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 fully developed in his AEI-Brookings Paper, where he describes how the cooperative relationship amongst brokers in an MLS has the possible to trigger harmony in services offered and brokerage charges charged.
Other experts have expressed comparable views (how to get started in real estate). See Lawrence J. White, The Residential Property Brokerage Industry: What Would More Vigorous Competitors Appear Like? 6 (New York University School of Law, New York University Law and Economics Working Documents 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might motivate rate conformity by, for instance, by requiring that each listing state the charge split that the working together broker will get.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically among the most important things to me"). 50. NAR, Public Comment 208, at 5 (comment). Throughout this Report citations to "Public Comments" describe comments submitted in reaction to the Agencies' Federal Register Notification inviting talk about the subjects resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers cited in this Report refer to those discovered on the FTC's site. Some celebrations submitted a cover letter with the timeshare com public remark. Citations to submissions by these celebrations consist of http://trentonfnxf934.weebly.com/blog/the-smart-trick-of-what-is-escheat-in-real-estate-that-nobody-is-discussing a parenthetical referral either to the "remark" or the "cover letter." The public comments are 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 provides helpful details to buyers and sellers of property, by the time residential or commercial properties are advertised on the Internet, they might be gone already; therefore, the MLS is important). 51. John H. Crockett, Competitors and Effectiveness in Negotiating: The Case of Residential Additional info Real Estate Brokerage, 10 JOURNAL OF THE AMERICAN REALTY 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. Real Estate Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS ends up being essential to a broker's capability to compete 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 to become real estate agent). 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 particularly helpful to smaller brokers, due to the fact that it "levels the playing field" on which brokers contend.
through the regional or local [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts small and big brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, In Search of 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 related to MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate numerous listing service might likewise go through network externalities. As each realty broker is contributed to the system the repercussions are (1) that the brand-new broker is entitled to sell your houses noted on the system by other members, therefore increasing the opportunities of sale; and (2) existing members are entitled to offer your houses noted by the brand-new broker, thus giving each broker a larger stock of homes to reveal.
As a result, the majority of towns have a single numerous listing service, and practically all real estate brokers other than 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; 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 choices largely have actually followed this approach. 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 Numerous 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 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 likewise, e.
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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" Simply put, it is impossible to carry out the jobs of a property representative or appraiser in the appropriate geographic area without using [the defendant MLS] Thus, it possesses enough market power to restrain competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap in between the classifications since certain service models fit into more than one classification. For example, a VOW operator might 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 incentives usually as "rebates" throughout this Report.
68. See 1% Realty, Buying a New Home, http://www. onepercentusa.com/buy. htm (last visited Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Silently Deal Genuine Estate Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret realty agent recommendation service operating in Maryland, Virginia, and the District of Columbia that offers beyond the settlement and thus off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Regulations of North Texas Property Details Systems, Inc. 5. 01-5. 02 (modified Sept. 21, 2005), offered at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Realtor Flat Fee MLS, http://www. fsboadvertisingservice.com/flat-fee-mls-MLSTX3. asp (last visited April 20, 2007) (2-3 percent commission for broker that finds a buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last gone to April 20, 2007) (enabling home sellers to use "a 3% commission or more" to purchasers' 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 buyer). 73. REALTOR.com, http://www. realtor.com (last visited April 20, 2007) (according to its site, REALTOR.com is the "Authorities 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 gone to April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that numerous kinds of service 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 President, eRealty, Inc.