For Release at 1:00 p.m. PST
Friday, November 12, 1999

Joint Venture Of NAR, Homestore.Com And Real Estate Business Services, Inc. To Provide Electronic Forms For Real Estate Industry

Clinton Township, MI - Real Estate Business Services, Inc. (REBS), a subsidiary of the California Association of REALTORS®, today announced the formation of RE FormsNet, LLC, an Internet real estate forms business that will operate as a joint venture with the National Association of REALTORS® and RealSelect, Inc., a subsidiary of Homestore.com. RE FormsNet will provide real estate professionals with electronic standardized real estate forms accessible via the Internet.

RE FormsNet also announced its purchase of the ZipForm® platform as the software foundation for its nationwide launch. ZipForm®’s parent corporation, CBF Systems, Inc, will retain a minority stake in the new company.

“RE FormsNet will reinforce and enhance the role of the REALTOR® at the forefront of the transaction as the industry accelerates into the age of e-commerce,” said Joel Singer, president of REBS. “The ZipForm team offered the best combination of product functionality and outstanding customer service to help us launch this business.”

“RE FormsNet will provide a common electronic platform for the custom forms created by associations and brokers around the country,’” said Stuart H. Wolff, chairman of the board and chief executive officer of Homestore.com. “RE FormsNet will enable REALTORS® nationwide to download forms over the Internet and then exchange data with a variety of other applications.”

“One of the benefits of being part of RE FormsNet has been in creating an opportunity for state and local REALTOR® associations to share in the equity of this venture,” said Sharon Millet, 1999 president of NAR. “We are excited about the opportunity to deliver direct technological benefits to our members,” said NAR Treasurer Alan Yassky.

Alan Arora, currently REBS chief executive officer, has been named president and CEO of RE FormsNet. Lisa Mihelich, formerly general manager of ZipForm®, will assume the position of vice president and general manager for RE FormsNet.

NAR’s participation in the new venture is expected to be finalized at its Nov. 15 business meetings in Orlando, Fla. Additional details on the new venture will be released at that time.

Real Estate Business Services, Inc., a subsidiary of the California Association of REALTORS®, is the leading provider of real estate products and services to practitioners in California.

The National Association of REALTORS®, "The Voice for Real Estate," is the nation's largest professional real estate association, representing more than 750,000 members involved in all aspects of the real estate industry.

Homestore.com™ (Nasdaq: HOMS) has the largest family of home and real estate-related Web sites, with more than 2 million unique users each month. The family of Web sites include REALTOR.com™, the official Internet site of the National Association of REALTORS®, HomeBuilder.com™, SpringStreet.com™, Remodel.com™, CommercialSource.com™ and Homefair.com™.

CBF Systems is a 30-year industry leader in the mortgage forms and forms technology products marketplace through its VMP Electronic Laser Forms Division.