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 fully established in his AEI-Brookings Paper, where he describes how the cooperative relationship among brokers in an MLS has the prospective to generate uniformity in services offered and brokerage fees charged.
Other experts have revealed similar views (how to get leads in real estate). See Lawrence J. White, The Residential Real Estate Brokerage Industry: 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 Find more information may motivate rate conformity by, for instance, by needing that each listing state the free timeshare vacations charge split that the working together 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 Comment 208, at 5 (comment). Throughout this Report citations to "Public Remarks" refer to comments sent in action to the Agencies' Federal Register Notification welcoming talk about the topics dealt with at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public comment numbers pointed out in this Report refer to those discovered on the FTC's website. Some celebrations submitted a cover letter with the public remark. Citations to submissions by these parties include a parenthetical reference either to the "remark" or the "cover letter." The public comments are readily 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 offers useful info to buyers and sellers of real estate, by the time residential or commercial properties are promoted on the Internet, they might be gone already; therefore, the MLS is essential). 51. John H. Crockett, Competition and Performance in Transacting: The Case of Residential Realty Brokerage, 10 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).
See NAR 2006 STUDY, supra note 4, at 77. 53. 1983 FTC PERSONNEL 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 vital to a broker's ability 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 (how to become a real estate agent in va). 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 specifically advantageous to smaller sized brokers, because it "levels the playing field" on which brokers contend.
through the local or regional [MLS]"). See likewise Yun, Tr. at 223-24 (explaining how the MLS puts small and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, In Search of Rate and Service Competition 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 results associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate several listing service might also undergo network externalities. As each property broker is contributed to the system the effects are (1) that the new broker is entitled to sell your houses sell my timeshare now review listed on the system by other members, hence increasing the opportunities of sale; and (2) existing members are entitled to offer your houses noted by the new broker, hence giving each broker a larger inventory of houses to reveal.
As a result, most municipalities have a single multiple listing service, and essentially all real estate brokers other than perhaps a few 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; 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 decisions mainly have actually followed this technique. 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 numerous private lawsuits involving 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 turns on the variety of brokers who use the service, the overall dollar quantity of annual 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) (" Simply put, it is impossible to perform the jobs of a realty representative or appraiser in the pertinent geographical location without utilizing [the accused MLS] Hence, it possesses adequate market power to restrain competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap in between the categories since specific business models suit more than one classification. For example, 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 rebates and temptations generally as "refunds" throughout this Report.
68. See 1% Realty, Buying 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 Deal Genuine Estate Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret property representative referral service operating in Maryland, Virginia, and the District of Columbia that offers outside of the settlement and therefore off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Laws of North Texas Real Estate Info Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), readily 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 buyer); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last visited April 20, 2007) (allowing home sellers to use "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost 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 visited April 20, 2007) (according to its site, REALTOR.com is the "Authorities Site 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 visited April 20, 2007). 76. See Kunz, Tr. at 101 (noting that numerous kinds of organization designs 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 Ceo, eRealty, Inc.