1, 2006), 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 fully established in his AEI-Brookings Paper, where he describes how the cooperative relationship among brokers in an MLS has the prospective to give rise to harmony in services offered and brokerage costs charged.
Other experts have revealed similar views (how to get real estate license in ga). See Lawrence J. White, The Residential Realty Brokerage Market: What Would More Vigorous Competitors Appear Like? 6 (New York University School of Law, New York City University Law and Economics Working Documents 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might motivate price conformity by, for example, by needing that each listing state the charge split that the complying broker will get.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically among the timeshare users group most important things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Remarks" refer to comments submitted in reaction to the Agencies' Federal Register Notification welcoming talk about the subjects dealt with at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public remark numbers cited in this Report refer to those discovered on the FTC's website. Some parties submitted a cover letter with the general public remark. Citations to submissions by these parties include a parenthetical reference either to the "remark" or the "cover letter." The general 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 realty, by the time residential or commercial properties are marketed on the Web, they might be gone already; therefore, the MLS is vital). 51. John H. Crockett, Competition and Effectiveness in Transacting: The Case of Residential Property Brokerage, 10 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).
See NAR 2006 STUDY, supra note 4, at 77. 53. 1983 FTC PERSONNEL 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 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 to make follow this link money 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 especially advantageous to smaller brokers, since it "levels the playing field" on which brokers complete.
through the local or local [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts little and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, In Browse of Rate and Service Competitors in Residential villa roma timeshare Realty 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 favorable network results associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty several listing service might also be subject to network externalities. As each realty broker is contributed to the system the repercussions are (1) that the new broker is entitled to sell the houses 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 brand-new broker, therefore offering each broker a larger stock of houses to show.
As a result, most municipalities have a single multiple listing service, and practically all property brokers except possibly 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; Real estate 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 mostly have 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 various private lawsuits including alleged MLS-related restraints is beyond the scope of this Report. 64. Realty 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 number of brokers who use the service, the overall dollar amount of annual listings, and a comparison of the rate of sales using the multilisting service to the market 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 perform the jobs of a realty agent or appraiser in the relevant geographic area without using [the defendant MLS] Therefore, it possesses enough market power to restrain competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the classifications since certain business designs fit into more than one category. For instance, a VOW operator might or might not also be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such rebates and inducements generally as "refunds" throughout this Report.
68. See 1% Realty, Purchasing a New House, http://www. onepercentusa.com/buy. htm (last went to Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Quietly Offer Real Estate Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret real estate agent referral service operating in Maryland, Virginia, and the District of Columbia that uses 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 Realty Details Systems, Inc. 5. 01-5. 02 (changed Sept. 21, 2005), available at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Realtor Flat Charge MLS, http://www. fsboadvertisingservice.com/flat-fee-mls-MLSTX3. asp (last checked out 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 provide "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Charge 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 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, House Sellers, http://www. texasdiscountrealty.com/sellers1. htm (last visited April 20, 2007). 76. See Kunz, Tr. at 101 (noting that numerous kinds of business 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.