1, 2006), offered at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's concerns are more completely developed in his AEI-Brookings Paper, where he explains how the cooperative relationship among brokers in an MLS has the prospective to offer rise to harmony in services provided and brokerage fees charged.
Other experts have revealed comparable views (how to become a real estate broker in florida). See Lawrence J. White, The Residential Real Estate Brokerage Market: What Would More Vigorous Competitors Appear Like? 6 (New York City University School of Law, New York University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS may motivate cost conformity by, for example, by requiring that each listing state the charge split that the cooperating broker will get.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically among the most important things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Remarks" describe remarks submitted in action to the Agencies' Federal Register Notification welcoming remarks on the topics resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers cited in this Report describe those found on the FTC's website. Some celebrations sent a cover letter with the general public comment. Citations to submissions by these parties Click for more consist of a parenthetical referral either to the "comment" or the "cover letter." The public remarks are readily available at http://www.
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htm and http://www. usdoj.gov/ atr/public/workshops/ reworkshop_rewcomments. htm. See also Whatley, Tr. at 160- 61 (although the Internet supplies helpful info to purchasers and sellers of real estate, by the time residential or commercial properties are marketed on the Web, they may be gone currently; therefore, the MLS is important). 51. John H. Crockett, Competition and Efficiency in Negotiating: The Case of Residential Property Brokerage, 10 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).
See NAR 2006 SURVEY, supra note 4, at 77. 53. 1983 FTC STAFF REPORT, supra note 9, at 31. 54. See United States v. Real Estate Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS becomes vital to a broker's capability to contend successfully on equal terms); GAO REPORT, supra note 3, at 12.
South Central Wisconsin MLS Corp., 450 F. 3d 312 (7th Cir. 2006); Thompson v (how do real estate agents get paid). Metropolitan Multi-List, Inc., 934 F. 2d 1566 (11th Cir. 1991). 55. See Whatley, Tr. Extra resources at 39-40. 56. White, supra note 47, at 4. According to NAR, the MLS has been especially beneficial to smaller brokers, due to the fact that it "levels the playing field" on which brokers complete.
through the regional or regional [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts small and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Searching For Price and Service Competitors in Residential Property Brokerage: Breaking the Cartel, 56 WASH.
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L. 179, 184-185 (1981 ); Crockett, supra note 51, at 211. For a discussion of the positive network impacts associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A real estate multiple listing service might also undergo network externalities. As each real estate broker is contributed to the system the effects are (1) that the brand-new broker is entitled to offer the houses noted on the system by other members, hence increasing the chances of sale; and (2) existing members are entitled to offer your houses listed by the new broker, thus offering each broker a larger inventory of homes to reveal.
As an outcome, a lot of towns have a single numerous listing service, and essentially all real estate brokers except maybe a few highly specialized ones are members. Id. 2220b4, at 343. 58. See, e. g., Reifert, 450 F. 3d at 317; Metropolitan Multi-List, 934 F. 2d at 1579-80; Realty Multi-List, 629 F. 2d at 1356.
Realty Multi-List, 629 F. 2d 1351 (5th Cir. 1980). 60. Id. at 1356. 61. Id. 62. Id. 63. Id. at 1369. Subsequent choices mainly have actually followed this method. See, e. g., Metropolitan Multi- List, 934 F. 2d at 1579-80; Austin Bd. of Realtors v. E-Realty, Inc., No. Civ. A-00-CA-154 JN, 2000 WL 34239114, at * 4 (W.D.
Mar. 30, 2000). A conversation of the various personal litigation involving declared MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (pointing out A. Austin, Realty Boards and Multiple Listing Systems as Restraints of Trade, 70 COLUMBIA L. REV. 1325, 1346 (1970 )); accord Metropolitan Multi-List, 934 F. 2d at 1580 (" Market power turns on the variety of brokers who utilize the service, the overall dollar quantity of yearly listings, and a contrast of the rate of sales utilizing the multilisting service to the market as a whole."); see likewise, e.
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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" In other words, it is difficult to perform the jobs of a realty representative or appraiser in the pertinent geographic location without utilizing [the offender MLS] Hence, it has sufficient market power to limit competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the classifications due to the fact that specific business models fit into more than one classification. For instance, a VOW operator may or might not also be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and temptations normally as "refunds" throughout this Report.
68. See 1% Real Estate, Buying a New House, http://www. onepercentusa.com/buy. htm (last visited Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Agents" Quietly Deal Property Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret real estate agent recommendation service operating in Maryland, Virginia, and the District of Columbia that provides beyond the settlement and hence off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Laws of North Texas Real Estate Details Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), readily available at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Real Estate Agent Flat Charge MLS, http://www. fsboadvertisingservice.com/flat-fee-mls-MLSTX3. asp (last visited April 20, 2007) (2-3 percent commission for broker that discovers a buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (allowing house sellers to provide "a 3% commission or more" to buyers' brokers); TexasDiscountRealty. com, Flat Cost Listing, http://www. texasdiscountrealty.com/flatfee. htm (last visited April 20, 2007) (3 percent commission for a broker that discovers a purchaser). 73. REALTOR.com, http://www. realtor.com (last gone to April 20, 2007) (according to its site, REALTOR.com is the "Authorities Site of the National Association of REALTORS").
See Farmer, Tr. at 107-08. 75. See TexasDiscountRealty. com, Home Sellers, http://www. texasdiscountrealty.com/sellers1. htm (last checked out http://edwinxfbj259.weebly.com/blog/facts-about-how-to-get-into-commercial-real-estate-uncovered April 20, 2007). 76. See Kunz, Tr. at 101 (noting that numerous kinds of company designs run under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testimony Summary of Russell Capper, President and Chief Executive Officer, eRealty, Inc.