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 established in his AEI-Brookings Paper, where he explains how the cooperative relationship among brokers in an MLS has the prospective to trigger harmony in services supplied and brokerage costs charged.
Other experts have actually expressed comparable views (how to choose a real estate agent for selling). See Lawrence J. White, The Residential Property Brokerage Industry: What Would More Energetic Competition Appear 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 cost conformity by, for example, by requiring that each listing state the charge split that the complying broker will receive.
48. Hahn, Tr. at 32-36. http://franciscofnfv663.iamarrows.com/some-ideas-on-how-to-choose-a-real-estate-agent-you-need-to-know 49. See Whatley, Tr. at 31 (" The MLS is strategically one of the most important things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Comments" refer to comments submitted in response to the Agencies' Federal Register Notification inviting talk about the topics resolved at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public comment numbers Visit the website cited in this Report refer to those found on the FTC's website. Some parties submitted a cover letter with the public remark. Citations to submissions by these celebrations include a parenthetical reference either to the "comment" 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 likewise Whatley, Tr. at 160- 61 (although the Web offers beneficial information to buyers and sellers of realty, by the time homes are advertised on the Web, they might be gone already; therefore, the MLS is important). 51. John H. Crockett, Competition and Effectiveness in Transacting: The Case of Residential Real Estate 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. Real Estate Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (membership in the MLS becomes vital to a broker's capability to complete efficiently on equivalent terms); GAO REPORT, supra note 3, at 12.
South Central Wisconsin MLS Corp., 450 F. 3d 312 (7th Cir. 2006); Thompson v (how to start real estate investing). 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 been particularly advantageous to smaller sized brokers, since it "levels the playing field" on which brokers contend.
through the regional or local [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 Search of Cost 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 positive network effects related to MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate numerous listing service might likewise be subject to network externalities. As each property broker is contributed to the system the repercussions are (1) that the new broker is entitled to sell your houses listed on the system by other members, thus increasing the opportunities of sale; and (2) existing members are entitled to offer your homes listed by the new broker, hence providing each broker a bigger stock of houses to show.
As a result, a lot of towns have a single numerous listing service, and virtually all realty brokers other than possibly 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.
Real estate Multi-List, 629 F. 2d 1351 (5th Cir. 1980). 60. Id. at 1356. 61. Id. 62. Id. 63. Id. at 1369. Subsequent choices largely 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 discussion of the numerous personal lawsuits involving declared MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (mentioning A. Austin, Realty Boards and Several Listing Systems as Restraints of Trade, 70 COLUMBIA L. REV. 1325, 1346 (1970 )); accord Metropolitan Multi-List, 934 F. 2d at 1580 (" Market power switches on the variety of brokers who utilize the service, the overall dollar quantity 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 MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" In short, it is impossible to perform the tasks of a property agent or appraiser in the relevant geographical location without utilizing [the accused MLS] Thus, it has enough market power to restrain competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the classifications because specific service designs fit into more than one classification. For example, a VOW operator might or may not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such rebates and temptations normally 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 Representatives" Quietly westgate timeshare Offer Property Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret property agent recommendation service operating in Maryland, Virginia, and the District of Columbia that uses beyond the settlement and therefore off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Real Estate Info Systems, Inc. 5. 01-5. 02 (changed Sept. 21, 2005), available 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 purchaser); ifoundahome.
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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (allowing house sellers to offer "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out April 20, 2007) (3 percent commission for a broker that finds a purchaser). 73. REALTOR.com, http://www. realtor.com (last checked out April 20, 2007) (according to its website, REALTOR.com is the "Authorities Site 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 (noting that a number of types of organization models run under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testament Summary of Russell Capper, President and President, eRealty, Inc.