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 sites include: ForSaleByOwner. com, http://www. forsalebyowner.com (last gone to 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 to get a real estate license in ohio. what percentage do real estate agents get. at 97-98 (keeping in mind 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 business model). 94. Henderson, Tr. at 154. 95. Id. at 155 - what can i do with a real estate license. 96. This support can include: finding and scheduling evaluation of properties by prospective buyers; supplying prospective purchasers with details such as relative are timeshares scams home worths and latest market price; helping in the negotiation process; and assisting to schedule and prepare 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 (noting that all traditional companies "have a considerable online presence"). 103. NAR 2006 SURVEY, 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 (how to become a real estate agent in va).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 gone to 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 also Whatley, Tr. at 160-61 (noting that customers now might research online not just houses for sale, however also the whole purchasing and offering procedure). 114. American Bankers Association, Public Remark 10, at 3 (remark). See likewise Perriello, Tr. at 149 (listing several features of realty sites, including residential or commercial property pictures, virtual tours, abundant text, mapping performance, and neighborhood info); Sambrotto, Tr.

You can post color photos. You can post virtual tours. And you can have that details easily searched and frequently browsed by buyers from their own houses on https://diigo.com/0o3e9r the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 STUDY, 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. Further, NAR subscription is required for all agents and brokers that belong to the vast majority of MLSs in the United States. Such entities are most likely to gain financially from increased entry into the brokerage industry. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is repaired, the amount of time that real estate agents devote to prospecting and farming relative to actually selling a home or discovering an appropriate house for a purchaser increases as the marketplace becomes more and more competitive, that is, as more realtors are chasing the exact same number of consumers").

Id. at 1089 (" the expense of discovering a client increases with the number of realtors in the market, without always generating additional benefits to the customer"). 222. These data originate from the "total home selling expense" field in the Bureau of Labor Stats' yearly Consumer Expense Study from 1980-1990. This field likewise includes selling expenditures aside from commissions, like closing costs and attorneys charges, so it is likely to overstate the actual 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 revealed evidence of entry as a result of the current real estate market boom, as well as proof that NAR membership has differed directly with housing prices for at least the previous twenty years.

226. According to REAL Trends data, the number of transaction sides per representative declined from 12. Click here for more info 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 (approximating $1.

2 billion social waste arising from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the property business is why does there seem to be this reasonably repaired commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make sure lots of people today have actually mentioned, the puzzle is why the percentage commission has been so stubbornly consistent."); Hsieh & Moretti, supra note 139, at 1086 (" The obvious harmony of commission rates presents a huge puzzle, particularly if one thinks that the cost and effort needed to sell a home do not increase one to one with the price of housing.

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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 list prices 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 buyer who is rebated half of this would get $3,459.

242. See, e. g., California Retail Liquor Dealers Ass 'n v. Midcal Aluminum, Inc., 445 U.S. 97, 105 (1980) (entity claiming state action immunity from federal antitrust laws should demonstrate that its actions are (1) pursuant to a plainly articulated state policy deliberately displacing competitors with an alternative regulative plan and (2) actively monitored by the state or a competent federal government company or official).

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