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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 websites consist of: ForSaleByOwner. com, http://www. forsalebyowner.com (last checked out April 20, 2007); FSBO.com, http://www. fsbo.com (last gone to April 20, 2007); craigslist. org, http://sfbay.

com, http://www. homesbyowner.com (last checked out April 20, 2007). See Thorburn, Tr - how do real estate agents make money. what is a real estate novelist. at 97-98 (noting the variety of tools available to FSBOs). See likewise GAO REPORT, supra note 3, at 20. 92. Sambrotto, Tr. at 86. 93. See ForSaleByOwner. com Corp. v. Zinnemann, 347 F. Supp. 2d 868, 870-71 (E.D. Cal.

com pros and cons of timeshare ownership organization model). 94. Henderson, Tr. at 154. 95. Id. at 155 - what does mls stand for in real estate. 96. This support can include: locating and setting up for examination of homes by potential buyers; providing potential buyers with information such as relative property worths and latest selling costs; assisting in the settlement procedure; and assisting to schedule and get ready for closing of the deal.

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Henderson, Tr. at 156-57. 98. NAR 2006 STUDY, 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 (keeping in mind that all conventional companies "have a significant online presence"). 103. NAR 2006 STUDY, supra note 4, at 44. 104. See Whatley, Tr. 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 (what does a real estate agent do).com (last gone to April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last gone to April 20, 2007). 110. See, e. g., Mortgage101. com, http://www. mortgage101.com (last checked out April 20, 2007). 111. See, e. g., Zillow. com, http://www. zillow.com (last gone to April 20, 2007). 112. Shortt, Public Comment 311, at 1.

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Perriello, Tr. at 149. See likewise Whatley, Tr. at 160-61 (noting that customers now may research online not only houses for sale, but also the entire purchasing and offering process). 114. American Bankers Association, Public Remark 10, at 3 (remark). See also Perriello, Tr. at 149 (listing several functions of realty websites, consisting of home photos, virtual trips, abundant text, mapping functionality, and neighborhood information); Sambrotto, Tr.

You can publish color images. You can publish virtual tours. And you can have that details easily searched and often browsed by purchasers from their own homes on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 SURVEY, supra note 38, at 29. 117. NAR 2006 SURVEY, supra note 4, at 37. In the majority of states, there exists a single licensing board. Even more, NAR membership is needed for all representatives and brokers that come from the huge bulk of MLSs in the United States. Such entities are most likely to acquire economically from increased entry into the brokerage market. 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 really selling a house or discovering an appropriate home for a purchaser increases as the market becomes more and more competitive, that is, as more realtors are chasing after the very same variety of customers").

Id. at 1089 (" the expense of discovering a client increases with the variety of realtors in the market, without necessarily creating additional benefits to the consumer"). 222. These information come from the "overall home offering expense" field in the Bureau of Labor Statistics' yearly Consumer Expenditure Study from 1980-1990. This field also includes selling costs aside from commissions, like closing costs and attorneys charges, so it is likely to can you sell your timeshare back to the resort overemphasize the real 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 showed evidence of entry as an outcome of the current real estate market boom, along with proof that NAR membership has differed directly with real estate rates for at least the previous twenty years.

226. According to REAL Trends information, the variety of transaction sides per agent 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 discussion in Hsieh & Moretti, supra note 139, at 1116 (estimating $1.

2 billion social waste arising from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the realty organization is why does there appear to be this reasonably http://waylonfwqd417.timeforchangecounselling.com/not-known-facts-about-what-is-mls-in-real-estate repaired commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make certain 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 uniformity of commission rates provides a huge puzzle, specifically if one believes that the cost and effort required to offer a home do not increase one to one with the price of real estate.

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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 sales price of new and existing houses in 2005($ 271,263), the purchaser'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 Alcohol Dealers Ass 'n v. Midcal Aluminum, Inc., 445 U.S. 97, 105 (1980) (entity declaring state action immunity from federal antitrust laws need to demonstrate that its actions are (1) pursuant to a clearly articulated state policy intentionally displacing competition with an alternative regulative plan and (2) actively supervised by the state or a competent government company or authorities).

2003), readily available at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (evaluating state action immunity teaching). 243. See, e. g., Hoover v. Ronwin, 466 U.S. 558, 568 (1984) (" Closer analysis is required when the activity at concern is not directly that of the legislature or supreme court, however is performed by others pursuant to state authorizations."); Southern Motor Carriers Rate Conference v.




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