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140. See infra Chapter III.C. 141. Although this area reports a range of statistics that claim to measure "market share," this Report makes no effort to define a pertinent antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL REAL ESTATE MARKET COMPETITORS: EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), readily available at http://www.

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

Id. 148. NAR, Public Remark 208, at 7 (comment). 149. Id. 150. REALOGY, REALOGY ORGANIZATION SUMMARY 4 (Dec - how to become a real estate agent in illinois. 2006), available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how long does it take to get your real estate license. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some firms might have a bigger than usual market share, however 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 (sixth Cir. 1999). 153. Mid-America Property Co. v. Iowa Realty Co., No. 4:04- CV-10175, 2004 WL 1280895, at * 8- * 9 & n. 5 (S.D. Iowa 2004), http://www.wesleygroupreviews.com/gallery/ rev 'd on other premises, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Larger is Not Better: Brokerage and Time on the marketplace, 10 J.

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

See id. at 427-28. 156. 1983 FTC PERSONNEL REPORT, supra note 9, at 102. As explained infra, nevertheless, this is not necessarily the case with respect to the entry of new service models in the property brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.

"); Hsieh, Tr. at 235 (" there's relatively complimentary entry into the occupation and into the real estate brokerage organization."). The capability of newbie entrants to bring in clients relative to more experienced representatives was not talked about at the Workshop and, also, is not addressed in this Report. 158. Yun, Tr.

159. Yun Discussion, supra note 145, at 5, 7. 160. Daniels, Public Remark 92, at 1. 161. NAR, Public Comment 208, at 5 (" An agent can get a broker's license, typically after having stayed in business for several years, and passing a https://www.nashvillepost.com/business/finance/article/21143258/franklin-firm-launches-insurance-company broker's license examination. The exact requirements vary by state.").

One author has actually described the service that brokers offer as not simply a finished match of purchaser and seller, but rather "a finished transaction at some level of service provided to the celebrations involved." Geoffrey K. Turnbull, Realty Brokers, Nonprice Competition and the Real Estate Market, 24 REALTY ECONOMICS 293, 295 (1996 ).

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Id. The level to which brokers provide these services "offers the margin for nonprice competitors among brokers." Id. 164. As talked about in Chapter I of this Report, refunds are a meaningful part of price competitors in between brokers in states that do not Extra resources restrict refunds. Anti-rebate laws are discussed in more information in Chapter IV of this Report.

1983 FTC PERSONNEL REPORT, supra note 9, at 64. See likewise id. at 55 (" [W] e found regional markets to consistently have commission modes at either six or 7 percent. These are the 'normal' modes for essentially all markets, despite how they may vary from one another, and nationwide a very high percentage of realty brokerage transactions took place at a commission rate of one or the other.

The degree of rate harmony we discovered plainly is inconsistent with a market identified by the particular kind of energetic competitors typical in lots of other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you return to the FTC report from more than 20 years ago, things truly have actually not changed that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a study which was completed and released in 1983.

PROPERTY RES. 187, 187 (2001) (" A number of research studies have actually argued that the harmony of the commission rate throughout various residential or commercial properties and areas is an indication of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Property Listing Agreements, 16 J. PROPERTY FIN. & ECON.

some collusion between brokers through the [MLS] The primary proof provided is the near-uniformity of commission rates in a given market. A typical argument is that the effort required to sell a house is not a linear function of the list prices which if there is not collusion amongst brokers, there should be, at the very least, variation in commission rates across house price ranges within a given market.").

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

8, 2005) (noting "a fairly extensive view that brokerage is not a competitive market" based numerous understandings, including: (1) extreme commission rates that are "sticky downward" even as innovation reduces brokers' expenses; (2) commission rates are greater in the United States than in many other industrialized nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competitors; (4) NAR's effective lobbying of Congress to prohibit banks from going into the property brokerage business; and (5) NAR-imposed limitations on discount and Internet brokers' access to the MLS).

See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Changes in the Airline Ticket Circulation Industry (July 2003) (going over how Internet circulation lowered deal costs in the sale of airline tickets), offered at http://www. gao.gov/ new - how to get into commercial real estate. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Security Info Needed on Broker's Website (May 2000) (discussing 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 Remark 10, at 3. 170. American Bankers Association, Public Remark 10, at 3 (remark). 171. Id. at 1. 172. Id. at 4. A 2002 research study examining commission rates in the United States and a number of other nations concluded that U.S.