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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 checked out April 20, 2007); FSBO.com, http://www. fsbo.com (last visited April 20, 2007); craigslist. org, http://sfbay.

com, http://www. homesbyowner.com (last visited April 20, 2007). See Thorburn, Tr - how to invest in commercial real estate. how to become real estate agent. at 97-98 (noting the variety 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 is emd in real estate. 96. This help can include: locating and arranging for examination of homes by prospective purchasers; supplying prospective buyers with details such as relative residential or commercial property worths and latest market price; helping in the settlement procedure; and helping to schedule and Click for info prepare 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 (noting that all standard business "have a substantial online presence"). 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 checked out April 20, 2007); FSBO.com, http://www.

com, http://www. homesbyowner (how to invest in real estate with no money).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 Comment 311, at 1.

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Perriello, Tr. at 149. See likewise Whatley, Tr. at 160-61 (keeping in mind that consumers now might look into online not just houses for sale, however likewise the entire purchasing and offering procedure). 114. American Bankers Association, Public Remark 10, at 3 (comment). See also Perriello, Tr. at 149 (listing a number of features of realty websites, including residential or commercial property photos, virtual trips, rich text, mapping performance, and community info); Sambrotto, Tr.

You can post color images. You can post virtual trips. And you can have that info easily searched and often searched 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 SURVEY, supra note 4, at 37. In the majority of states, there exists a single licensing board. Further, NAR membership is needed for all agents and brokers that come from the large majority of MLSs in the United States. Such entities are most likely to gain financially from increased entry into the brokerage industry. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is fixed, the quantity of time that realtors devote to prospecting and farming relative to actually offering a house or finding an appropriate home for a buyer increases as the market becomes increasingly more competitive, that is, as more realtors are chasing after the very same number of consumers").

Id. at 1089 (" the expense of discovering a consumer increases with the number of realtors in the market, without always generating additional benefits to the consumer"). 222. These data originate from the "total home selling expenditure" field in the Bureau of Labor Data' annual Customer Expense Survey from 1980-1990. This field also includes selling costs other than commissions, like closing expenses and attorneys charges, so it is likely to overstate the real Check over here 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 recent housing market boom, in addition to evidence that NAR subscription has differed straight with real estate rates for at least the previous 20 years.

226. According to REAL Trends information, the variety of transaction sides per agent 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 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 genuine estate service is why does there seem to be this reasonably repaired commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I'm sure many individuals today have mentioned, the puzzle is why the portion commission has been so stubbornly relentless."); Hsieh & what is a resolution specialist Moretti, supra note 139, at 1086 (" The evident uniformity of commission rates presents an enormous puzzle, particularly if one believes that the expense and effort needed to sell a house 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 ). 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 on weighted typical list prices of new and existing houses 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 Alcohol Dealers Ass 'n v. Midcal Aluminum, Inc., 445 U.S. 97, 105 (1980) (entity claiming state action immunity from federal antitrust laws need to demonstrate that its actions are (1) pursuant to a clearly articulated state policy intentionally displacing competitors with an alternative regulative plan and (2) actively monitored by the state or a certified federal government agency or authorities).

2003), readily available at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (evaluating state action resistance doctrine). 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, but is performed by others pursuant to state permissions."); Southern Motor Carriers Rate Conference v.