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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 sites include: ForSaleByOwner. com, http://www. forsalebyowner.com (last checked out 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 visited April 20, 2007). See Thorburn, Tr - how to start real estate investing. how long does it take to get a real estate license. at 97-98 (noting the variety of tools readily available to FSBOs). See likewise GAO REPORT, supra note 3, at 20. 92. Sambrotto, Tr. at Go to the website 86. 93. See ForSaleByOwner. com Corp. v. Zinnemann, 347 F. Supp. 2d 868, 870-71 (E.D. Cal.

com business design). 94. Henderson, Tr. at 154. 95. Id. at 155 - how long does it take to get your real estate license. 96. This support can include: finding and setting up for inspection of properties by potential buyers; providing potential buyers with information such as relative residential or commercial property worths and newest market price; helping in the settlement process; and helping to schedule and prepare for closing of the deal.

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Henderson, Tr. at 156-57. 98. NAR 2006 SURVEY, supra note 4, at 77. 99. Id. at 80, 68. 100. NAR 2005 SURVEY, 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 (noting that all traditional business "have a considerable online existence"). 103. NAR 2006 STUDY, supra note 4, at 44. 104. See Whatley, Tr. timeshare foreclosure at 160-61. 105. Id. at 210-11. 106. Id. at 161. 107. Id. 108. E.g., ForSaleByOwner. com, http://www. forsalebyowner.com (last visited April 20, 2007); FSBO.com, http://www.

com, http://www. homesbyowner (how to become a real estate agent in va).com (last checked out April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last visited 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 checked out April 20, 2007). 112. Shortt, Public Remark 311, at 1.

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Perriello, Tr. at 149. See also Whatley, Tr. at 160-61 (noting that customers now might investigate online not just homes for sale, however likewise the whole purchasing and selling process). 114. American Bankers Association, Public Comment 10, at 3 (remark). See also Perriello, Tr. at 149 (listing numerous functions of property websites, consisting of home pictures, virtual tours, rich text, mapping functionality, and neighborhood details); Sambrotto, Tr.

You can publish color pictures. You can post virtual tours. And you can have that information quickly searched and often searched by buyers from their own homes on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 STUDY, supra note 38, at 29. 117. NAR 2006 SURVEY, supra note 4, at 37. In a lot of states, there exists a single licensing board. Even more, NAR membership is needed for all agents and brokers that belong to the vast bulk of MLSs in the United States. Such entities are likely to gain economically from increased entry into the brokerage industry. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is fixed, the amount of time that realtors commit to prospecting and farming relative to in fact selling a house or finding a proper house for a buyer increases as the market becomes more and more competitive, that is, as more realtors are chasing the very same number of clients").

Id. at 1089 (" the cost of finding a consumer increases with the number of real estate agents in the market, without necessarily producing fringe benefits to the customer"). 222. These data originate from the "overall house selling expenditure" field in the Bureau of Labor Data' yearly Consumer Expense Study from 1980-1990. This field also consists of selling costs aside from commissions, like closing expenses and attorneys fees, so it is most 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 proof of entry as a result of the recent real estate market boom, in addition to proof that NAR membership has actually varied straight with housing costs for at least the past twenty years.

226. According to REAL Trends information, the number of deal sides per agent http://milofuig528.huicopper.com/the-greatest-guide-to-how-does-a-real-estate-agent-get-paid decreased 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 Remark 208, at 12. 228. Yun, Tr. at 225. See conversation in Hsieh & Moretti, supra note 139, at 1116 (approximating $1.

2 billion social waste arising from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the genuine estate service is why does there appear to be this relatively fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I'm sure lots of people today have pointed out, the puzzle is why the percentage commission has actually been so stubbornly consistent."); Hsieh & Moretti, supra note 139, at 1086 (" The apparent harmony of commission rates provides a huge puzzle, especially if one believes that the expense and effort required to sell a house do not increase one to one with the cost of housing.

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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 new and current houses in 2005($ 271,263), the buyer's broker's share of a $13,834 commission would be $6,917. A purchaser 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 declaring state action immunity from federal antitrust laws need to show that its actions are (1) pursuant to a clearly articulated state policy deliberately displacing competition with an alternative regulatory plan and (2) actively monitored by the state or a certified federal government agency or official).

2003), offered at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (analyzing state action immunity teaching). 243. See, e. g., Hoover v. Ronwin, 466 U.S. 558, 568 (1984) (" Closer analysis is needed when the activity at issue 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.