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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 websites consist of: ForSaleByOwner. com, http://www. forsalebyowner.com (last gone to April 20, 2007); FSBO.com, http://www. fsbo.com (last visited April 20, 2007); craigslist. org, http://sfbay.

com, http://www. homesbyowner.com (last checked out April 20, 2007). See Thorburn, Tr - how to become how do time shares work a real estate agent in va. how to get a real estate license in ca. at 97-98 (keeping in mind the range of tools 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 organization model). 94. Henderson, Tr. at 154. 95. Id. at 155 - what does a real estate agent do. 96. This assistance can consist of: locating and scheduling examination of homes by potential buyers; supplying prospective purchasers with info such as relative property values and newest selling costs; assisting in the settlement process; and helping 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 conventional 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 get into commercial real estate).com (last checked out 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 checked out 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 (keeping in how much does wesley financial charge mind that consumers now may research online not only homes for sale, but likewise the whole purchasing and selling process). 114. American Bankers Association, Public Comment 10, at 3 (remark). See also Perriello, Tr. at 149 (listing numerous functions of property sites, including property images, virtual tours, abundant text, mapping functionality, and area details); Sambrotto, Tr.

You can publish color pictures. You can publish virtual trips. And you can have that information easily searched and regularly browsed by buyers from their own homes 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. Even more, NAR membership is needed for all agents and brokers that come from the vast majority of MLSs in the United States. Such entities are most likely to acquire financially from increased entry into the brokerage market. 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 dedicate to prospecting and farming relative to really selling a home or finding a suitable home for a buyer increases as the marketplace becomes a growing number of competitive, that is, as more realtors are chasing the exact same variety of consumers").

Id. at 1089 (" the cost of finding a consumer increases with the number of realtors in the market, without always producing fringe benefits to the customer"). 222. These information originate from the "total home offering expense" field in the Bureau of Labor Stats' annual Customer Expense Study from 1980-1990. This field also includes selling expenditures other than commissions, like closing costs and attorneys charges, 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 a result of the current housing market boom, in addition to proof that NAR subscription has how are timeshares scams differed directly with real estate costs for a minimum of the previous twenty years.

226. According to REAL Trends information, the variety 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 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 real estate organization is why does there seem to be this relatively fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I'm sure many individuals today have pointed out, 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 provides a massive puzzle, specifically if one thinks that the expense and effort essential to sell a house do not increase one to one with the cost 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 purchaser who is rebated half of this would get $3,459.

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

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