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 checked out 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 gone to April 20, 2007). See Thorburn, Tr - how to be a real estate investor. how to buy real estate with no money. at 97-98 (noting the range of tools offered 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 business model). 94. Henderson, Tr. at 154. 95. Id. at 155 - how to invest in real estate with no money. 96. This support can include: locating and organizing for assessment of residential or commercial properties by potential buyers; offering prospective purchasers with info such as relative residential or commercial property values and most current asking price; helping in the negotiation procedure; and helping to schedule and get ready for closing of the deal.
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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 (keeping in mind that all standard business "have a considerable online existence"). 103. NAR 2006 STUDY, 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 (what is a real estate novelist).com (last visited April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last visited 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 Remark 311, at 1.
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Perriello, Tr. at 149. See also Whatley, Tr. at 160-61 (keeping in mind that customers now might investigate online not just houses for sale, but also the entire purchasing and offering process). 114. American Bankers Association, Public Comment 10, at 3 (comment). See also Perriello, Tr. at 149 (listing a number of features of genuine estate websites, including residential or commercial property photos, virtual trips, abundant text, mapping performance, and neighborhood details); Sambrotto, Tr.
You can publish color photos. You can post virtual tours. And you can have that information quickly browsed and frequently browsed by buyers from their own houses on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 SURVEY, supra note 38, at 29. 117. NAR 2006 SURVEY, supra note 4, at 37. In a lot of states, there exists a single licensing board. Even more, NAR subscription is required for all representatives and brokers that come from the large bulk of MLSs in the United States. Such entities are most likely to gain economically 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 in fact offering a home or discovering an appropriate house for a purchaser increases as the marketplace becomes more and more competitive, that is, as more real estate agents are chasing the same variety of consumers").
Id. at 1089 (" the cost of discovering a customer increases with the variety of real estate agents in the market, without necessarily creating fringe benefits to the consumer"). 222. These data come from the "total home selling cost" field in the Bureau of Labor Statistics' yearly Customer Visit website Expense Study from 1980-1990. This field also consists of selling expenses aside from commissions, like closing costs and lawyers charges, so it is most likely to overemphasize 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 showed evidence of entry as an outcome of the current real estate market boom, in addition to proof that NAR http://rowanxtiy987.trexgame.net/rumored-buzz-on-how-to-get-real-estate-license-in-florida membership has differed straight with real estate costs for at least the previous 20 years.
226. According to REAL Trends information, the variety of transaction sides per agent declined 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 Remark 208, at 12. 228. Yun, Tr. at 225. See conversation in Hsieh & Moretti, supra note 139, at 1116 (approximating $1.
2 billion social waste arising from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the realty service is why does there seem to be this fairly fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make certain lots of people today have actually mentioned, the puzzle is why the portion commission has been so stubbornly consistent."); Hsieh & Moretti, supra note 139, at 1086 (" The evident harmony of commission rates provides an enormous puzzle, particularly if one thinks that the cost and effort required to sell a home do not increase one to one with the rate of housing.
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230. ALA. CODE 34-27-36 (1975 ). 231. ALASKA STAT. 08. 88.401 (Michie 2005). 232. KAN. STAT. ANN. 58-3062 (2006 ). 233. LA. REV. STAT. ANN. 37:1455 (West 2006 ). 234. MISS. CODE ANN. 73-35-21 (2006 ). 235. MO. REV. STAT. 339. 150( 2006). 236. N.J. STAT. ANN. 45:15 -3. 1 (West 2006). 237. N.D. CENT. 1( 2006). 238. OKLA. STAT. ANN. tit. 59, 858-312 (West 2006). 239. OR. REV. STAT. 696. 290( 2005). 240. IOWA CODE 543B.60 A( 2005 ). 241. Based upon weighted average list prices of new and current homes in 2005($ 271,263), the buyer's broker's share of a $13,834 commission would be $6,917. A purchaser who is rebated half of this would receive $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 must show that its actions are (1) pursuant to a clearly articulated state policy purposefully displacing competition with an alternative regulatory plan and (2) actively monitored by the state or a competent federal government agency or authorities).
2003), readily available at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (examining state action immunity doctrine). 243. See, e. g., Hoover v. Ronwin, 466 U.S. 558, 568 (1984) (" Closer analysis is required when the activity at problem Home page is not straight that of the legislature or supreme court, but is carried out by others pursuant to state authorizations."); Southern Motor Carriers Rate Conference v.