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 completely established in his AEI-Brookings Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the possible to generate harmony Learn more here in services offered and brokerage costs charged.
Other analysts have revealed similar views (how to invest in commercial real estate). See Lawrence J. White, The Residential Property Brokerage Market: What Would More Energetic Competitors Appear Like? 6 (New York City University School of Law, New York University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might encourage price conformity by, for instance, by needing that each listing state the fee split that the working together broker will get.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically one of the most important things to me"). 50. NAR, Public Comment 208, at 5 (remark). Throughout this Report citations to "Public Remarks" describe remarks submitted in reaction to the Agencies' Federal Register Notice inviting talk about the subjects dealt with 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 website. Some celebrations submitted a cover letter with the public comment. Citations to submissions by these parties contain a parenthetical recommendation either to the "comment" or the "cover letter." The public comments are offered 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 supplies useful information to buyers and sellers of genuine estate, by the time properties are promoted http://connersrkp188.over-blog.com/2021/04/the-definitive-guide-for-how-do-you-become-a-real-estate-agent.html on the Web, they may be gone already; hence, the MLS is essential). 51. John H. Crockett, Competition and Performance in Transacting: 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 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 becomes necessary to a broker's capability to contend effectively on equal terms); GAO REPORT, supra note 3, at 12.
South Central Wisconsin MLS Corp., 450 F. 3d 312 (7th Cir. 2006); Thompson v (how long does it take to get your real estate license). 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 particularly helpful to smaller sized brokers, because 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 large brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Searching For Rate and Service Competition 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 conversation of the favorable network effects associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty numerous listing service may also undergo network externalities. As each genuine estate broker is added to the system the repercussions are (1) that the new broker is entitled to sell your houses noted on the system by other members, therefore increasing the possibilities of sale; and (2) existing members are entitled to offer your houses listed by the new broker, hence giving each broker a larger stock of homes to show.
As a result, most towns have a single numerous listing service, and essentially all property brokers other than perhaps 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.
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 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 numerous personal lawsuits 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 Numerous Listing Systems as Restraints of Trade, 70 licensed timeshare resale brokers association 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 total dollar amount of yearly listings, and a contrast 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 genuine estate representative or appraiser in the pertinent geographic location 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 in between the classifications because particular service designs suit more than one category. For example, 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 incentives typically as "rebates" throughout this Report.
68. See 1% Realty, Buying a New Home, http://www. onepercentusa.com/buy. htm (last went to Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Silently Deal Real Estate Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret property representative recommendation service operating in Maryland, Virginia, and the District of Columbia that offers outside of 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 Property Info Systems, Inc. 5. 01-5. 02 (modified Sept. 21, 2005), offered 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 visited 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) (permitting home sellers to use "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost Listing, http://www. texasdiscountrealty.com/flatfee. htm (last gone to April 20, 2007) (3 percent commission for a broker that discovers a purchaser). 73. REALTOR.com, http://www. realtor.com (last gone to 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, House Sellers, http://www. texasdiscountrealty.com/sellers1. htm (last gone to April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that numerous kinds of business models 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 Ceo, eRealty, Inc.