WASHINGTON (February 26, 2002) — More than nine out of 10 Realtors oppose a pending Federal Reserve and Treasury Department rule that would allow big banking conglomerates to enter real estate brokerage and management, and 96 percent support efforts by the National Association of Realtors to stop the rule, according to a new membership survey conducted over the past three days by NAR.

The survey found widespread support among broker-owners as well as salespeople. Some 82 percent of brokers support NAR's position, according to the survey. The survey also found that 55 percent of Realtors want NAR to be even more aggressive in its efforts.

"Realtors are speaking loud and clear. They want NAR to keep banks out of real estate for the sake of the real estate industry, consumers and their local communities," said NAR President Martin Edwards Jr.

"A handful of fewer than 50 brokers recently announced they oppose NAR's efforts. They represent only themselves as individual Realtors. Their colleagues and their employees clearly support NAR's position. NAR is a one-person, one-vote organization, and the vote is 800,000 for our position and 50 against," said Edwards.

Edwards said the group of brokers announced they had sent him a letter and white paper and asked for a response. No such documents have yet been received by NAR or by Edwards.

"Those brokers last year voted to remain neutral on this issue. We would hope that they will look at this member survey data and continue their neutrality," he said.

"As of Monday, 166 members of Congress have cosponsored legislation to keep banks out of real estate and the number grows every day," said Edwards.

The survey of nearly 6,500 Realtors was taken over the weekend. It was conducted electronically from a random sample of NAR's membership database.

Published: February 27, 2002

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