1, 2006), readily available at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's issues are more totally developed in his AEI-Brookings Paper, where he describes how the cooperative relationship among brokers in an MLS has the potential to generate harmony in services supplied and brokerage charges charged.
Other experts have actually revealed comparable views (what is reo in real estate). See Lawrence J. White, The Residential Realty Brokerage Industry: What Would More Energetic Competition Look Like? 6 (New York City University School of Law, New York City University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might encourage cost conformity by, for instance, by requiring that each listing state the fee split that the complying broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically one of the most important things to me"). 50. NAR, Public Remark 208, at 5 (remark). Throughout this Report citations to "Public Comments" describe comments submitted in action to the Agencies' Federal Register Notice inviting discuss the subjects resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public comment numbers cited in this Report describe those found on the FTC's site. Some parties submitted a cover letter with the public comment. Citations to submissions by these timeshare celebrations consist of a parenthetical recommendation either to the "comment" or the "cover letter." The public remarks are offered at http://www.
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htm and http://www. usdoj.gov/ atr/public/workshops/ reworkshop_rewcomments. htm. See likewise Whatley, Tr. at 160- 61 (although the Internet supplies beneficial details to buyers and sellers of property, by the time http://franciscofnfv663.iamarrows.com/some-ideas-on-how-to-choose-a-real-estate-agent-you-need-to-know properties are marketed on the Internet, they might be gone already; thus, the MLS is important). 51. John H. Crockett, Competitors and Performance in Negotiating: The Case of Residential Real Estate 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 PERSONNEL REPORT, supra note 9, at 31. 54. See United States v. Realty Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (membership in the MLS ends up being vital to a broker's ability to compete successfully on equivalent terms); GAO REPORT, supra note 3, at 12.
South Central Wisconsin MLS Corp., 450 F. 3d 312 (7th Cir. 2006); Thompson v (how do virginia beach timeshare cancellation real estate agents make money). Metropolitan Multi-List, Inc., 934 F. 2d 1566 (11th Cir. 1991). 55. See Whatley, Tr. at 39-40. 56. White, supra note 47, at 4. According to NAR, the MLS has been specifically beneficial to smaller sized brokers, because it "levels the playing field" on which brokers complete.
through the regional or local [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts small and large brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Looking For Cost and Service Competition in Residential Real Estate 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 related to 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 realty broker is added to the system the repercussions are (1) that the brand-new broker is entitled to offer your homes listed on the system by other members, therefore 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 stock of houses to show.
As a result, the majority of municipalities have a single numerous listing service, and essentially all real estate brokers except maybe a couple of extremely 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; Real estate Multi-List, 629 F. 2d at 1356.
Real estate Multi-List, 629 F. 2d 1351 (5th Cir. 1980). 60. Id. at 1356. 61. Id. 62. Id. 63. Id. at 1369. Subsequent decisions largely have 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 discussion of the numerous private lawsuits involving alleged MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (mentioning A. Austin, Property Boards and Several 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 total dollar amount of yearly listings, and a comparison of the rate of sales using the multilisting service to the marketplace as a whole."); see also, e.
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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" In short, it is difficult to carry out the tasks of a property agent or appraiser in the appropriate geographic location without utilizing [the defendant MLS] Therefore, it has enough market power to restrain competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap in between the categories due to the fact that certain organization models suit more than one classification. For example, a VOW operator may or might not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and inducements generally as "refunds" throughout this Report.
68. See 1% Real Estate, Purchasing a New Home, http://www. onepercentusa.com/buy. htm (last checked out Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Silently Deal Property Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret property agent referral service operating in Maryland, Virginia, and the District of Columbia that provides outside of the settlement and thus off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Realty Info Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), available at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Real Estate Agent Flat Cost MLS, http://www. fsboadvertisingservice.com/flat-fee-mls-MLSTX3. asp (last gone to April 20, 2007) (2-3 percent commission for broker that finds a buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (allowing home sellers to provide "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Charge Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out 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 website, REALTOR.com is the "Official Website 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 visited April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that a number of kinds of business models run under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testament Summary of Russell Capper, President and Ceo, eRealty, Inc.