Should Crye-like covered by the NAR Neder set?
The company is of the opinion that it must be covered by the settlement of Nar, who protects all real estate brokers with a sales volume of less than $ 2 billion in 2022. It claims that it is protected under the settlement of NAR because is alone Crye-Leike Inc. – of which the company said it did $ 1.75 billion in sales volume in 2022 – is mentioned as a defendant in the Gibson right case.
The Crye-like umbrella includes six companies: Crye-Leike Inc., Crye-like Arkansas” Crye-like Mississippi” Crye-like Nashville” Crye-like South And Adaro Realty. The six companies are fully owned by Harold Crye, but according to the court application they are independent companies with their own management teams and keep track of separate accounting data.
But the archiving requests that Crye-Leike Inc. Support, Human Resources, Information Technology and Internal Legal Services offers for the other companies in exchange for compensation.
“Crye-Leike is only in the position to defend this lawsuit, because the T3 Sixty Report form asks for information for only two types of brokers,” the submission states. “The form has requested three items: total sales volume, number of agents and transactions closed. The form offered a line for brokers from the company and a second line for Franchisedekbakers. The controller did what she did every year and grouped the transaction volume, the transaction size and agents of the six independent crye-like ownership companies. “
According to the submission, the claimants cannot prove that Crye-Leike Inc. Full control over the six independent companies, so that they can treat the company as a company with a sales volume far above the $ 2 billion threshold.
“To exclude Crye-Leike from the [NAR settlement] Release, the claimants must show that the group of companies acted as a single entity or alter egoos, so that they have to be viewed collectively, not individually, ”says the archiving.
The claimants have 10 days to respond to Crye-Leike’s request.
According to Reeftrends consulting Co-founder Steve Murray, although the six Crye-like companies report their sales volumes as one entity for ranking, if they are really 100% independent, then Crye-Leike Inc. must fall under the NAR arrangement.
“Unless they have called all six brokers in the court case, the claimants have messed up,” said Murray. “If they did not make it clear in the complaint that it applied to all six brokers, they can very well have a matter.”
