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

Other experts have actually revealed comparable views (how to invest in real estate with little money). See Lawrence J. White, The Residential Realty Brokerage Market: What Would More Vigorous Competition how to get out of a marriott timeshare Look Like? 6 (New York 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 motivate cost conformity by, for example, by requiring that each listing state the fee split that the cooperating broker will get.

48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically among the most important things to me"). 50. NAR, Public Comment 208, at 5 (comment). Throughout this Report citations to "Public Comments" refer to comments submitted in action to the Agencies' Federal Register Notification welcoming discuss the topics attended to at the Workshop.

Reg. 53,362 (Sept. 8, 2005). The general public comment numbers cited in this Report describe those discovered on the FTC's website. Some parties sent a cover letter with the general public remark. Citations to submissions by these parties consist of a parenthetical referral either to the "remark" or the "cover letter." The public comments are offered at http://www.

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htm and http://www. usdoj.gov/ atr/public/workshops/ reworkshop_rewcomments. htm. See also Whatley, Tr. at 160- 61 (although the Web offers useful info to purchasers and sellers of property, by the time homes are marketed on the Web, they may be gone currently; thus, the MLS is essential). 51. John H. Crockett, Competitors and Performance in Transacting: The Case of Residential Realty Brokerage, 10 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).

See NAR 2006 STUDY, supra note 4, at 77. 53. 1983 FTC STAFF REPORT, supra note 9, at 31. 54. See United States v. Realty Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS ends up being important to a broker's ability to compete 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 (what does a real estate agent do). 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 been particularly advantageous 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 (describing how the MLS puts small and big brokers "on equivalent footing"). 57. See, e. g., William C. Erxleben, Looking For Cost and Service Competition 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 impacts connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A realty multiple listing service might likewise go through network externalities. As each realty broker is contributed to the system the effects are (1) that the brand-new broker is entitled to sell your homes listed on the system by other members, therefore increasing the chances of sale; and (2) existing members are entitled to offer the houses listed by the brand-new broker, therefore providing each broker a bigger stock of homes to show.

As an outcome, most municipalities have a single several listing service, and virtually all realty brokers other than possibly 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; Real estate Multi-List, 629 F. 2d at 1356.

Real estate Multi-List, 629 F. 2d 1351 (5th Cir. 1980). 60. Id. at 1356. 61. Id. 62. Id. 63. Id. at 1369. Subsequent decisions mostly have actually followed this approach. 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 conversation of the numerous private lawsuits involving declared MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (citing A. Austin, Realty 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 variety of brokers who utilize the service, the total dollar quantity of yearly listings, and a comparison of the rate of sales using the multilisting service to the market as a whole."); see also, e.

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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" Simply put, it is difficult to perform the tasks of a real estate agent or appraiser in the appropriate geographic location without using [the offender MLS] Hence, it has enough market power to restrain competitors."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.

65. There is some overlap between the categories due to the fact that specific getting out of wyndham timeshare organization designs suit more than one category. For example, a VOW operator might or might not likewise be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such refunds and incentives typically as "refunds" throughout this Report.

68. See 1% Real Estate, Buying a New Home, http://www. onepercentusa.com/buy. htm (last went to Mar. 27, 2007). 69. See, e. g., Glenn Roberts, Jr., "Secret Agents" Quietly Deal Realty Rebates, INMAN NEWS, Mar. 7, 2006 (describing secret realty agent referral service operating in Maryland, Virginia, and the District of Columbia that offers outside of the settlement and therefore off the books sellers a 1.

5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Laws of North Texas Realty Info Systems, Inc. 5. 01-5. 02 (amended Sept. 21, 2005), offered at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Realtor 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 discovers a purchaser); ifoundahome.

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ifoundahome.net/Listingwork/SBasicListing. htm (last checked out April 20, 2007) (allowing house sellers to provide "a 3% commission or more" to purchasers' brokers); TexasDiscountRealty. com, Flat Charge Listing, http://www. texasdiscountrealty.com/flatfee. htm (last visited April 20, 2007) (3 percent commission for a broker that discovers a buyer). 73. REALTOR.com, http://www. realtor.com (last gone to April 20, 2007) (according to its website, REALTOR.com is the "Official Website of the National Association of REALTORS").

See Farmer, Tr. at 107-08. 75. See TexasDiscountRealty. com, House Sellers, http://www. texasdiscountrealty.com/sellers1. htm (last gone to April 20, 2007). 76. See Kunz, Tr. at 101 (noting that several types of company designs run under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Testimony Summary of Russell Capper, President and Chief Executive Officer, eRealty, Inc.