1, 2006), offered 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 established in his AEI-Brookings Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the prospective to trigger uniformity in services supplied and brokerage fees charged.
Other experts timeshare cmo have revealed comparable views (what can i do with a real estate license). See Lawrence J. White, The Residential Property Brokerage Market: What Would More Vigorous Competition Appear Like? 6 (New York City 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 encourage price conformity by, for example, by requiring that each listing state the charge split that the cooperating 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 Remarks" describe comments sent in response to the Agencies' Federal Register Notification welcoming talk about the topics dealt with at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers cited in this Report refer to those found on the FTC's site. Some parties submitted a cover letter with the public comment. Citations to submissions by these parties include a parenthetical reference either to the "comment" 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 also Whatley, Tr. at 160- 61 (although the Web supplies beneficial info to buyers and sellers of genuine estate, by the time homes are marketed on the Web, they may be gone already; hence, the MLS is vital). 51. John H. Crockett, Competition 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 STAFF 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 important to a broker's capability to contend 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 (how to become a real estate appraiser). 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 Click for info MLS has been particularly helpful to smaller sized brokers, since it "levels the playing field" on which brokers contend.
through the regional or regional [MLS]"). See also Yun, Tr. at 223-24 (explaining how the MLS puts small and large brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Looking For Rate 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 favorable network effects associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate several listing service may likewise be subject to network externalities. As each realty broker is contributed to the system the effects are (1) that the brand-new broker is entitled to sell your homes noted on the system by other members, therefore increasing the possibilities of sale; and (2) existing members are entitled to offer your houses noted by the new broker, therefore giving each broker a larger stock of houses to show.
As a result, the majority of municipalities have a single several listing service, and practically all realty brokers other than perhaps 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 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 numerous 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 (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 overall dollar amount of yearly listings, and a comparison of the rate of sales utilizing the multilisting service to the market 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 impossible to perform the jobs of a property agent or appraiser in the pertinent geographic location without utilizing [the defendant 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 between the classifications due to the fact that particular organization models fit into more than one category. For example, a VOW operator might or might not likewise be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and temptations typically as "refunds" throughout this Report.
68. See 1% Real Estate, Purchasing a New Home, http://www. onepercentusa.com/buy. htm (last visited Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Agents" Silently Offer Genuine Estate Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret property agent recommendation service operating in Maryland, Virginia, and the District of Columbia that provides beyond the settlement and thus off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Regulations of North Texas Property Details Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), offered at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. http://sergiobmyn901.iamarrows.com/the-facts-about-what-does-mls-stand-for-in-real-estate-revealed g., FSBOAdvertisingService. com, Houston Texas Real Estate Agent Flat Charge MLS, http://www. fsboadvertisingservice.com/flat-fee-mls-MLSTX3. asp (last visited April 20, 2007) (2-3 percent commission for broker that discovers a buyer); 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 buyers' 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 "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 visited April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that a number of types of service models 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 Ceo, eRealty, Inc.