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 possible to trigger uniformity in services supplied and brokerage costs charged.
Other experts have actually expressed similar views (how to become a real estate agent in ga). See Lawrence J. White, The Residential Realty Brokerage Market: What Would More Vigorous Competitors Appear 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 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 tactically among the most important things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Comments" describe comments sent in action to the Agencies' Federal Register Notice welcoming comments on the subjects addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers pointed out in this Report describe those found on the FTC's website. Some parties sent a cover letter with the public remark. Citations to submissions by these celebrations consist of a parenthetical reference either to the "remark" or the "cover letter." The general public comments are offered 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 Web supplies helpful details to purchasers and sellers of realty, by the time residential or commercial properties are advertised on the Web, they might be gone already; hence, the MLS is important). 51. John H. Crockett, Competition and Efficiency in Transacting: The Case of Residential Realty 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 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 becomes necessary to a broker's capability 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 be a real estate investor). 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 useful to smaller sized 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 (explaining how the MLS puts small and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Searching For Rate and Service Competitors 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 favorable network impacts associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate multiple listing service might also go through network externalities. As each realty broker is added to the system the repercussions are (1) that the new broker is entitled to sell the homes noted on the system by other members, thus increasing the chances of sale; and (2) existing members are entitled to sell your homes listed by the new broker, therefore providing each broker a larger inventory of Continue reading houses to reveal.
As an outcome, a lot of municipalities have a single multiple listing service, and virtually 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; 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 mainly have actually 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. http://garrettujcg332.xtgem.com/4%20easy%20facts%20about%20what%20does%20pending%20mean%20in%20real%20estate%20explained 30, 2000). A Helpful hints discussion of the different private litigation involving declared MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (citing A. Austin, Realty 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 use the service, the total dollar amount of yearly 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 impossible to perform the tasks of a realty agent or appraiser in the appropriate geographical location without utilizing [the offender MLS] Hence, it possesses adequate market power to restrain competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap in between the classifications due to the fact that certain organization models fit into more than one classification. For instance, a VOW operator might or may not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such rebates and temptations 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 Agents" Quietly Offer Property Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret property representative referral service operating in Maryland, Virginia, and the District of Columbia that provides beyond the settlement and thus 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 (modified Sept. 21, 2005), readily 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 checked out April 20, 2007) (2-3 percent commission for broker that discovers a purchaser); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last visited April 20, 2007) (permitting house sellers to use "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Fee 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 checked out April 20, 2007) (according to its site, REALTOR.com is the "Authorities 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 gone to April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that several types of business designs 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 President, eRealty, Inc.