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 completely established in his AEI-Brookings Paper, where he explains how the cooperative relationship amongst brokers in an MLS has the prospective to offer increase to uniformity in services supplied and brokerage charges charged.

Other analysts have expressed comparable views (how to generate real estate leads). See Lawrence J. White, The Residential Real Estate Brokerage Market: What Would More Vigorous Competition Appear Like? 6 (New York University School of Law, New York University Law and Economics Working Papers 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS may motivate price conformity by, for example, by requiring that each listing state the cost split that the cooperating broker will get.

48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically one of the most important things to me"). 50. NAR, Public Comment 208, at 5 (remark). Throughout this Report citations to "Public Remarks" describe comments sent in reaction to the Agencies' Federal Register Notification inviting talk about the subjects resolved at the Workshop.

Reg. 53,362 (Sept. 8, 2005). The general public remark numbers mentioned in this Report describe those discovered on the FTC's site. Some celebrations sent a cover letter with the public remark. Citations to submissions by these parties consist of a parenthetical recommendation either to the "comment" 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 likewise Whatley, Tr. at 160- 61 (although the Internet supplies beneficial info to purchasers and sellers of property, by the time properties are marketed on the Web, they may be gone already; hence, the MLS is vital). 51. John H. Crockett, Competitors and Efficiency in Transacting: The Case of Residential Realty Brokerage, 10 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION 209, 211 (1982 ).

See NAR 2006 SURVEY, 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) (membership in the MLS ends up being vital to a broker's capability to compete effectively on equivalent terms); GAO REPORT, supra note 3, at 12.

South Central Wisconsin MLS Corp., 450 F. 3d 312 (7th Cir. 2006); Thompson v (how to invest in real estate with no money). 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 actually been specifically beneficial to smaller sized brokers, due to the fact that it "levels the playing field" on which brokers contend.

through the regional or local [MLS]"). See likewise Yun, Tr. at 223-24 (explaining how the MLS puts small and big brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Searching For Rate 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 discussion of the favorable network results associated with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A genuine estate numerous listing service might likewise undergo network externalities. As each property broker is added to the system the consequences are (1) that the brand-new broker is entitled to sell the houses listed on the system by other members, therefore increasing the chances of selling your timeshare sale; and (2) existing members are entitled to offer the houses noted by the new broker, hence giving each broker a bigger stock of homes to reveal.

As a result, a lot of municipalities have a single several listing service, and practically all property brokers except maybe a couple of 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 choices mainly have actually followed this method. 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 different private lawsuits including alleged MLS-related restraints is beyond the scope of this Report. 64. Realty Multi-List, 629 F. 2d at 1373-74 (pointing out A. Austin, Real Estate Boards and Numerous 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 number of brokers who use the service, the overall dollar amount of yearly listings, and a comparison of the rate of sales using the multilisting service to the marketplace as a whole."); see likewise, e.

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

65. There is some overlap in between the categories because certain company designs fit into more than one classification. For example, a VOW operator may or might not also be a discount broker. 66. See GAO REPORT, supra note 3, at 19. 67. We describe all such refunds and inducements usually as marriott timeshare locations "refunds" throughout this Report.

68. See 1% Realty, 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 Property Rebates, INMAN NEWS, Mar. 7, 2006 (explaining secret property agent referral service operating in Maryland, Virginia, and the District of Columbia that provides beyond the settlement and hence off the books sellers a 1.

5%). 70. Henderson, Tr. at 155. 71. See, e. g., Guidelines and Regulations of North Texas Property Details Systems, Inc. 5. 01-5. 02 (modified Sept. 21, 2005), offered at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Real Estate Agent Flat Cost MLS, http://www. fsboadvertisingservice.com/flat-fee-mls-MLSTX3. asp (last visited April 20, 2007) (2-3 percent commission for broker that finds a buyer); ifoundahome.

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ifoundahome.net/Listingwork/SBasicListing. htm (last visited April 20, 2007) (permitting house sellers to use "a 3% commission or more" to buyers' brokers); TexasDiscountRealty. com, Flat Fee Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out April 20, 2007) timeshare resale by owner (3 percent commission for a broker that discovers a buyer). 73. REALTOR.com, http://www. realtor.com (last checked out April 20, 2007) (according to its site, REALTOR.com is the "Authorities Site of the National Association of REALTORS").

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