278. See HUD REPORT, supra note 201. 279. One panelist who is a fee-for-service broker describes this as his "flat-fee plus" alternative, where, in addition to noting the house in the MLS and putting it on numerous websites, he offers the seller assistance once the buyer is discovered. In addition to the flat charge cost of $495 paid at time of listing, the "flat-fee plus" alternative needs the seller also to pay $1,500 at closing.
at 68 (explaining the option). 280. In an address at the start of the Workshop, (then Acting) Assistant Chief Law Officer Thomas Barnett observed that minimum-service laws and policies can be considered as no various from states passing a guideline that says: "When I stroll into McDonald's and buy a hamburger, I'm told that I likewise need to purchase some french fries, because the state has actually decided that it may be deceptive or misleading Learn more or bad if I just got the hamburger, paid for it and didn't understand I wasn't going to get the french fries." Barnett, Tr.
Similarly, at a recent Congressional hearing on competition in the genuine estate brokerage market, Agent Baker analogized minimum-service laws and policies to needing a consumer to have his/her whole house painted when he or she just desired the porch painted. See Hearing, supra note 1, at 30 (declaration of Rep.
Baker, member Home Comm. on Financial Solutions), available at http://frwebgate. access.gpo. gov/cgi-bin/getdoc. cgi?dbname= 109_house_hearings & docid= f:31541. pdf. 281. See Farmer, Tr. at 105 (keeping in mind that he completes versus conventional "representatives out there that offer little or no worth to the transaction."). 282. See Lewis, Tr. at 179 (" While some customers might be advanced enough to represent themselves in some or all of the steps of a transaction, most are not.").
22, 2005, readily available at http://realtytimes. com/rtcpages/20050422 _ dojstepsin. htm (pricing estimate Texas Association of Realtors declaring that minimum-service guidelines would prevent consumer confusion); Peter G. Baker, Employing a Broker: Should You Anticipate Less?, REALTY TIMES, Apr. 11, 2006, readily available at http://realtytimes. com/rtcpages/20060411 _ hirebroker. htm (" [Government companies] argue that with disclosures and waivers consumers should be able to refuse any brokerage http://holdenjkyv162.raidersfanteamshop.com/the-best-strategy-to-use-for-how-to-generate-real-estate-leads service or responsibility.
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We do not, for example, enable consumers to conserve money by hiring medical professionals who cut expenses by not decontaminating surgical instruments or washing their hands."). 283. See Darryl W. Anderson, Minimum-Service Requirements in Property Brokerage: A Response to Maureen K. Ohlhausen, ANTITRUST SOURCE, Jan. 2006, at 3-4 (arguing that minimum-service requirements are procompetitive because they cultivate price negotiations before getting in a representation arrangement over what a fee-for-service broker will charge for all the services required by law).
See, e. g., GAO REPORT, supra note 3, at 16. 285. Thorburn, Tr. at 96. 286. Farmer, Tr. at 73. 287. In addition, in response to an FTC survey, participants from Colorado, North Dakota, Vermont, and Washington kept in mind that grievances versus minimal service brokers were minimal or nonexistent. The survey is offered at http://www.
htm. 288. Our evaluation of fee-for-service broker sites exposes that customers appear to have prepared access to rates that fee-for-service brokers charge for additional services beyond the MLS-only option in advance of entering into a contractual relationship. This finding weakens a required condition for the hold-up theory to be plausible that customers just find out the costs for additional services after they have actually participated in a special listing contract.
Ohlhausen, Minimum-Service Requirements in Realty Brokerage: A Reply to Darryl Anderson, ANTITRUST SOURCE, Mar. 2006 (talking about numerous theoretical and empirical reasons why the hold-up theory does not appear to apply to fee-for-service brokerage). 289. See Farmer, Tr - how much do real estate agents make a year. at 71-72. 290. Kunz, Tr. at 82-83. See likewise Perriello, Tr. at 152 (speaking for Cendant, and mentioning that "our company believe Check over here that consumers.
must be able to choose their service designs along with the provider of those services, whether they be restricted service or full-service"). 291. Sambrotto, Tr. how do real estate agents make money. at 116. 292. Farmer, Tr. at 72. 293. PATRICK WOODALL & STEPHEN BROBECK, CUSTOMER FEDERATION OF AMERICA, HOW THE REAL ESTATE CARTEL HURTS CONSUMERS AND HOW CONSUMERS CAN PROTECT THEMSELVES (June 2006), available at http://www.
How How To Become A Real Estate Agent In Illinois can Save You Time, Stress, and Money.
pdf. 294. Id. at 4-5. 295. See, e. g., Lewis, Tr. at 178-79; Sambrotto, Tr. at 114; Farmer, Tr. at 115. 296. Whatley, Tr. at 45-46. 297. See Katherine A. Pancak et al., Real Estate Agency Reform: Satisfying the Requirements of Buyers, Sellers, and Brokers, 25 REAL ESTATE L.J. 345, 350 (1997) (keeping in mind that firm relationships can be produced by actions).
Whatley, Tr. at 48. 299. Avoiding fee-for-service listings without disclosure to purchasers, however, might raise issues concerning the fulfillment of fiduciary duties. 300. See supra Chapter I.B. 1. 301. Blanche Evans, Where Realty Associations Stand On MLS-Entry-Only Listings, REAL ESTATE TIMES, Feb. 24, 2005, readily available at http://realtytimes. com/rtapages/20050224 _ mlsentryonly. htm. 302. OHIO CODE 4735.
18 of the Revised Code and settlements conducted by a licensee pursuant to the permission shall not develop or indicate an agency relationship in between that licensee and the customer of that unique broker."). 303. VA CODE 54. 1-2132( C) (effective July 1, 2007) (" A licensee engaged by a seller in a realty transaction may, unless forbidden by law or the brokerage relationship, offer assistance to a buyer or prospective buyer by carrying out ministerial acts.
304. WIS. CODE 452. 133 (6). 305. Sambrotto, Tr. at 90. 306. ForSaleByOwner. com Corp. v. Zinnemann, 347 F. Supp. 2d 868, 872 (E.D. Cal. 2004). 307. Id. at 879. 308. United States v. Real Estate Multi-List, 629 F. 2d 1351, 1374 (5th Cir. 1980) (" [W] hen broker participation in the [MLS] is high, the service itself is economically effective and competitors from other listing services is lacking, guidelines which invite the unjustified exemption of any broker ought to be discovered unreasonable.").
See, e. g., Thompson v. Metropolitan Multi-List, Inc., 934 F. 2d 1566, 1579-80 (11th Cir. 1991); Austin Bd. of Realtors v. E-Realty, Inc., No. Civ. A-00-CA- 154 JN, 2000 WL 34239114, at * 4 (W.D. Tex. Mar. 30, 2000). A discussion of the various personal litigation including declared MLS-related restraints is beyond the scope of this Report.
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For a discussion of exclusive firm contracts and other kinds of noting agreements, see supra Chapter I.A. 2. 310. See Farmer, Tr. at 74-75; Sambrotto, Tr. at 90. 311. NAR 2005 SURVEY, supra note 38, at 29-30. 312. Austin Bd. of Realtors, FTC Dkt. No. C-4167; Info and Realty Solutions, LLC, FTC File No.
051-0065; Williamsburg Area Ass 'n of Realtors, Inc., FTC File No. 061-0268; Realtors Ass 'n of Northeast Wisconsin, Inc., FTC File No. 061-0267; Monmouth County Ass 'n of Realtors, Inc., FTC File No. 051-0217. 313. See, e. g., Details and Genuine Estate Solutions, LLC, FTC File No (how much do real estate agents make a year). 061-0087, at 6 (2006) (analysis to aid public comment), readily available at http://www.
pdf. 314. See, e. g., Austin Bd. of Realtors, FTC Dkt. No. C-4167, at 17 (2006) (complaint), offered at http://www. ftc.gov/ os/caselist/0510219/ 0510219AustinBoardofRealtorsComplaint. pdf. 315. Id. at 27. 316. See MiRealSource, Inc., FTC Dkt. No. 9321 (2007) (choice and order), offered at http://www. ftc.gov/ os/adjpro/d9321/ 070323decisionorder. pdf. 317. See, e. g., United Property Brokers of Rockland, Ltd., Dkt.