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

nsf/Pages/Sawyer05? OpenDocument (keeping in mind presence of "micro- markets" within cities. For instance, within the Washington, DC city, there is little or no competition among purchasers, sellers, and realty agents throughout 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 Economist, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Real Estate Industry, Property Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Discussion], readily available at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.

Id. 148. NAR, Public Comment 208, at 7 (remark). 149. Id. 150. REALOGY, REALOGY ORGANIZATION SUMMARY 4 (Dec - how to get a real estate license in ca. 2006), available at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to get started in real estate. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some companies might have a bigger than normal market share, but market shares are known to alter measurably from one year to the next.").

Re/Max Int' l, Inc. v. Real Estate One, Inc., 173 F. 3d 995, 1003 (6th Cir. 1999). 153. Mid-America Real Estate 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 premises, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Bigger is Not Much Better: Brokerage and Time on the Market, 10 J.

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23, 27-28 (1995 ). The authors utilized a sample of 388 house sales in fiscal year 1991 from the multiple listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Real Estate Market Performance," 17 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).

See id. at 427-28. 156. 1983 FTC STAFF REPORT, supra note 9, at 102. As described infra, however, this is not necessarily the case with respect to the entry of brand-new organization designs in the real estate brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.

"); Hsieh, Tr. at 235 (" there's reasonably complimentary entry into the occupation and into the realty brokerage service."). The capability of beginner entrants to attract customers relative to more skilled representatives was not talked about at the Workshop and, also, is not dealt with in this Report. 158. Yun, Tr.

159. Yun Presentation, supra note 145, at 5, 7. 160. Daniels, Public Comment 92, at 1. 161. NAR, Public Remark 208, at 5 (" An agent can get a broker's license, typically after having been in service for several years, and passing a broker's license examination. The specific requirements vary by state.").

One author has described the service that brokers provide as not simply a finished match of purchaser and seller, however rather "a finished transaction at some level of service supplied to the parties included." Geoffrey holiday inn timeshare K. Turnbull, Realty Brokers, Nonprice Competitors and the Real Estate Market, 24 REALTY ECONOMICS 293, 295 (1996 ).

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

1983 FTC STAFF REPORT, supra note 9, at 64. See likewise id. at 55 (" [W] e discovered regional markets to consistently have commission modes at either six or 7 percent. These are the 'typical' modes for essentially all markets, regardless of how they may differ from one another, and nationwide Check out this site a very high portion of realty brokerage transactions happened at a commission rate of one or the other.

The degree of rate uniformity we found plainly is irregular with a market identified by the particular kind of energetic competitors common in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you go back to the FTC report from more than twenty years earlier, things actually have actually not changed that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a study which was finished and published in 1983.

PROPERTY RES. 187, 187 (2001) (" A variety of studies have actually argued that the uniformity of the commission rate across various homes and areas is an indicator of collusive behavior."); Visit the website Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. REALTY FIN. & ECON.

some collusion between brokers through the [MLS] The main proof provided is the near-uniformity of commission rates in a given market. A typical argument is that the effort required to sell a home is not a direct function of the list prices and that if there is not collusion amongst brokers, there ought to be, at the minimum, variation in commission rates across house price varieties within a given market.").

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See, e. g., American Bankers Association, Public Remark 10, at 1 (cover letter) (" [b] y any requirement, the real estate brokerage market is significantly less competitive than it must be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive outcome would certainly suggest that average costs would be lower than they are today which 'the 6% (or 7%) commission' would be not likely to remain as the modal cost."); John C.

8, 2005) (noting "a relatively widespread view that brokerage is not a competitive industry" based a number of perceptions, consisting of: (1) extreme commission rates that are "sticky downward" even as innovation reduces brokers' expenses; (2) commission rates are higher in the United States than in numerous other industrialized countries; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws limiting competitors; (4) NAR's successful lobbying of Congress to forbid banks from entering the realty brokerage business; and (5) NAR-imposed limitations on discount and Web brokers' access to the MLS).

See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Changes in the Airline Company Ticket Circulation Industry (July 2003) (going over how Web distribution reduced deal expenses in the sale of airline tickets), available at http://www. gao.gov/ brand-new - what does arv mean in real estate. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Security Information Needed on Broker's Website (May 2000) (going over how Internet brokerages charge far less commission per trade on securities), readily available at http://www.

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