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[Brooks Mcnicholas]

The present law keeps it under control." 247 Another broker anticipated:" This [raising the rebate ban] would turn into a bidding war, minimize our revenues and undervalue our 'so-called.

' occupation." 248 Another broker observed:" If temptations were permitted, they could lead to competitive behavior, which would make us look less than professional in the eyes of the general public. "249 DOJ also examined refund restrictions by the South Dakota Real Estate Commission, the West Virginia Real Estate Commission, and the Tennessee Realty Commission. They ought to likewise prevent enacting such laws, rules, and policies in the future. The Agencies and industry regulators should promote customer understanding of marketplace options. Some customers might not know the variety of options readily available to them when employing a property broker, consisting of the types of service designs offered and the negotiability of fees, for both home buyers and sellers, and/or might not understand the duties owed by their broker.

The Agencies and industry regulators ought to examine the expediency of an empirical research study of the real estate brokerage industry. Transaction-level information on commission rates and fees are not publicly readily available, but broad national aggregate data suggest that commission rates and fees move in tandem with housing prices - how to become a real estate agent in illinois. Just as the 1983 FTC research study provided important info about how genuine estate brokers completed in the late 1970s and early 1980s, a brand-new research study taking a look at how transaction-level commission rates and costs vary based on such aspects as market conditions, housing costs, and regulation would offer a better understanding of the present state of competitors in the realty brokerage industry.

In 2005 realty broker commissions exceeded $60 billion. See The Altering Realty Market: Hearing Before your home Financial Providers Subcommittee on Housing and Community Chance, 109th Cong. 1 (2006) [hereinafter Hearing] (testament of David G. Wood, Director, Financial Markets and Community Investment, Federal Government Accounting Office), offered at http://financialservices.

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pdf. 2. In between 1998 and 2005, the real median property broker commission per deal grew by 25. 5% to $11,549. See Table 1 in Chapter III of this Report. 3. See Robert W. Hahn et al., Paying Less for Real Estate Brokerage: What Will Make It Happen? 5 (American Business Institute-Brookings Joint Center for Regulatory Studies, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, REAL ESTATE BROKERAGE: ELEMENTS THAT MAY AFFECT COST COMPETITION (GAO-05-947) 15 n.

4. According to one study, 80 percent of house purchasers used the Internet during their home search in 2006, and 24 percent of recent house buyers first located the house they bought on the Internet. NAR, 2006 NATIONAL ASSOCIATION OF REALTORS PROFILE OF HOUSE BUYERS AND SELLERS 34, 38 (2006) [hereinafter NAR 2006 STUDY] (covering 12-month period ending June 2006).

Id. at 38. 5. Id. at 34 (Internet cited by 80% of house purchaser respondents, while backyard sign cited by 63%). 6 - how much does real estate agents make. The program, records, and other details relating to the Workshop are readily available at the Agencies' websites at http://www. usdoj.gov/ atr/public/workshops/ reworkshop. htm and http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 7. The following people affirmed at the Workshop: Cathy Whatley, genuine estate broker and Past President of NAR; Robert Hahn, economic expert and Executive Director, American Business Institute-Brookings Joint Center for Regulatory Studies; Aaron Farmer, Owner of Texas Discount Rate Real Estate; Thomas Kunz, President and President of Century 21 Realty LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.

In addition, the Agencies got nearly 400 submissions in response to their timeshare loan request for public remark in connection with the Workshop. 8. how do real estate agents get paid. This Report, nevertheless, does not draw on any non-public info collected during examinations conducted by the FTC or DOJ or obtained through litigation brought by the Agencies - how to become a commercial real estate agent. The FTC and DOJ do not always back, support, verify, or concur with the remarks, opinions or statements of Workshop participants or of others who have published articles concerning the industry that are included in this Report.

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See FEDERAL TRADE COMMISSION, THE RESIDENTIAL REALTY AND BROKERAGE MARKET: LOS ANGELES REGIONAL WORKPLACE PERSONNEL REPORT VOLUMES I AND II AND THE BUTTERS REPORT 9 (1983) [hereinafter 1983 FTC PERSONNEL REPORT], available at http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 0. Kunz, Tr. at 103. Throughout this Report citations to "Tr." describe the https://www.businesswire.com/news/home/20190806005798/en/Wesley-Financial-Group-6-Million-Timeshare-Debt records of the Workshop.

The full records is readily available at http://www. ftc.gov/ opp/workshops/comprealestate/ 051209transcript. pdf and http://www. usdoj.gov/ atr/public/workshops/ rewagenda. htm. 11. NAR 2006 STUDY, supra note 4, at 67, 68. 12. NAR, Home Buyer & Seller Survey Shows Increasing Use of Internet, Reliance on Agents (Jan. 17, 2006), http://www. realtor.org/press_room/news_releases/2006/hmbuyersellersurvey06. html. 13. NAR 2006 SURVEY, supra note 4, at 34.

See PATRICK WOODALL & STEPHEN BROBECK, CUSTOMER FEDERATION OF AMERICA, STATE REAL ESTATE GUIDELINE: MARKET DOMINANCE AND ITS CUSTOMER EXPENSES 3 (July 2006), available at http://www. consumerfed.org/pdfs/CFA_Real_Estate_Commissioner_Report. pdf. 15. We describe brokers and agents jointly as "brokers" throughout this Report, other than when a difference between the 2 is needed to the meaning or when quoting a panelist or author.