1, 2006), offered at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's concerns are more completely developed in his AEI-Brookings timeshare scams Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the potential to offer rise to uniformity in services offered and brokerage charges charged.
Other experts have actually revealed comparable views (what is a real estate appraiser). See Lawrence J. White, The Residential Property Brokerage Market: What Would More Energetic Competition Appear Like? 6 (New York City University School of Law, New York City University Law and Economics Working Documents 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS may encourage cost conformity by, for instance, by requiring that each listing state the fee split that the working together broker will receive.
48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically one of the most valuable things to me"). 50. NAR, Public Remark 208, at 5 (comment). Throughout this Report citations to "Public Remarks" refer to comments submitted in reaction to the Agencies' Federal Register Notice inviting talk about the subjects attended to at the Workshop.
Reg. 53,362 (Sept. 8, 2005). The public remark numbers cited in this Report describe those discovered on the FTC's site. Some celebrations submitted a cover letter with the http://paxtonqgrn356.simplesite.com/448999262 public comment. Citations to submissions by these celebrations consist of a parenthetical referral either to the "remark" or the "cover letter." The general 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 useful information to purchasers and sellers of genuine estate, by the time properties are advertised on the Web, they might be gone currently; thus, the MLS is important). 51. John H. Crockett, Competition and Effectiveness in Negotiating: The Case of Residential Property 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 PERSONNEL REPORT, supra note 9, at 31. 54. See United States v. Realty Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS ends up being vital to a broker's capability to compete efficiently 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 do real estate agents make money). 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 especially helpful to smaller sized brokers, since it "levels the playing field" on which brokers complete.
through the local or local [MLS]"). See likewise Yun, Tr. at 223-24 (describing how the MLS puts little and large brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, In Search of Rate and Service Competition in Residential Real Estate Brokerage: Look at this website Breaking the Cartel, 56 WASH.
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L. 179, 184-185 (1981 ); Crockett, supra note 51, at 211. For a discussion of the positive network effects connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property multiple listing service might likewise undergo network externalities. As each realty broker is included to the system the consequences are (1) that the brand-new broker is entitled to offer your homes listed on the system by other members, hence increasing the chances of sale; and (2) existing members are entitled to sell your homes listed by the brand-new broker, thus offering each broker a bigger inventory of houses to reveal.
As a result, a lot of towns have a single several 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; 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 choices mainly have 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 various private lawsuits including declared MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (pointing out A. Austin, Real Estate 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 turns on the variety of brokers who use the service, the overall dollar quantity of annual listings, and a contrast of the rate of sales using the multilisting service to the marketplace as a whole."); see also, e.
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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" Simply put, it is difficult to perform the tasks of a realty agent or appraiser in the relevant geographic location without using [the defendant MLS] Hence, it has sufficient market power to limit competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.
65. There is some overlap between the categories since certain organization models fit into more than one category. For instance, a VOW operator may or may not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such rebates and inducements normally as "rebates" throughout this Report.
68. See 1% Realty, 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 Offer Real Estate Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret realty agent referral service operating in Maryland, Virginia, and the District of Columbia that offers beyond the settlement and thus off the books sellers a 1.
5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Regulations of North Texas Property Info Systems, Inc. 5. 01-5. 02 (modified 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 visited 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 house 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 gone to 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, House Sellers, http://www. texasdiscountrealty.com/sellers1. htm (last checked out April 20, 2007). 76. See Kunz, Tr. at 101 (noting that several kinds of organization models 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 Chief Executive Officer, eRealty, Inc.