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 developed in his AEI-Brookings Paper, where he describes how the cooperative relationship among brokers in an MLS has the potential to provide increase to harmony in services offered and brokerage costs charged.
Other analysts have actually revealed similar views (how much does real estate agents make). See Lawrence J. White, The Residential Real Estate Brokerage Market: What Would More Energetic Competition Appear Like? 6 (New York 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 motivate cost conformity by, for instance, by needing that each listing state the charge split that the complying broker will get.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically among the most important things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Comments" describe remarks submitted in response to the Agencies' Federal Register Notification welcoming discuss the topics addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public remark numbers mentioned in this Report describe those found on the FTC's site. Some celebrations submitted a cover letter with the public comment. Citations to submissions by these parties consist of a parenthetical reference either to the "remark" or the "cover letter." The general 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 Web supplies helpful details to buyers and sellers holiday inn timeshare reviews of real estate, by the time properties are advertised on the Web, they might be gone already; therefore, the MLS is vital). 51. John H. Crockett, Competition and Performance in Transacting: The Case of Residential Realty Brokerage, 10 JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).
See NAR Learn more here 2006 STUDY, supra note 4, at 77. 53. 1983 FTC STAFF 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 vital to a broker's capability to compete effectively 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 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 especially useful to smaller brokers, because it "levels the playing field" on which brokers complete.
through the local or local [MLS]"). See likewise Yun, Tr. at 223-24 (explaining how the MLS puts little and big brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Searching For Cost and Service Competitors 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 discussion of the positive network impacts related to MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty multiple listing service might likewise go through network externalities. As each genuine estate broker is contributed to the system the effects are (1) that the new broker is entitled to offer your houses listed on the system by other members, therefore increasing the chances of sale; and (2) existing members are entitled to sell your homes listed by the new broker, thus offering each broker a bigger inventory of homes to show.
As an outcome, most municipalities have a single multiple listing service, and practically all realty 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.
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 actually 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 various private lawsuits including alleged MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (citing A. Austin, Realty Boards and Numerous 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 overall dollar amount of yearly listings, and a comparison of the rate of sales using 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) (" Simply put, it is difficult to carry out the jobs of a realty representative or appraiser in the pertinent geographic location without using [the defendant MLS] Hence, it possesses enough market power to limit competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the classifications due to the fact that certain business designs fit into more than one category. For example, 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 inducements generally as "refunds" throughout this Report.
68. See 1% Real Estate, 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 Offer Realty Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret property representative recommendation 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., Rules 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 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 checked out April 20, 2007) (permitting house sellers to provide "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Fee Listing, http://www. texasdiscountrealty.com/flatfee. htm (last visited April 20, 2007) (3 percent commission for a broker that finds a buyer). 73. REALTOR.com, http://www. realtor.com (last checked out April 20, 2007) (according to its website, REALTOR.com is the "Official 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 business models operate under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Statement Summary of Russell Capper, President and President, eRealty, Inc.