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 describes how the cooperative relationship amongst brokers in an MLS has the potential to trigger uniformity in services provided and brokerage costs charged.

Other experts have revealed similar views (how long does it take to get a real estate license). See Lawrence J. White, The Residential Property http://keeganmguc622.simplesite.com/449021538 Brokerage Market: What Would More Energetic Competition Appear Like? 6 (New York City University School of Law, New York University Law and Economics Working Documents 51, 2006); GAO REPORT, supra note 3, at 3, 12-13 (MLS might motivate rate conformity by, for instance, by requiring that each listing state the fee split that the working together broker will get.

48. Hahn, Tr. at 32-36. 49. See Whatley, Tr. at 31 (" The MLS is tactically one of the most valuable things to me"). 50. NAR, Public Comment 208, at 5 (remark). Throughout this Report citations to "Public Comments" refer to remarks submitted in response to the Agencies' Federal Register Notification inviting talk about the topics attended to at the Workshop.

Reg. 53,362 (Sept. 8, 2005). The public comment numbers pointed out in this Report describe those found on the FTC's site. Some parties sent a cover letter with the general public comment. Citations to submissions by these parties consist of a parenthetical referral either to the "remark" or the "cover letter." The general 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 Web supplies helpful details to purchasers and sellers of real estate, by the time residential or commercial properties are marketed on the Web, they might be gone currently; thus, the MLS is crucial). 51. John H. Crockett, Competition and Effectiveness in Negotiating: The Case of Residential Property 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. Real Estate Multi-List, 629 F. 2d 1351, 1370 (5th Cir. 1980) (subscription in the MLS ends up being necessary to a broker's ability to complete 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 is noi in real estate). 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 particularly advantageous to smaller sized brokers, due to the fact that it "levels the playing field" on which brokers contend.

through the local or regional [MLS]"). See likewise Yun, Tr. at 223-24 (explaining how the MLS puts small and large brokers "on equal footing"). 57. See, e. g., William C. Erxleben, Searching For Price 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 connected with MLSs, see 13 HERBERT HOVENKAMP, ANTITRUST LAW 2220b4, 2223b3 (2d ed. 2005): A property several listing service might also undergo network externalities. As each property broker is contributed to the system the consequences are (1) that the new broker is entitled to offer your homes noted on the system by other members, therefore increasing the chances of sale; and (2) existing members are entitled to sell your homes noted by the brand-new broker, hence providing each broker a larger stock of homes to show.

As a result, most municipalities have a single multiple listing service, and essentially all realty brokers except maybe a few highly 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.

Realty Multi-List, 629 F. 2d 1351 (5th Cir. 1980). 60. Id. at 1356. 61. Id. 62. Id. 63. Id. at 1369. Subsequent decisions largely have followed this technique. 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 discussion of the numerous personal litigation including declared MLS-related restraints is beyond the scope of this Report. 64. Real estate Multi-List, 629 F. 2d at 1373-74 (citing A. Austin, Real Estate 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 amount of yearly listings, and a contrast of the rate of sales utilizing the multilisting service to the market as a whole."); see likewise, e.

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South Central Wisconsin MLS Corp., 450 F. 3d 312, 317 (7th Cir. 2006) (" In short, it is impossible to perform the tasks of a genuine estate representative or appraiser in the appropriate geographical location without utilizing [the accused MLS] Thus, it has adequate market power to restrain competition."); Austin Bd. of Realtors, 2000 WL 34239114, at * 4 n.

65. There is some overlap in between the categories because specific service designs fit into more than one category. For example, a VOW operator may or might not also be a discount rate broker. 66. See GAO REPORT, supra note 3, at 19. 67. We refer to all such refunds and temptations usually as "rebates" throughout this Report.

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

5%). 70. Henderson, Tr. at 155. 71. See, e. g., Rules and Laws of North Texas Real Estate Info Systems, Inc. 5. 01-5. 02 (changed Sept. 21, 2005), available at http://www. ntreis.net/documents/Documents_262006124924. 72. See, e. g., FSBOAdvertisingService. com, Houston Texas Realtor Flat Fee 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 checked out April 20, 2007) (allowing house sellers to use "a 3% commission or more" to buyers' brokers); TexasDiscountRealty. com, Flat Cost Listing, http://www. texasdiscountrealty.com/flatfee. htm (last checked out April 20, 2007) (3 percent commission for a broker that finds a purchaser). 73. REALTOR.com, http://www. realtor.com (last visited April 20, 2007) (according to its website, REALTOR.com is the "Official Site of the National Association of REALTORS").

See Farmer, Tr. at timeshare user group 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 kinds of company models operate under the Century 21 franchise). 77. See GAO Report, supra note 3, at 19-20. 78. See Statement Summary of Russell Capper, President and Ceo, eRealty, Inc.