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The definition of collusion is a secret, non-competitive, and, at times, illegal agreement between two or more rivals that aim to destabilize the market’s balance. Collusion can be done by people, companies, or other entities that generally go against each other.
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Collusion in real estate refers to a secret agreement or cooperation between parties, often agents or brokers, aimed at influencing market conditions to their advantage, typically at the expense of consumers or competitors.
Oct 23, 2023 · What is Real Estate Collusion? Real estate collusion is a clandestine practice that permeates the real estate industry, compromising the integrity of a market designed to provide a fair and competitive arena for homebuyers and sellers.
- Randy Abbott
Just recently (October 31st, 2023), a Missouri jury found the National Association of Realtors (NAR), and two large nation-wide brokerages, guilty of colluding to maintain high brokerage commissions and liable for nearly $1.8 billion in damages.
Nov 14, 2022 · That lawsuit alleges that a University of Washington student paid higher rent prices because of collusion between landlords using RealPage’s software.
May 25, 2024 · Collusion is a non-competitive, secret, and sometimes illegal agreement between rivals that attempts to disrupt the market's equilibrium. The act of collusion...
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Aug 22, 2024 · The jury took just a little over two hours to decide its verdict in the Sitzer/Burnett Commission lawsuit trial. Two hours to deliberate indicates an easy decision. It was clear the real estate industry colluded to keep commission rates high to the detriment of home sellers and home buyers.