule was confusing con·fuse v. con·fused, con·fus·ing, con·fus·es v.tr. 1. a. To cause to be unable to think with clarity or act with intelligence or understanding; throw off. b. and did not work as well as we'd we'd 1. Contraction of we had. 2. Contraction of we should. 3. Contraction of we would. we'd have ~would intended, which was why it was rescinded so quickly. We are disappointed that the FTC's press release implies that we are guilty of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do -- which the agreement expressly contradicts -- and that the spirit of cooperation with which the FTC and ABoR negotiated the consent order did not translate to the FTC's public statement." When this rule in question was established, it applied to all members of the Austin Board of REALTORS(R), regardless of the services they chose to provide. Exclusive agency listings comprise approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3% of total property listings contained in the ABoR Multiple Listing Service. About the Austin Board of REALTORS The Austin Board of REALTORS(R) is a non-profit membership organization representing more than 7,500 licensed REALTORS(R) in Central Texas. Its mission is to provide business and professional development resources to members, facilitate cooperation among REALTORS(R) for the benefit of clients and support affordable housing in Central Texas. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion