National Association of REALTORS(R) to Invest $1.2 Million in Project

    SANTA CLARA, Calif., Oct. 5 /PRNewswire/ -- Real Estate Business
Technologies LLC (REBT) today announced that it is developing a
Realtor-centric transaction management platform for both the real estate
industry and other related service providers in the marketplace.  REBT also
announced that the National Association of REALTORS(R) (NAR) has agreed to
invest $1.2 million in the company in exchange for an equity interest in the
venture.  REBT also stated that it has recently purchased software assets
originally part of the eRealtor.com initiative to accelerate development of
its own platform.
    "I am inspired by this bold step that organized real estate is taking
today to expand its reach in providing REALTOR(R)-owned, mission critical
solutions to enhance the services we provide to clients," said NAR President
Walt McDonald.
    The REBT platform will facilitate interactive collaboration between
consumers and their REALTORS(R), with each party receiving an electronic copy
of the appropriate documents when the real estate transaction is complete.
The platform also will have the ability to track document content as well as
create and deliver the transaction's document history and then archive the
documents electronically at the transaction's close.  REBT's transaction
management platform will support contact, task and workflow management, and
will allow users to delegate tasks to assistants or transaction facilitators.
    "REBT is capable of successfully delivering a transaction management
platform to the marketplace through a unique relationship with RE FormsNet
(REFN), the developer of WINForms(R) and ZipForm(R), the official software of
the National Association of REALTORS(R)," said REBT Chairman Bob Kulick.
"More than 180,000 REALTORS(R) nationwide already are engaged in electronic
forms customer interactions using WinForms(R) and ZipForm(R).  By tapping into
this existing base of electronic forms users, REBT can avoid classic missteps
and leverage assets that no other entrant has been able to previously muster."
    Through an anticipated one-click interface with this electronic forms
software, users will be able to create a transaction, apply a workflow, move
data from the forms to the transaction management platform, and then move the
forms themselves to the document management system.
    Both REBT and REFN are subsidiaries of Real Estate Business Services Inc.
(REBS), which has an established a track record of fulfilling REALTOR(R)
strategic imperatives while delivering positive economic returns.
    The REBT transaction management platform is expected to be delivered to
market in 2005.

    Real Estate Business Technologies LLC (REBT), a subsidiary of Real Estate
Business Services Inc., provides technological solutions to REALTORS(R) that
enhance the value of services REALTORS(R) deliver to their clients while
improving REALTORS(R)' productivity and efficiency.

    The National Association of REALTORS(R) (NAR) -- "The Voice for Real
Estate," and the nation's largest professional real estate association,
represents more than 1,000,000 members involved in all aspects of the real
estate industry.

    Real Estate Business Services Inc. (REBS) is a subsidiary of the
California Association of REALTORS(R) (C.A.R.) and the leading provider of
real estate products and services to practitioners in California and is the
exclusive official supplier of premium incentive items for the National
Association of REALTORS(R).

    RE FormsNet (REFN) is a joint venture between Real Estate Business
Services Inc. (REBS) and the National Association of REALTORS(R) (NAR) and is
the developer of WINForms(R) and ZipForm(R), the official software of the
National Association of REALTORS(R).

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