1, 2006), available at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's concerns are more fully established in his AEI-Brookings Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the possible to timeshare rentals orlando florida trigger uniformity in services provided and brokerage costs charged.
Other experts have actually expressed similar views (how long does it take to get a real estate license). See Lawrence J. White, The Residential Realty Brokerage Industry: What Would More Energetic Competitors Look Like? 6 (New York City University School of Law, New York University Law and Economics Working Documents 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS may encourage 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 valuable things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Comments" describe remarks sent in action to the Agencies' Federal Register Notification welcoming comments on the subjects addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public remark numbers cited in this Report refer to those found on the FTC's site. Some celebrations submitted a cover letter with the general public comment. Citations to submissions by these celebrations include a parenthetical referral 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 provides helpful info to purchasers and sellers of realty, by the time homes are advertised on the Internet, they might be gone currently; therefore, the MLS is essential). 51. John H. Crockett, Competitors and Efficiency in Negotiating: The Case of Residential Property Brokerage, 10 JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).
See NAR 2006 STUDY, supra note 4, at 77. 53. 1983 FTC STAFF REPORT, supra note 9, at 31. 54. See United States v. Realty Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS becomes essential to a broker's capability to contend efficiently 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 to generate leads in real estate). 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 actually been particularly helpful to smaller brokers, because it "levels the playing field" on which brokers compete.
through the regional or local [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts little and large brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Searching For Rate and Service Competition in Residential Realty Brokerage: Breaking the Cartel, 56 WASH.
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L. 179, 184-185 (1981 ); Crockett, supra note 51, at 211. For a conversation of the positive network results associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property multiple listing service might likewise go through network externalities. As each property broker is contributed to the system the effects are (1) that the new broker is entitled to offer the homes noted on the system by other members, therefore increasing the chances of sale; and (2) existing members are entitled to sell the homes noted by the new broker, hence providing each broker a larger stock of homes to show.
As a result, a lot of towns have a single numerous listing service, and practically all property brokers except perhaps a few 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; 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 decisions largely have followed this technique. 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 personal lawsuits including declared MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (mentioning A. Austin, Real Estate 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 switches on the number of brokers who use the service, the total dollar quantity of yearly listings, and a contrast of the rate of sales utilizing 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 other words, it is impossible to carry out the jobs of a realty agent or appraiser in the pertinent geographical location without utilizing [the defendant MLS] Thus, it has enough market power to limit competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the categories because specific business models fit into more than one classification. For example, a Learn here VOW operator might or might not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such rebates and inducements normally as "rebates" throughout this Report.
68. See 1% Realty, Purchasing a New Home, http://www. onepercentusa.com/buy. htm (last checked out Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Agents" Silently Offer Genuine Estate Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret realty agent recommendation service operating in Maryland, Virginia, and the District of Columbia that offers 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 Property Details Systems, Inc. 5. 01-5. 02 (modified Sept. 21, 2005), readily available at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., http://waylonhkce939.tearosediner.net/how-much-do-real-estate-appraisers-make-fundamentals-explained FSBOAdvertisingService. com, Houston Texas Realtor 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 discovers a purchaser); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last gone to April 20, 2007) (enabling home sellers to provide "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Charge Listing, http://www. texasdiscountrealty.com/flatfee. htm (last gone to April 20, 2007) (3 percent commission for a broker that finds a buyer). 73. REALTOR.com, http://www. realtor.com (last visited April 20, 2007) (according to its site, REALTOR.com is the "Official Website of the National Association of REALTORS").
See Farmer, Tr. at 107-08. 75. See TexasDiscountRealty. com, House Sellers, http://www. texasdiscountrealty.com/sellers1. htm (last visited April 20, 2007). 76. See Kunz, Tr. at 101 (noting that a number of kinds of company designs operate under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Statement Summary of Russell Capper, President and President, eRealty, Inc.