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 websites include: ForSaleByOwner. com, http://www. forsalebyowner.com (last gone to April 20, 2007); FSBO.com, http://www. fsbo.com (last checked out April 20, 2007); craigslist. org, http://sfbay.
com, http://www. homesbyowner.com (last gone to April 20, 2007). See Thorburn, Tr - how to buy real estate with no money. how to be a real estate investor. at 97-98 (noting the variety of tools readily available to FSBOs). See also 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 service design). 94. Henderson, Tr. at 154. 95. Id. at 155 - what percentage do real estate agents get. 96. This support can consist of: locating and scheduling evaluation of residential or commercial properties by prospective purchasers; providing potential purchasers with information such as relative residential or commercial property worths and newest asking price; assisting in the negotiation process; and assisting to schedule and get ready for closing of the transaction.
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Henderson, Tr. at 156-57. 98. NAR 2006 SURVEY, 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 standard companies "have a considerable online existence"). 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 make money in real estate).com (last visited 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 visited April 20, 2007). 111. See, e. g., Zillow. com, http://www. zillow.com (last checked out April 20, 2007). 112. Shortt, Public Remark 311, at 1.
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Perriello, Tr. at 149. See likewise Whatley, Tr. at 160-61 (noting that customers now may research online not only homes for sale, but also the whole buying and offering process). 114. American Bankers Association, Public Remark 10, at 3 (comment). See also Perriello, Tr. at 149 (listing numerous features of property sites, consisting of home images, virtual trips, abundant text, mapping functionality, and community info); Sambrotto, Tr.
You can publish color pictures. You can post virtual trips. And you can have that details quickly searched and frequently searched by purchasers from their own homes on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 STUDY, supra note 38, timeshare websites at 29. 117. NAR 2006 SURVEY, supra note 4, at 37. In many states, there exists a single licensing board. Further, NAR membership is required for all agents and brokers that come from the vast bulk of MLSs in the United States. Such entities are 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 realtors devote to prospecting and farming relative to really selling a home or discovering a proper house for a buyer increases as the market ends up being increasingly more competitive, that is, as more real estate agents are chasing after the same number of clients").
Id. at 1089 (" the cost of finding a client increases with the variety of realtors in the market, without necessarily producing fringe benefits to the customer"). 222. These information come from the "overall house selling expenditure" field in the Bureau of Labor Data' yearly Customer Expenditure Study from 1980-1990. This field likewise includes selling expenses other than commissions, like closing costs and lawyers costs, so it is most likely to overemphasize the real 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 showed proof of entry as an outcome of the current real estate market boom, as well as evidence that NAR subscription has varied directly with housing rates for at least the past 20 years.
226. According to REAL Trends information, the number of deal sides per representative decreased from 12. 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 Comment 208, at 12. 228. Yun, Tr. at 225. See discussion in Hsieh & Moretti, supra note 139, at 1116 (approximating $1.
2 billion social waste resulting from Click for source excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the property organization Click here! is why does there appear to be this fairly fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I'm sure numerous people today have explained, the puzzle is why the percentage commission has been so stubbornly consistent."); Hsieh & Moretti, supra note 139, at 1086 (" The obvious uniformity of commission rates presents a massive puzzle, particularly if one thinks that the cost and effort necessary to sell a home do not increase one to one with the rate of housing.
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230. ALA. CODE 34-27-36 (1975 ). 231. ALASKA STAT. 08. 88.401 (Michie 2005). 232. KAN. STAT. ANN. 58-3062 (2006 ). 233. LA. REV. STAT. ANN. 37:1455 (West 2006 ). 234. MISS. CODE ANN. 73-35-21 (2006 ). 235. MO. REV. STAT. 339. 150( 2006). 236. N.J. STAT. ANN. 45:15 -3. 1 (West 2006). 237. N.D. CENT. 1( 2006). 238. OKLA. STAT. ANN. tit. 59, 858-312 (West 2006). 239. OR. REV. STAT. 696. 290( 2005). 240. IOWA CODE 543B.60 A( 2005 ). 241. Based on weighted average prices of new and current houses in 2005($ 271,263), the buyer's broker's share of a $13,834 commission would be $6,917. A buyer who is rebated half of this would receive $3,459.
242. See, e. g., California Retail Alcohol Dealers Ass 'n v. Midcal Aluminum, Inc., 445 U.S. 97, 105 (1980) (entity claiming state action immunity from federal antitrust laws must demonstrate that its actions are (1) pursuant to a plainly articulated state policy intentionally displacing competition with an alternative regulatory scheme and (2) actively monitored by the state or a competent government agency or authorities).
2003), offered at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (evaluating state action immunity teaching). 243. See, e. g., Hoover v. Ronwin, 466 U.S. 558, 568 (1984) (" Closer analysis is required when the activity at concern is not directly that of the legislature or supreme court, but is brought out by others pursuant to state permissions."); Southern Motor Carriers Rate Conference v.