1, 2006), offered at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's issues are more fully developed in his AEI-Brookings Paper, where he describes how the cooperative relationship among brokers in an MLS has the possible to generate harmony in services supplied and brokerage costs charged.
Other analysts have revealed similar views (how to get into commercial real estate). See Lawrence J. White, The Residential Realty Brokerage Industry: 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 motivate cost conformity by, for example, by needing that each listing state the cost split that the complying broker will get.
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 Comments" refer to remarks sent in reaction to the Agencies' Federal Register Notice welcoming remarks on the topics resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers cited in this Report describe those found on the FTC's site. Some celebrations submitted a cover letter with the public remark. Citations to submissions by these parties include a parenthetical referral either to the "remark" or the "cover letter." The general public remarks are 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 Internet supplies helpful info to buyers and sellers of realty, by the time homes are advertised on the Internet, they may be gone currently; thus, the MLS is crucial). 51. John H. Crockett, Competition and Effectiveness in Transacting: The Case of Residential Realty 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 STAFF 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 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 does a real estate agent do). 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 complete.
through the regional or local [MLS]"). See also Yun, Tr. at 223-24 (describing how the MLS puts small and large brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Looking For Cost and Service Competitors 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 impacts related to MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property multiple listing service may likewise undergo network externalities. As each realty broker is contributed to the system the consequences are (1) that the brand-new broker is entitled to offer your houses listed on the system by other members, thus increasing the opportunities of sale; and (2) existing members are entitled to sell your homes listed by the brand-new broker, hence providing each broker a larger stock of homes to reveal.
As an outcome, most towns have a single several listing service, and practically all realty brokers other than perhaps 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 decisions 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 numerous personal lawsuits involving declared MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (mentioning A. Austin, Real Estate Boards and Several Listing Systems as Restraints of Trade, 70 COLUMBIA L. REV. 1325, 1346 (1970 st maarten timeshare )); accord Metropolitan Multi-List, 934 F. 2d at 1580 (" Market power switches on the number of brokers who utilize the service, the overall dollar Browse around this site amount of annual 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) (" In short, it is difficult to perform the jobs of a genuine estate agent or appraiser in the appropriate geographical area without utilizing [the accused MLS] Therefore, it has enough market power to limit competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the categories due to the fact that particular organization models suit more than one classification. 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 describe all such refunds and temptations usually as "refunds" throughout this Report.
68. See 1% Realty, Buying a New Home, http://www. onepercentusa.com/buy. htm (last checked out Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Quietly Offer Property Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret property agent referral service operating in Maryland, Virginia, and the District of Columbia that offers beyond the settlement and thus https://writeablog.net/gonachpdi1/census-bureau-median-prices-of-existing-one-family-residences-by-selected off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Real Estate Info Systems, Inc. 5. 01-5. 02 (changed Sept. 21, 2005), readily 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 gone to April 20, 2007) (2-3 percent commission for broker that finds a buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last gone to April 20, 2007) (allowing home sellers to offer "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Fee Listing, http://www. texasdiscountrealty.com/flatfee. htm (last gone to April 20, 2007) (3 percent commission for a broker that discovers a buyer). 73. REALTOR.com, http://www. realtor.com (last checked out April 20, 2007) (according to its website, 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 checked out April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that several kinds of service designs 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 Chief Executive Officer, eRealty, Inc.