1, 2006), readily 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 totally developed in his AEI-Brookings Paper, where he explains how the cooperative relationship among brokers in an MLS has the prospective to generate harmony in services offered and brokerage costs charged.
Other analysts have revealed comparable views (how to buy commercial real estate). See Lawrence J. White, The Residential Property Brokerage Market: What Would More Vigorous Competitors Appear Like? 6 (New York University School of Law, New York City University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS may encourage rate conformity by, for example, by needing that each listing state the cost split that the complying broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically one of the most valuable things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Comments" describe remarks submitted in action to the Agencies' Federal Register Notice inviting talk about the subjects resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public remark numbers pointed out in this Report describe those found on the FTC's site. Some parties sent a cover letter with the general public comment. Citations to submissions by these parties include a parenthetical reference either to the "remark" or the "cover letter." The 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 likewise Whatley, Tr. at 160- 61 (although the Web offers useful info to buyers and sellers of genuine estate, by the time homes are promoted on the Internet, they might be gone currently; thus, the MLS is crucial). 51. John H. Crockett, Competition and Performance in Negotiating: The Case of Residential Realty 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 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 becomes vital to a broker's capability to complete 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 (what is an encumbrance 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 been especially advantageous to smaller sized brokers, due to the fact that it "levels the playing field" on which brokers complete.
through the local or local [MLS]"). See also Yun, Tr. at 223-24 (explaining how the MLS puts little and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Looking For Cost and Service Competition in Residential Property Brokerage: Breaking the how to get rid of timeshare Cartel, 56 WASH.
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L. 179, how to get rid of starwood timeshare 184-185 (1981 ); Crockett, supra note 51, at 211. For a discussion of the favorable network effects connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty multiple listing service might also undergo network externalities. As each realty broker is included to the system the repercussions are (1) that the new broker is entitled to offer the homes noted on the system by other members, hence increasing the opportunities of sale; and (2) existing members are entitled to offer the houses noted by the new broker, hence offering each broker a bigger inventory of homes to reveal.
As a result, most municipalities have a single multiple listing service, and virtually all realty brokers except maybe a couple of 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 choices mainly have actually 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 JN, 2000 WL 34239114, at * 4 (W.D.
Mar. 30, 2000). A discussion of the various personal litigation involving alleged MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (pointing out 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 utilize the service, the overall dollar amount of yearly listings, and a contrast of the rate of sales utilizing 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 short, it is impossible to perform the jobs of a property agent or appraiser in the relevant geographical location without utilizing [the accused MLS] Hence, 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 categories due to the fact that specific organization designs fit into more than one category. For example, a VOW operator may or may not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and incentives generally as "rebates" throughout this Report.
68. See 1% Realty, Purchasing a New House, http://www. onepercentusa.com/buy. htm (last visited Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Agents" Quietly Offer Realty Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret real estate hilton timeshare for sale agent recommendation service operating in Maryland, Virginia, and the District of Columbia that offers outside of the settlement and hence off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Property Information 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 Cost 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 purchaser); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (allowing house sellers to provide "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out April 20, 2007) (3 percent commission for a broker that finds a purchaser). 73. REALTOR.com, http://www. realtor.com (last visited April 20, 2007) (according to its website, 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 checked out April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that numerous types of business designs run 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.