1, 2006), readily available at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's issues 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 trigger harmony in services supplied and brokerage costs charged.
Other analysts have actually revealed comparable views (what does arv mean in real estate). See Lawrence J. White, The Residential Real Estate Brokerage Market: What Would More Energetic Competitors 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 might encourage price conformity by, for example, by needing that each listing state the charge split that the complying 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 Comment 208, at 5 (comment). Throughout this Report citations to "Public Remarks" refer to comments submitted in response to the Agencies' Federal Register Notification inviting discuss the subjects addressed at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The general public comment numbers pointed out in this Report describe those found on the FTC's site. Some celebrations sent a cover letter with the public remark. Citations to submissions by these parties contain a parenthetical referral either to the "comment" or the "cover letter." The 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 Internet offers helpful information to buyers and sellers of realty, by the time residential or commercial properties are advertised on the Internet, they may be gone currently; therefore, the MLS is important). 51. John H. Crockett, Competitors and Effectiveness in Transacting: The Case of Residential Real Estate Brokerage, 10 JOURNAL OF THE AMERICAN REAL ESTATE 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. Real Estate Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (membership in the MLS becomes necessary to a broker's capability to compete 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 (how to become a real estate broker in california). Metropolitan Multi-List, Inc., 934 F. 2d 1566 (11th Cir. 1991). 55. See Whatley, Tr. at 39-40. 56. White, supra note 47, at http://keeganmguc622.simplesite.com/449021538 4. According to NAR, the MLS has actually been especially useful to smaller sized brokers, since it "levels the playing field" on which brokers compete.
through the local or local [MLS]"). See likewise Yun, Tr. at 223-24 (describing how the MLS puts small and big brokers "on equivalent 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 conversation of the positive network effects related to MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate several listing service might likewise be subject to network externalities. As each genuine estate broker is added to the system the effects are (1) that the new broker is entitled to sell your houses listed on the system by other members, thus increasing the chances of sale; and (2) existing members are entitled to sell the houses noted by the brand-new broker, therefore giving each broker a larger inventory of houses to show.
As an outcome, most towns have a single several listing service, and practically all realty brokers other than maybe 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 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 conversation of the different personal litigation involving declared MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (pointing out 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 turns on the variety of brokers who utilize the service, the overall dollar amount of annual listings, and a comparison of the rate of sales utilizing the multilisting service to the market as a whole."); see also, e.
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South Central Wisconsin Discover more here MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" In other words, it is difficult to perform the jobs of a real estate agent or appraiser in the relevant geographic location without utilizing [the accused MLS] Hence, it possesses enough market power to restrain competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the classifications because certain organization designs fit into more than one classification. For instance, a VOW operator may or may not also be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and inducements normally 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" Silently Deal Realty Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret realty representative referral service operating in Maryland, Virginia, and the District of Columbia that uses 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 finds a purchaser); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last visited April 20, 2007) (permitting home sellers to use "a 3% commission or more" to buyers' brokers); TexasDiscountRealty. com, Flat Fee Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out April 20, 2007) (3 percent commission for a broker that finds a buyer). 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 Click for more visited April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that several kinds of business designs operate under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testimony Summary of Russell Capper, President and President, eRealty, Inc.