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1, 2006), offered at http://www. realtor.org/mempolweb. nsf/pages/code. 46. Whatley, Tr. at 30. 47. Hahn, Tr. at 32. Hahn's issues are more completely established in his AEI-Brookings Paper, where he explains how the cooperative relationship among brokers in an MLS has the potential to give increase to harmony in services provided and brokerage fees charged.

Other experts have actually revealed comparable views (what can i do with a real estate license). See Lawrence J. White, The Residential Real Estate Brokerage Industry: What Would More Energetic Competitors 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 may encourage cost conformity by, for instance, by requiring Click here for more 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 tactically among the most valuable things to me"). 50. NAR, Public Comment 208, at 5 (remark). Throughout this Report citations to "Public Remarks" refer to comments submitted in response to the Agencies' Federal Register Notification inviting comments on the topics attended to at the Workshop.

Reg. 53,362 (Sept. 8, 2005). The public remark numbers pointed out in this Report refer to those found on the FTC's website. Some celebrations sent a cover letter with the public remark. Citations to submissions by these celebrations consist of a parenthetical reference either to the "remark" or the "cover letter." The public remarks 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 Internet provides helpful details to buyers and sellers of property, by the time residential or commercial properties are promoted on the Web, they may be gone currently; therefore, the MLS is important). 51. John H. Crockett, Competition and Efficiency 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) (subscription in the MLS becomes important 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 get started in real estate). 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 specifically advantageous to smaller brokers, because it "levels the playing field" on which brokers compete.

through the regional or local [MLS]"). See also Yun, Tr. at 223-24 westgate resort timeshare (describing how the MLS puts small and big brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, In Search of Price and Service Competitors in Residential Property 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 impacts associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property several listing service might also go through network externalities. As each realty broker is included to the system the effects are (1) that the new broker is entitled to offer your homes listed on the system by other members, thus increasing the possibilities of sale; and (2) existing members are entitled to offer your homes noted by the new broker, hence providing each broker a larger stock of homes to reveal.

As an outcome, most towns have a single several listing service, and essentially all property brokers except perhaps a couple of 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 mostly have followed this method. 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 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 (mentioning A. Austin, Realty Boards and Multiple 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 total dollar quantity of yearly listings, and a contrast of the rate of sales using 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 difficult to perform the jobs of a realty agent or appraiser in the pertinent 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 in between the categories since certain business models fit into more than one category. For example, a VOW operator may or might not likewise be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and temptations typically as "rebates" 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 Agents" Quietly Offer Realty Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret realty representative referral service operating in Maryland, Virginia, and the District of Columbia that provides 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 Information 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 visited April 20, 2007) (2-3 percent commission for broker that finds a buyer); ifoundahome.

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ifoundahome.net/Listingwork/SBasicListing. htm (last gone to April 20, 2007) (enabling house sellers to offer "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Cost https://devinxomx594.mystrikingly.com/blog/little-known-questions-about-how-to-become-a-real-estate-broker-in-florida Listing, http://www. texasdiscountrealty.com/flatfee. htm (last gone to 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 Website 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 gone to April 20, 2007). 76. See Kunz, Tr. at 101 (keeping in mind that several kinds of organization designs 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.