A-00-CA-154JN, 2000 WL 34239114, at * 2 (W.D. Tex. Mar. 30, 2000). 87. DelBianco, Tr. at 182. 88. Id. 89. Id. 90. Id. at 186. 91. Examples of FSBO websites include: ForSaleByOwner. com, http://www. forsalebyowner.com (last visited April 20, 2007); FSBO.com, http://www. fsbo.com (last checked out April 20, 2007); craigslist. org, http://sfbay.
com, http://www. homesbyowner.com (last gone to April 20, 2007). See Thorburn, Tr - what is earnest money in real estate. how to start real estate investing. at 97-98 (noting the variety of tools offered to FSBOs). See also GAO REPORT, supra note 3, at 20. 92. Sambrotto, Tr. at 86. 93. See ForSaleByOwner. com Corp. v. Zinnemann, 347 F. Supp. 2d 868, 870-71 (E.D. Cal.
com company model). 94. Henderson, Tr. at 154. 95. Id. at 155 - how much do real estate agents make per sale. 96. This assistance can consist of: locating and arranging for assessment of homes by prospective purchasers; providing potential purchasers with info such as relative residential or commercial property worths and newest market price; helping in the negotiation procedure; and assisting to schedule and prepare for closing of the transaction.
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Henderson, Tr. at 156-57. 98. NAR 2006 STUDY, supra note 4, at 77. 99. Id. at 80, 68. 100. NAR 2005 STUDY, supra note 38, at 59. 101. See Hahn, Tr. at 29-30; AEI-Brookings Paper, supra note 3, at 13 n. 49; Nadel, supra note 25, at 4-5. 102. See Perriello, Tr.
at 174 (keeping in mind that all traditional companies "have a substantial online existence"). 103. NAR 2006 STUDY, supra note 4, at 44. 104. See Whatley, Tr. at 160-61. 105. Id. at 210-11. 106. Id. at 161. 107. Id. 108. E.g., ForSaleByOwner. com, http://www. forsalebyowner.com (last checked out April 20, 2007); FSBO.com, http://www.
com, http://www. homesbyowner (how to get a real estate license in ohio).com (last gone to April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last checked out April 20, 2007). 110. See, e. g., Mortgage101. com, http://www. mortgage101.com (last gone to April 20, 2007). 111. See, e. g., Zillow. com, http://www. zillow.com (last gone to April 20, 2007). 112. Shortt, Public Comment 311, at 1.
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Perriello, Tr. at 149. See likewise Whatley, Tr. at 160-61 (keeping in mind that customers now may look into online not just houses for sale, but also the whole buying and selling process). 114. American Bankers Association, Public Remark 10, at 3 (remark). See likewise Perriello, Tr. at 149 (listing numerous functions of genuine estate websites, consisting of home images, virtual trips, rich text, mapping performance, and community info); Sambrotto, Tr.
You can post color images. You can publish virtual tours. And you can have that information quickly searched and often browsed by purchasers from their own houses on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 SURVEY, supra note 38, at 29. 117. NAR 2006 STUDY, supra note 4, at 37. In many states, there exists a single licensing board. Further, NAR subscription is needed for all representatives and brokers that come from the vast majority of MLSs in the United States. Such entities are likely to gain economically from increased entry into the brokerage market. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is repaired, the quantity of time that real estate agents devote to prospecting and farming relative to actually offering a home or finding a proper home for a purchaser increases as the market ends up being a growing number of competitive, that is, as more realtors are chasing the exact same variety of consumers").
Id. at 1089 (" the cost of finding a consumer increases with the number of realtors in the market, without always generating additional benefits to the consumer"). 222. These data originate from the "total house selling expenditure" field in the Bureau of Labor Statistics' annual Customer Expenditure Study from 1980-1990. This field likewise includes selling expenditures besides commissions, like closing expenses and lawyers costs, so it is likely to overemphasize the actual commission rate.
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Id. at 1082. 223. Id. at 1118. 224. Id. at 1116-17. 225. See Hsieh & Moretti, supra note 139, at 213 and accompanying text. Yun revealed evidence of entry as a result of the recent housing market boom, in addition to evidence that NAR membership has actually varied directly with real estate prices for at least the past twenty years.
226. According to REAL Trends information, the number of deal sides per representative declined from 12. 7 in 2000 to 10. 2 in 2005. See http://www. remax-cahi. com/esource/marketingmaterials/ 2005realtrends500. pdf; and http://www. realtrends.com/past_newsletters. asp?article= newsletters/2005 _ 04_6. htm. 227. NAR, Public Comment 208, at 12. 228. Yun, Tr. at 225. See discussion in Hsieh & Moretti, supra note 139, at 1116 (estimating $1.
2 billion social waste arising from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the real estate organization is why does there appear to be this fairly repaired commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make sure lots of people today have actually mentioned, the puzzle is why the portion commission has been so stubbornly consistent."); Hsieh & Moretti, supra note 139, at 1086 (" The evident uniformity of commission rates presents a massive puzzle, specifically if one thinks that the cost and effort required to myrtle beach timeshare presentation offer a house do not increase one to one with the rate of real estate.
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230. ALA. CODE 34-27-36 (1975 ). 231. ALASKA STAT. 08. 88.401 (Michie 2005). 232. KAN. STAT. ANN. 58-3062 (2006 ). 233. LA. REV. STAT. ANN. 37:1455 (West 2006 ). 234. MISS. CODE ANN. 73-35-21 (2006 ). 235. MO. REV. STAT. 339. 150( 2006). 236. N.J. STAT. ANN. 45:15 -3. 1 (West 2006). 237. N.D. CENT. 1( 2006). 238. OKLA. STAT. ANN. tit. 59, 858-312 (West 2006). 239. OR. REV. STAT. 696. 290( 2005). 240. IOWA CODE 543B.60 A( 2005 ). 241. Based upon weighted typical list prices of brand-new and existing homes in 2005($ 271,263), the purchaser's broker's share of a $13,834 commission would be $6,917. A buyer who is rebated half of this would get $3,459.
242. See, e. g., California Retail Liquor Dealers Ass 'n v. Midcal Aluminum, Inc., 445 U.S. 97, 105 (1980) (entity claiming state action immunity from federal antitrust laws need to show that its actions are (1) pursuant to a plainly articulated state policy deliberately displacing competition with an alternative regulatory scheme and (2) actively monitored by the state or a certified government firm or official).
2003), available at http://www. timeshares companies ftc.gov/ Click for source os/2003/09/ stateactionreport. pdf (examining state action resistance teaching). 243. See, e. g., Hoover v. Ronwin, 466 U.S. 558, 568 (1984) (" Closer analysis is required when the activity at problem is not directly that of the legislature or supreme court, however is brought out by others pursuant to state authorizations."); Southern Motor Carriers Rate Conference v.