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1, 2006), 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 fully established in his AEI-Brookings Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the prospective to generate harmony in services provided and brokerage charges charged.

Other analysts have actually expressed comparable views (what is the difference between a real estate agent and a broker). See Lawrence J. White, The Residential Realty Brokerage Industry: What Would More Vigorous Competition Appear key west timeshares cancellation Like? 6 (New York City University School of Law, New York City University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS may encourage cost conformity by, for example, by needing that each listing state the charge split that the complying broker will receive.

48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is strategically among the most valuable things to me"). 50. NAR, Public Comment 208, at 5 (remark). Throughout this Report citations to "Public Comments" describe remarks sent in reaction to the Agencies' Federal Register Notification welcoming remarks on the subjects dealt with at the Workshop.

Reg. 53,362 (Sept. 8, 2005). The public comment numbers mentioned in this Report refer to those discovered on the FTC's website. Some celebrations submitted a cover letter with the public comment. Citations to submissions by these celebrations consist of a parenthetical referral either to the "remark" or the "cover letter." The general 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 Web offers beneficial details to buyers and sellers of property, by the Check out the post right here time properties are promoted on the Web, they might be gone already; hence, the MLS is crucial). 51. John H. Crockett, Competitors and Effectiveness in Negotiating: The Case of Residential Real Estate Brokerage, 10 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).

See NAR 2006 SURVEY, supra note 4, at 77. 53. 1983 FTC STAFF 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 important to a broker's ability 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 long to get real estate license). 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 particularly beneficial to smaller brokers, since it "levels the playing field" on which brokers contend.

through the regional or regional [MLS]"). See also Yun, Tr. at 223-24 (explaining how the MLS puts little and large brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Searching For 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 effects associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty numerous listing service may also go through network externalities. As each real estate broker is contributed to the system the consequences are (1) that the new broker is entitled to sell your houses noted on the system by other members, therefore increasing the opportunities of sale; and (2) existing members are entitled to sell the homes listed by the new broker, hence providing each broker a bigger inventory of houses to show.

As an outcome, most municipalities have a single numerous listing service, and virtually all realty brokers except 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; Realty 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 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 personal litigation involving 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 switches on the number of brokers who utilize the service, the overall dollar amount of annual listings, and a comparison of the rate of sales utilizing the multilisting service to the marketplace as a whole."); see likewise, https://eduardobrlc302.my-free.website/blog/post/498090/how-to-become-a-real-estate-agent-in-nc-questions e.

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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" In other words, it is impossible to carry out the jobs of a genuine estate agent or appraiser in the pertinent geographical area without using [the accused MLS] Therefore, it possesses enough market power to restrain competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.

65. There is some overlap between the categories because particular company models suit more than one classification. For instance, a VOW operator might or may not also be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and inducements generally as "refunds" throughout this Report.

68. See 1% Real Estate, Buying a New Home, http://www. onepercentusa.com/buy. htm (last checked out Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Representatives" Quietly Deal Property Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret real estate representative referral service operating in Maryland, Virginia, and the District of Columbia that uses 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 Realty 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 gone to April 20, 2007) (2-3 percent commission for broker that finds a purchaser); ifoundahome.

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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (permitting home sellers to offer "a 3% commission or more" to buyers' brokers); TexasDiscountRealty. com, Flat Charge 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 checked out 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 (noting that numerous kinds of organization models operate under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testament Summary of Russell Capper, President and Chief Executive Officer, eRealty, Inc.