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140. See infra Chapter III.C. 141. Although this area reports a range of statistics that claim to determine "market share," this Report makes no effort to define a pertinent antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, RESIDENT REALTY MARKET COMPETITION: EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), readily available at http://www.

nsf/Pages/Sawyer05? OpenDocument (noting existence of "micro- markets" within cities. For example, within the Washington, DC metropolitan area, there is little or no competition amongst buyers, sellers, and property representatives throughout the micro-markets of Montgomery County, MD, Fairfax County, VA, and southwest Washington, DC). 143. Yun, Tr. at 220. 144.

145. Lawrence Yun, Ph. D., Elder Economic Expert, National Association of Realtors, Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Property Market, Property Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], available at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.

Id. 148. NAR, Public Comment 208, at 7 (remark). 149. Id. 150. REALOGY, REALOGY BUSINESS INTRODUCTION 4 (Dec - how do real estate agents get paid. 2006), offered at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to generate real estate leads. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some companies may have a bigger than typical market share, but market shares are understood to alter measurably from one year to the next.").

Re/Max Int' l, Inc. v. Real Estate One, Inc., 173 F. 3d 995, 1003 (sixth Cir. 1999). 153. Mid-America Real Estate Co. v. Iowa Real Estate Co., No. 4:04- CV-10175, 2004 WL 1280895, at * 8- * 9 & n. 5 (S.D. Iowa 2004), rev 'd on other grounds, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Larger is Not Much Better: Brokerage and Time on the marketplace, 10 J.

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23, 27-28 (1995 ). The authors used a sample of 388 home sales in calendar year 1991 from the numerous listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Genuine Estate Market Performance," 17 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).

See id. at 427-28. 156. 1983 FTC STAFF REPORT, supra note 9, at 102. As described infra, nevertheless, this is not necessarily the case with respect to the entry of new organization designs in the property brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.

"); Hsieh, Tr. at 235 (" there's fairly free entry into the profession and into the property brokerage organization."). The ability of beginner entrants to attract customers relative to more experienced agents was not gone over at the Workshop and, also, is not dealt with in this Report. 158. Yun, Tr.

159. Yun Presentation, supra note 145, at 5, 7. 160. Daniels, Public Comment 92, at 1. 161. NAR, Public Remark 208, at 5 (" An agent can acquire a broker's license, typically after having actually been in organization for several years, and passing a broker's license examination. The precise requirements vary by state.").

One author has actually explained the service that brokers supply as not simply a finished match of buyer and seller, however rather "a completed transaction at some level of service supplied to the parties involved." Geoffrey K. Turnbull, Property Brokers, Nonprice Competitors and the Real Estate Market, 24 REALTY ECONOMICS 293, 295 (1996 ).

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Id. The degree to which brokers provide these services "offers the margin for nonprice competition among brokers." Id. 164. As gone over in Chapter I of this Report, refunds are a significant part of cost competition in between brokers in states that do not restrict refunds. Anti-rebate laws are talked about in more detail in Chapter IV of this Report.

1983 FTC STAFF REPORT, supra note 9, at 64. See likewise id. at 55 (" [W] e discovered local markets to regularly have commission modes at either six or seven percent. These are the 'typical' modes for virtually all markets, regardless of how they Click for source may differ from one another, and nationwide a very high percentage of property brokerage deals occurred at a commission rate of one or the other.

The degree of rate uniformity we discovered clearly is irregular with a market characterized by the specific type of vigorous competitors typical in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you go back to the FTC report from more than twenty years ago, things truly have actually not hilton grand vacations timeshare altered that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was finished and published in 1983.

REALTY RES. 187, 187 (2001) (" A number of studies have actually argued that the uniformity of the commission rate throughout various residential or commercial properties and areas is an indicator of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. REALTY FIN. & ECON.

some collusion in between brokers through the [MLS] The primary evidence presented is the near-uniformity of commission rates in a given market. A typical argument is that the effort needed to sell a home is not a linear function of the prices and that if there is not collusion among brokers, there ought to be, at the extremely least, variation in commission rates across home rate ranges within a given market.").

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See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any requirement, the property brokerage market is considerably less competitive than it ought to be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive outcome would undoubtedly imply that https://www.forbes.com/sites/christopherelliott/2020/06/27/how-do-i-get-rid-of-my-timeshare-in-a-pandemic/ average costs would be lower than they are today which 'the 6% (or 7%) commission' would be unlikely to remain as the modal fee."); John C.

8, 2005) (keeping in mind "a fairly prevalent view that brokerage is not a competitive market" based numerous perceptions, including: (1) excessive commission rates that are "sticky down" even as technology minimizes brokers' expenses; (2) commission rates are higher in the United States than in numerous other developed nations; (3) lobbying efforts by NAR and state Real estate agent associations in favor of state laws restricting competitors; (4) NAR's successful lobbying of Congress to forbid banks from getting in the property brokerage business; and (5) NAR-imposed limitations on discount and Internet brokers' access to the MLS).

See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Modifications in the Airline Ticket Distribution Market (July 2003) (discussing how Internet distribution lowered transaction expenses in the sale of airline company tickets), readily available at http://www. gao.gov/ brand-new - what does a real estate broker do. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Security Details Needed on Broker's Website (May 2000) (going over how Internet brokerages charge far less commission per trade on securities), offered at http://www.

items/gg00043. pdf. 169. See Hahn, Tr. at 89; American Bankers Association, Public Comment 10, at 3. 170. American Bankers Association, Public Remark 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 research study examining commission rates in the United States and numerous other nations concluded that U.S.