Legal News

Following a public comment period, the Federal Trade Commission (FTC) has approved a final order settling charges against the Louisiana Real Estate Appraisers Board (LREAB). The charges alleged LREAB violated Section 5 of the Federal Trade Commission Act by unreasonably restraining price competition for appraisal services in Louisiana and limiting the freedom of individual appraisers and their customers to engage in bona fide negotiations to determine fees for real estate appraisals.

A real estate technology company has asked a judge to dismiss a counterclaim against it filed by the National Association of Realtors (NAR). REX sued NAR in March 2021, claiming its competitive mode is threatened by the concerted action of NAR and Seattle-based Zillow, along with their multiple listing services (MLS) affiliates. 

The Land Trust Alliance, a national land conservation organization, reacted to news that a federal grand jury returned an indictment charging seven individuals with conspiracy to defraud the United States and other crimes arising out of their promotion of fraudulent tax shelters involving syndicated conservation easements. Land Trust Alliance President/CEO Andrew Bowman offered his comments on the indictments.

A federal grand jury sitting in Atlanta returned a superseding indictment on Feb. 24 charging seven individuals, including two appraisers, with conspiracy to defraud the United States and other crimes arising out of their promotion of fraudulent tax shelters involving syndicated conservation easements dating back nearly two decades.

The conspiracy allegedly involved the sale of over $1.3 billion in fraudulent tax deductions.

Read on for more details.

BBG announced it has expanded its litigation support, expert witness testimony and real estate appraisal services with the acquisition of J. Philip Cook & Associates, a Salt Lake City-based commercial real estate services firm.

Terms of the transaction were not disclosed.

Read on to find out more.

The National Association of Realtors (NAR) has filed a counterclaim against a real estate technology company that is accusing the trade association of antitrust violations. REX sued in March, claiming its competitive mode is threatened by the concerted action of NAR and Seattle-based Zillow, along with their multiple listing services affiliates.

A bill intended to halt discrimination in residential real estate lending and appraisals has been introduced in the Indiana Legislature.

House Bill 1326, authored by Rep. Cherrish Pryor (D-Indianapolis), prohibits discrimination in appraisals and lending based on the applicant's race, color, religion, sex, disability, familial status, national origin or on the residents of the neighborhood in which the property is located.

Read on for more details.

A federal judge has granted the National Association of Realtors’ (NAR) motion to dismiss claims the trade association engaged in false advertising or deceptive acts. However, a real estate technology company’s antitrust lawsuit against NAR and Zillow Group may still move forward. 

The U.S. Supreme Court remanded to the United States Court of Appeals for the Fourth Circuit the class action lawsuit decided in favor of borrowers alleging tainted appraisals.

The lawsuit, filed in 2011 in the Circuit Court of Ohio County, West Virginia, involves a potential payment of $9.7 million stemming from allegedly tainted appraisals for 2,769 mortgage loans Quicken Loans, now Rocket Mortgage, originated from 2004 to 2009.

Read on for more details about this court decision.

A federal lawsuit was recently filed in the U.S. District Court for the Northern District of California alleging an appraiser and an appraisal management company showed racial bias in the appraisal of a Marin County property owned by a Black couple seeking a mortgage refinance.

Franklin, Greenswag, Channon & Capilla, LLC attorneys Craig Capilla and Ryan Endsley shared their thoughts on this case with Valuation Review.

Read on for more details.