Cendant Deal Strengthens REALTORS®' Position at Center of Transaction

December 1, 2000

WASHINGTON, D.C. (Oct. 27, 2000)--The acquisition by of Cendant Corporation's unites Cendant’s franchises under one single brand--REALTOR.COM--and further solidifies the REALTORS®' position at the center of the real estate transaction, the NATIONAL ASSOCIATION OF REALTORS® said today.

REALTORS® and consumers will reap the benefits of the combined strengths, assets and resources of and’s Web sites. The acquisition ensures that REALTOR.COM will have exclusive access to the aggregated listings of Cendant Corp.'s Century 21, Coldwell Banker and ERA national real estate franchises and it provides substantially greater cross-marketing and promotional opportunities.

The acquisition will not affect the association's operating control of its official Internet site, REALTOR.COM, which is managed by Real Select under the family brand, according to a spokesman for the association.

"We are most excited about this latest acquisition because it forges together the expertise, resources and talents of the largest real estate franchises and creates on one stage a platform for real estate professionals to provide consumers efficient services in today's complex marketplace,” said NAR President Dennis R. Cronk.

"This transaction in no way alters NAR's operating agreement with Homestore regarding the site or our interest in REALTOR.COM will continue to be operated for the benefit of all REALTORS® without any bias or other advantage or preference over other real estate firms," Cronk said.

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