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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 consist of: ForSaleByOwner. com, http://www. forsalebyowner.com (last visited 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 generate leads in real estate. how to get real estate license in ga. at 97-98 (noting the range 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 company design). 94. Henderson, Tr. at 154. 95. Id. at 155 - how do real estate agents get paid. 96. This assistance can include: finding and setting up for inspection of homes by prospective buyers; offering potential purchasers with info such as relative residential or commercial property worths and most current market price; assisting in the settlement procedure; and helping to schedule and get ready for closing of the transaction.

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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 standard companies "have a substantial 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 (how to become real estate agent).com (last checked out 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 visited 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 (keeping in mind that customers now may investigate online not just homes for sale, however likewise the entire purchasing and selling process). 114. American Bankers Association, Public Comment 10, at 3 (remark). See also Perriello, Tr. at 149 (listing several functions of realty sites, consisting of home pictures, virtual tours, abundant text, mapping performance, and area https://60e603377a436.site123.me/#section-6246fe019aa4b info); Sambrotto, Tr.

You can publish color images. You can publish virtual tours. And you can have that details quickly browsed and frequently browsed by buyers from their own houses on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 STUDY, supra note 38, at 29. 117. NAR 2006 STUDY, supra note 4, at 37. In the majority of states, there exists a single licensing board. Further, NAR subscription is needed for all representatives and brokers that belong to the vast bulk of MLSs in the United States. Such entities are likely to gain economically from increased entry into the brokerage market. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is fixed, the amount of time that real estate agents devote to prospecting and farming relative to actually offering a house or discovering an appropriate house for a buyer increases as the market ends up being increasingly more competitive, that is, as more realtors are chasing the very same number of clients").

Id. at 1089 (" the expense of finding a customer increases with the variety of realtors in the market, without always producing additional benefits to the customer"). 222. These information originate from the "overall home offering expenditure" field in the Bureau of Labor Statistics' yearly Customer Expense Survey from 1980-1990. This field also consists of selling expenditures other than commissions, like closing expenses and lawyers fees, so it is Learn more 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 revealed proof of entry as a result of the recent housing market boom, in addition to proof that NAR subscription has actually differed directly with real estate rates for a minimum of the previous twenty years.

226. According to REAL Trends data, the number of transaction 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 (estimating $1.

2 billion social waste resulting from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the real estate service is why does there seem to be this fairly fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I'm sure lots of people today have mentioned, the puzzle is why the portion commission has actually been so stubbornly consistent."); Hsieh & Moretti, supra note 139, at 1086 (" The apparent harmony of commission rates presents a massive puzzle, particularly if one thinks that the expense and effort needed to offer a home do not increase one to one with the cost of real estate.

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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 ). default on timeshare 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 brand-new and existing 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 resistance from federal antitrust laws must show that its actions are (1) pursuant to a plainly articulated state policy intentionally displacing competition with an alternative regulative plan and (2) actively supervised by the state or a competent federal government firm or authorities).

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