Larson/Sobotka's VOW clearinghouse

Abbreviations and definitions relating to the DOJ/NAR lawsuit settlement and the resulting NAR policy

See the VOW Topical Outline breakdown for definitions from the Policy itself.

Agent

These web pages use the terms "agent," "salesperson," "non-principal broker," and "sales licensee" interchangeably. Note that the policy makes reference only to last two of these. (See Policy Section 1.1.b.) See discussion of "Participant," below, for more information.

Final Judgment

References are to the Final Judgment of November 18, 2008, and its Exhibit A (VOW policy) and Exhibit B (proposed alteration to NAR definition of participant). The only parties to the settlement are NAR and the Department of Justice. The settlement does not directly apply to any MLS, broker, or site operator.

FJ

See "Final Judgment." A reference to "FJ V.A." means Section V.A. of the Final Judgment.

Participant

Normally, in the context of MLSs affiliated with NAR, this terms refers to the broker or firm participating in the MLS. (With few exceptions, brokers/firms participate in MLSs. Under the laws of most states, it is they who make offers of compensation through MLS to other brokers.) For purposes of the VOW policy, the definition is expanded to include salespersons/agents/licensees for almost all purposes: "Each use of the term 'Participant' in this Policy shall also include a Participant's non-principal brokers and sales licensees..." (Policy I.1.c.) The policy provides for very limited exceptions. (Policy I.1.c.)

Policy

See "VOW Policy."

Salesperson

These web pages use the terms "agent," "salesperson," "non-principal broker," and "sales licensee" interchangeably. Note that the policy makes reference only to last two of these. (See Policy Section 1.1.b.) See discussion of "Participant," above, for more information.

Settlement

References to the settlement are to the Final Judgment of November 18, 2008 and its Exhibit A (VOW policy) and Exhibit B (proposed alteration to NAR definition of "participant"). The only parties to the settlement are NAR and the Department of Justice. The settlement does not directly apply to any MLS, broker, or site operator.

VOW Policy

References to the "Policy" and the "VOW Policy" are to Exhibit A of the Final Judgment. NAR must adopt this policy and impose it on all MLSs affiliated with it pursuant to the Final Judgment. To retain good standing with NAR, MLSs affiliated with it will have to adopt the VOW Policy and rules to implement and must also perform certain other acts to implement the policy. References to "Policy" in these pages are to this VOW Policy. "Policy III.7" thus refers to Section III.7 of Exhibit A of the Final Judgment.