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 describes how the cooperative relationship among brokers in an MLS has the potential to generate harmony in services supplied and brokerage fees charged.
Other analysts have revealed comparable views (what does under contract mean in real estate). See Lawrence J. White, The Residential Real Estate Brokerage Market: What Would More Energetic Competition Look Like? 6 (New York University School of Law, New York University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might motivate cost conformity by, for instance, by needing that each listing state the fee split that the cooperating broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically among the most valuable things to me"). 50. NAR, Public Remark 208, at 5 (remark). Throughout this Report citations to "Public Remarks" refer to comments submitted in action to the Agencies' Federal Register Notice welcoming discuss the topics addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public comment numbers mentioned in this Report refer to those found on the FTC's site. Some celebrations sent a cover letter with the public comment. Citations to submissions by these celebrations include a parenthetical reference either to the "remark" or the "cover letter." The general public remarks 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 supplies helpful information to buyers and sellers of real estate, by the time residential or commercial properties are marketed on the Web, they may be gone already; thus, the MLS is crucial). 51. John H. Crockett, Competition and Performance in Transacting: The Case of Residential 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. Realty Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS becomes vital to a broker's ability to contend effectively 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 get a real estate license in texas). 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 especially advantageous to smaller brokers, since it "levels the playing field" on which brokers contend.
through the local or regional [MLS]"). See also Yun, Tr. at 223-24 (explaining how the MLS puts small and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Searching For Rate and Service Competition 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 conversation of the positive network results connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property multiple listing service might likewise be subject to network externalities. As each property broker is contributed to the system the consequences are (1) that the brand-new broker is entitled to offer your homes listed on the system by other members, thus increasing the chances of sale; and (2) existing members are entitled to sell the houses listed by the brand-new broker, therefore giving each broker a bigger inventory of houses to reveal.
As an outcome, most municipalities have a single numerous listing service, and essentially all realty 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 decisions mainly 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 http://marcoonyv593.lucialpiazzale.com/how-how-to-generate-leads-in-real-estate-can-save-you-time-stress-and-money JN, 2000 WL 34239114, at * 4 (W.D.
Mar. 30, 2000). A conversation of the various private lawsuits involving 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 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 switches 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 other words, it is difficult to carry out the jobs of a genuine estate representative or appraiser in the appropriate geographic location without using [the defendant MLS] Hence, 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 classifications because certain company designs fit into more than one classification. For Helpful hints example, a VOW operator might or may not also be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such refunds and temptations normally as "rebates" throughout this Report.
68. See 1% Real Estate, Buying a New Home, http://www. onepercentusa.com/buy. htm (last went to Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Silently Deal Genuine Estate Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret property agent referral service operating in Maryland, Virginia, and the District of Columbia that offers beyond the settlement and therefore off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Laws of North Texas Realty Info Systems, Inc. 5. 01-5. 02 (changed Sept. 21, Discover more 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 finds a buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (permitting house sellers to use "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost 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 website, REALTOR.com is the "Official 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 visited April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that numerous kinds of service models 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.