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 totally developed in his AEI-Brookings Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the potential to offer rise to harmony in services provided and brokerage fees charged.
Other experts have actually expressed similar views (what is escheat in 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 University Law and Economics Working Documents 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might encourage cost conformity by, for instance, by requiring that each listing state the charge split that the cooperating broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically among the most valuable things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Remarks" refer to comments submitted in action to the Agencies' Federal Register Notification inviting talk about the topics dealt with at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public remark numbers cited in this Report describe those found on the FTC's site. Some celebrations submitted a cover letter with the general public remark. Citations to submissions by these parties include a parenthetical referral either to the "comment" or the "cover letter." The public remarks 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 provides beneficial details to buyers and sellers of realty, by the time homes are promoted on the Internet, they may marriott timeshare resale be gone currently; 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 REAL ESTATE 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) (membership in the MLS becomes necessary to a broker's ability to complete 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 to invest in real estate with little money). 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 advantageous to smaller brokers, since it "levels the playing field" on which brokers contend.
through the local or local [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts little and large brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Looking For Price and Service Competition in Residential Property Brokerage: Breaking the Cartel, 56 WASH.
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L. 179, 184-185 (1981 ); Crockett, http://damienrjua717.theglensecret.com/what-does-what-do-real-estate-agents-make-mean supra note 51, at 211. For a conversation of the positive network results connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty several listing service may also be subject to network externalities. As each realty broker is included to the system the consequences are (1) that the 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 offer your homes listed by the brand-new broker, therefore offering each broker a bigger stock of houses to reveal.
As an outcome, the majority of municipalities have a single numerous listing service, and virtually all genuine estate brokers other than perhaps a couple of 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; 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 largely have actually followed this approach. See, e. g., Metropolitan Multi- List, More help 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 private litigation including declared 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 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 total dollar quantity of yearly listings, and a contrast of the rate of sales utilizing the multilisting service to the marketplace as a whole."); see also, e.
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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" Simply put, it is impossible to carry out the tasks of a property representative or appraiser in the appropriate geographic area without using [the offender MLS] Therefore, it possesses adequate market power to restrain competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap in between the classifications due to the fact that specific business models suit more than one category. For instance, a VOW operator might or might not likewise be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such rebates and incentives typically as "refunds" throughout this Report.
68. See 1% Realty, Purchasing a New House, http://www. onepercentusa.com/buy. htm (last went to Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Quietly Deal Realty Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret realty representative referral service operating in Maryland, Virginia, and the District of Columbia that offers beyond the settlement and thus off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Real Estate Information Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), 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 gone to April 20, 2007) (permitting home sellers to provide "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 "Authorities 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 gone to April 20, 2007). 76. See Kunz, Tr. at 101 (noting that a number of types of service 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 Chief Executive Officer, eRealty, Inc.