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 completely established in his AEI-Brookings Paper, where he explains how the cooperative relationship among brokers in an MLS has the possible to trigger uniformity in services supplied and brokerage charges charged.
Other analysts have actually revealed comparable views (how much do real estate agents make per sale). See Lawrence J. White, The Residential Realty Brokerage Market: What Would More Energetic Competitors Look 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 might encourage cost conformity by, for instance, by needing that each cancel timeshare after rescission period listing state the cost split that the cooperating 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 Remarks" describe remarks submitted in reaction to the Agencies' Federal Register Notification inviting discuss the topics resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public remark numbers cited in this Report refer timeshare price to those found on the FTC's website. Some celebrations submitted a cover letter with the general public comment. Citations to submissions by these celebrations consist of a parenthetical reference 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 likewise Whatley, Tr. at 160- 61 (although the Internet supplies helpful info to buyers and sellers of property, by the time homes are promoted on the Web, they might be gone currently; thus, the MLS is vital). 51. John H. Crockett, Competition and Efficiency in Transacting: The Case of Residential Property 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 PERSONNEL REPORT, supra note 9, at 31. 54. See United States v. Real Estate Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (membership in the MLS ends up being necessary to a broker's capability to compete efficiently 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 a cma 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 specifically useful 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 little and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, In Browse of Rate and Service Competition in Residential Realty 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 favorable network effects connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A real estate several listing service might also 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 offer your homes listed on the system by other members, hence increasing the chances of sale; and (2) existing members are entitled to sell your houses listed by the new broker, thus offering each broker a bigger stock of houses to reveal.
As an outcome, most municipalities have a single several listing service, and essentially all property brokers except maybe 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 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. 30, 2000). A discussion of the various personal lawsuits involving alleged MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (mentioning A. Austin, Property 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 turns on the number of brokers who use the service, the overall dollar quantity 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 other words, it is difficult to perform the tasks of a genuine estate representative or appraiser in the pertinent geographic area without utilizing [the defendant MLS] Therefore, it possesses adequate market power to limit competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap in between the categories since specific service models fit into more than one Look at more info classification. For instance, a VOW operator may or may not likewise be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and inducements typically 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 Agents" Quietly Deal Real Estate Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret realty representative referral service operating in Maryland, Virginia, and the District of Columbia that uses beyond the settlement and therefore off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Realty Information Systems, Inc. 5. 01-5. 02 (modified 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 discovers a buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (permitting home sellers to use "a 3% commission or more" to buyers' brokers); TexasDiscountRealty. com, Flat Charge Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out April 20, 2007) (3 percent commission for a broker that discovers a buyer). 73. REALTOR.com, http://www. realtor.com (last gone to April 20, 2007) (according to its site, 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 gone to April 20, 2007). 76. See Kunz, Tr. at 101 (noting that numerous kinds of organization designs operate under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testament Summary of Russell Capper, President and Ceo, eRealty, Inc.