1, 2006), offered 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 developed in his AEI-Brookings Paper, where he describes how the cooperative relationship amongst brokers in an MLS has the possible to generate uniformity in services offered and brokerage charges charged.
Other experts have revealed similar views (how to become a real estate broker in florida). See Lawrence J. White, The Residential Real Estate Brokerage Industry: What Would More Vigorous Competitors Look 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 cost conformity by, for instance, by needing that each listing state the fee split that the working together broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically among the most valuable things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Comments" describe comments sent in response to the Agencies' Federal Register Notice welcoming discuss the topics addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers mentioned in this Report describe those found on the FTC's website. Some parties submitted a cover letter with the general public remark. Citations to submissions by these celebrations consist of a parenthetical reference either to the "comment" 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 Web supplies helpful information to buyers and sellers of property, by the time homes are marketed on the Internet, they might be gone already; hence, the MLS is vital). 51. John H. Crockett, Competitors and Performance in Negotiating: The Case of Residential Property Brokerage, 10 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).
See NAR 2006 SURVEY, 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) (subscription in the MLS becomes vital to a broker's ability to complete 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 invest in commercial 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 beneficial to smaller 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 (describing how timeshare florida the MLS puts small and big brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Searching For Cost 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 positive network effects associated with MLSs, see 13 HERBERT HOVENKAMP, Visit this page ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property numerous listing service may likewise go through network externalities. As each real estate broker is contributed to the system the repercussions are (1) that the new broker is entitled to offer your homes noted on the system by other members, thus increasing the opportunities of sale; and (2) existing members are entitled to sell the houses listed by the new broker, thus offering each broker a larger stock of houses to show.
As a result, a lot of towns have a single several listing service, and practically all property brokers other than 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; 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 choices largely 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 different private litigation involving declared MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (pointing out 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 overall dollar quantity of yearly listings, and a comparison of the rate of sales utilizing the multilisting service to the marketplace as a whole."); see likewise, 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 property agent or appraiser in the pertinent geographic area without using [the accused MLS] Hence, it possesses adequate market power to limit competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the categories since certain service designs suit more than one category. For instance, a VOW operator may or may not likewise be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and incentives normally as "rebates" throughout this Report.
68. See 1% Real Estate, Purchasing a New House, http://www. onepercentusa.com/buy. htm (last visited Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Silently Deal Realty Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret property representative recommendation 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., Guidelines and Laws of North Texas Real Estate Information Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), offered 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 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 gone to April 20, 2007) (allowing home sellers to use "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost Listing, http://www. texasdiscountrealty.com/flatfee. htm (last visited April 20, 2007) (3 percent commission for a broker that discovers a buyer). 73. REALTOR.com, http://www. realtor.com (last visited April 20, 2007) (according to its site, REALTOR.com is the "Official Website 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 a number of types of service 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 Ceo, eRealty, http://franciscofnfv663.iamarrows.com/some-ideas-on-how-to-choose-a-real-estate-agent-you-need-to-know Inc.