NAR President, Citing Blackmail Threat, Resigns After Less Than 5 Months

National Association of Realtors President Tracy Kasper, who has held the position for less than five months, has resigned, citing an unspecified blackmail threat, the organization said on Monday afternoon.

NAR didn't respond immediately to a request from Bisnow for further information.

“She recently received a threat to disclose a past personal, non-financial matter unless she compromised her position at NAR,” the organization said in a statement. “She refused to do so and instead reported the threat to law enforcement.”

Kasper rose to the position last year after her predecessor, Kenny Parcell, resigned in the wake of a New York Times story about allegations that he sexually harassed women he worked with.  

Kevin Sears, who was the organization's president-elect, became NAR president effective immediately. Sears is a residential broker from Springfield, Massachusetts.

The abrupt change in leadership comes amid turmoil for the organization, months after losing a major antitrust lawsuit. In that case, a federal jury found that NAR and other large residential brokers conspired to artificially inflate real estate commissions, which put the organizations on the hook for at least $1.8B in damages, though the total could eventually be more than $5B.

More recently, Zillow filed a lawsuit against multiple listing services nationwide, accusing them of maintaining illegal monopolies. The suit may prove to be another serious blow to NAR and the residential real estate sales establishment.

The organization holds more than $1B in assets, according to The New York Times, and historically has operated the top U.S. political fundraising organization. It also holds the trademark to the term “Realtor,” which refers to its members.