Company: HOUS
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001398987-25-000020
Chunk: 186

Company: Anywhere Real Estate Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 186
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 market could materially adversely affect our operations and financial results.

As described more fully below and "Item 1.—Business—Government and Other Regulations", we operate in a highly regulated industry. In addition, from time to time, certain industry practices have changed for a variety of reasons and may continue to evolve. For example, NAR recently agreed to certain practice changes, including among other things, prohibiting offers of compensation to buyer brokers from being made on listings on an MLS pursuant to the NAR Settlement discussed under "Item 7.—Management's Discussion and Analysis—Current Business and Industry Trends".

Industry rules and practices, particularly those that mandate behavior by industry participants, have drawn increasing scrutiny and criticism, including from various industry participants as well as regulators and other government offices, both on a federal and state level, with particular focus on antitrust and competition. There can be no assurances as to whether the DOJ or FTC, their state counterparts, state or federal courts, or other federal, state or local governmental body will determine that any industry practices or developments have an anti-competitive effect on the industry or are otherwise proscribed. Any such determination could result in industry investigations, enforcement actions, changes in legislation, regulations, interpretations or regulatory guidance or other legislative or regulatory action or other actions, any of which could have the potential to result in additional limitations or restrictions on our business, cause material disruption to our business, result in judgments, settlements, penalties or fines (which may be material), or otherwise adversely affect us. For example, we believe that based on public statements made by the DOJ in filings, the DOJ has continued to focus on the manner in which broker commissions are communicated, negotiated and paid, including how MLSs and state associations are implementing the changes required by the NAR Settlement and potentially on broader restrictions or bans on offers of compensation. The scope of the DOJ's scrutiny may also expand to other industry rules or practices. 

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Rules and practices that may be subject to future change (whether instigated by industry participants or otherwise) include, but are not limited to, the Clear Cooperation Policy, the rules mandating participation in state and national Realtor associations in order to post on the local MLS, the rules limiting access to lock-boxes used to facilitate property showings, the rules that limit display of co-mingled MLS and non-MLS listings and rules related to the communication or display of transaction terms, including with respect to commissions. 

The consequences of future industry changes are unknown and may be varied. For example, changes to the Clear