1, 2006), readily available at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at Learn more 30. 47. Hahn, Tr. at 32. Hahn's issues are more fully established in his AEI-Brookings Paper, where he describes how the cooperative relationship among brokers in an MLS has the potential to generate harmony in services offered and brokerage fees charged.
Other experts have revealed comparable views (how do real estate agents get paid). See Lawrence J. White, The Residential Property Brokerage Market: What Would More Energetic Competition Look 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 may motivate rate conformity by, for instance, by requiring that each listing state the fee split that the cooperating broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically one of the most important things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Remarks" refer to comments submitted in response to the Agencies' Federal Register Notice welcoming discuss the subjects addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers pointed out in this Report refer to those found on the FTC's website. Some celebrations sent a cover letter with the general public remark. Citations to submissions by these parties consist of a parenthetical recommendation 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 offers beneficial details to buyers and sellers of realty, by the time properties are promoted on the Web, they might be gone already; hence, the MLS is crucial). 51. John how to cancel timeshare ownership H. Crockett, Competitors and Effectiveness in Transacting: The Case of Residential Realty Brokerage, 10 JOURNAL OF THE AMERICAN PROPERTY 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 ends up being necessary to a broker's capability to complete successfully 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 is a cma in 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 actually been especially beneficial to smaller brokers, since it "levels the playing field" on which brokers compete.
through the local or regional [MLS]"). See likewise Yun, Tr. at 223-24 (describing how the MLS puts small and large brokers "on equal footing"). 57. See, e. g., William C. Erxleben, In Browse of Cost and Service Competitors in Residential Property 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 favorable network results related to MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate multiple listing service might likewise go through network externalities. As each realty broker is contributed to the system the repercussions are (1) that the brand-new broker is entitled to sell your houses noted on the system by other members, therefore increasing the opportunities of sale; and (2) existing members are entitled to offer your houses noted by the brand-new broker, therefore offering each broker a bigger inventory of homes to show.
As a result, many towns have a single numerous listing service, and essentially all realty brokers except 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; Realty 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 mainly have 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 private lawsuits including 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 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 turns on the variety of brokers who utilize the service, the total dollar amount 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 short, it is difficult to perform the tasks of a real estate representative or appraiser in the relevant geographical location without utilizing [the accused MLS] Thus, it possesses enough market power to restrain competitors."); 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 company designs suit more than one classification. For instance, a VOW operator may or might not likewise be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such rebates and temptations generally as "refunds" throughout this Report.
68. See 1% Real Estate, Purchasing a New Home, 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, http://elliottzsmi934.theglensecret.com/more-about-crushing-it-in-apartments-and-commercial-real-estate-how-a-small-investor-can-make-it-big 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 hence off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Laws of North Texas Real Estate Details 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 Realtor Flat Fee 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 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 buyers' brokers); TexasDiscountRealty. com, Flat Fee Listing, http://www. texasdiscountrealty.com/flatfee. htm (last visited 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 website, REALTOR.com is the "Authorities 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 checked out April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that numerous types of organization 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 Chief Executive Officer, eRealty, Inc.