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

nsf/Pages/Sawyer05? OpenDocument (keeping in mind existence of "micro- markets" within cities. For example, within the Washington, DC urban area, there is little or no competitors amongst purchasers, sellers, and property representatives across 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., Senior Citizen Financial Expert, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Real Estate Market, Property Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], offered at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.

Id. 148. NAR, Public Comment 208, at 7 (comment). 149. Id. 150. REALOGY, REALOGY COMPANY SUMMARY 4 (Dec - how to invest in real estate with little money. 2006), available at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. what does a real estate agent do. pdf. 151. NAR, Public Comment 208, at 6 (" In a couple of markets, some firms may have a bigger than normal market share, but market shares are known to change measurably from one year to the next.").

Re/Max Int' l, Inc. v. Realty One, Inc., 173 F. 3d 995, 1003 (6th Cir. 1999). 153. Mid-America Property 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 Better: Brokerage and Time on the marketplace, 10 J.

How Long Does It Take To Get A Real Estate License In Texas - The Facts

23, 27-28 https://picante.today/business-wire/2019/10/08/95065/wesley-financial-group-relieves-375-consumers-of-more-than-6-7-million-in-timeshare-debt-in-september/ (1995 ). The authors used a sample of 388 home sales in fiscal year 1991 from the numerous listing service. Id. at 27. 155. James E. Larson & Won Look at more info J. Park, Non-Uniform Portion Brokerage Commissions and Genuine Estate Market Efficiency," 17 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).

See id. at 427-28. 156. 1983 FTC PERSONNEL REPORT, supra note 9, at 102. As described infra, nevertheless, this is not always the case with regard to the entry of new organization designs in the genuine estate brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.

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

159. Yun Discussion, supra note 145, at 5, 7. 160. Daniels, Public Remark 92, at 1. 161. NAR, Public Remark 208, at 5 (" A representative can acquire a broker's license, usually after having stayed in business for a number of years, and passing a broker's license test. The precise requirements differ by state.").

One author has explained the service that brokers provide as not simply a completed match of buyer and seller, but rather "a completed transaction at some level of service supplied to the celebrations involved." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competition and the Real Estate Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).

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Id. The extent to which brokers supply these services "offers the margin for nonprice competitors amongst brokers." Id. 164. As talked about in Chapter I of this Report, rebates are a meaningful element of price competition between brokers in states that do not forbid rebates. Anti-rebate laws are talked about in more detail in Chapter IV of this Report.

1983 FTC PERSONNEL REPORT, supra note 9, at 64. See likewise id. at 55 (" [W] e found local markets to regularly have commission modes at either 6 or seven percent. These are the 'typical' modes for virtually all markets, regardless of how they may differ from one another, and nationwide a very high portion of genuine estate brokerage transactions happened at a commission rate of one or the other.

The degree of rate harmony we discovered plainly is inconsistent with a market identified by the specific type of vigorous competitors common in many other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you return to the FTC report from more than twenty years ago, things actually have actually not changed that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a research study which was finished and released in 1983.

REAL ESTATE RES. 187, 187 (2001) (" A variety of studies have actually argued that the harmony of the commission rate across different residential or commercial properties and areas is an indication 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] https://www.djournal.com/wesley-financial-group-diversifies-with-launch-of-wesley-mutual/article_f80e7b65-28ad-5601-8d06-acee72fc3b77.html The primary proof provided is the near-uniformity of commission rates in a given market. A typical argument is that the effort needed to offer a home is not a direct function of the prices which if there is not collusion among brokers, there must be, at the minimum, variation in commission rates across home rate ranges within a provided market.").

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See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any standard, the realty brokerage market is substantially less competitive than it ought to be and commissions are synthetically high."); White, supra note 47, at 2 (" [A] more competitive outcome would certainly indicate that typical costs would be lower than they are today and that 'the 6% (or 7%) commission' would be not likely to stay as the modal cost."); John C.

8, 2005) (noting "a relatively prevalent view that brokerage is not a competitive industry" based numerous perceptions, including: (1) excessive commission rates that are "sticky downward" even as technology minimizes brokers' expenses; (2) commission rates are greater in the United States than in many other developed nations; (3) lobbying efforts by NAR and state Real estate agent associations in favor of state laws restricting competition; (4) NAR's effective lobbying of Congress to prohibit banks from entering the property brokerage organization; and (5) NAR-imposed constraints on discount and Web brokers' access to the MLS).

See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Impact of Changes in the Airline Ticket Distribution Industry (July 2003) (going over how Internet circulation reduced transaction costs in the sale of airline company tickets), readily available at http://www. gao.gov/ new - what does a real estate broker do. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Protection Info Needed on Broker's Web Sites (May 2000) (talking about how Internet brokerages charge far less commission per trade on securities), available at http://www.

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