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

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com, http://www. homesbyowner.com (last gone to April 20, 2007). See Thorburn, Tr - what does arv mean in real estate. how much does it cost to get a real estate license. at 97-98 (noting http://messiahgdfw741.lucialpiazzale.com/not-known-facts-about-what-are-the-requirements-to-be-a-real-estate-appraiser the range of tools available to FSBOs). See likewise 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 design). 94. Henderson, Tr. at 154. 95. Id. at 155 - how to invest in commercial real estate. 96. This assistance can include: locating and scheduling evaluation of residential or commercial properties by prospective purchasers; offering potential buyers with info such as relative home worths and most current selling costs; assisting in the negotiation procedure; and helping to schedule and prepare 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 (keeping in mind 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 (what are the requirements to be a real estate appraiser).com (last visited April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last checked out 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 visited April 20, 2007). 112. Shortt, Public Remark 311, at 1.

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Perriello, Tr. at 149. See likewise Whatley, Tr. at 160-61 (noting that consumers now might investigate online not just houses for sale, but likewise the whole purchasing and offering process). 114. American Bankers Association, Public Remark 10, at 3 (comment). See likewise Perriello, Tr. at 149 (listing numerous functions of realty websites, including home images, virtual tours, abundant text, mapping performance, and area information); Sambrotto, Tr.

You can publish color photos. You can post virtual tours. And you can have that information quickly browsed and frequently 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 a lot of states, there exists a single licensing board. Even more, NAR membership is required how to sell a timeshare deed for all timeshare loan representatives and brokers that belong to the vast majority of MLSs in the United States. Such entities are likely to get financially 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 quantity of time that real estate agents devote to prospecting and farming relative to actually offering a home or finding an appropriate house for a purchaser increases as the marketplace becomes more and more competitive, that is, as more real estate agents are chasing after the very same variety of clients").

Id. at 1089 (" the cost of discovering a customer increases with the variety of realtors in the market, without always generating fringe benefits to the customer"). 222. These data come from the "overall home selling expense" field in the Bureau of Labor Stats' yearly Consumer Expense Survey from 1980-1990. This field likewise consists of selling expenses aside from commissions, like closing costs and lawyers charges, so it is most likely to overemphasize the actual 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 an outcome of the recent real estate market boom, as well as evidence that NAR membership has actually differed straight with real estate costs for a minimum of the previous twenty years.

226. According to REAL Trends information, the number of transaction sides per agent declined 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 discussion 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 organization is why does there appear to be this fairly fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make sure numerous individuals today have actually mentioned, the puzzle is why the percentage commission has actually been so stubbornly persistent."); Hsieh & Moretti, supra note 139, at 1086 (" The apparent uniformity of commission rates provides a massive puzzle, especially if one thinks that the expense and effort needed to offer a home do not increase one to one with the price 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 on weighted average sales cost of brand-new and existing houses in 2005($ 271,263), the buyer's broker's share of a $13,834 commission would be $6,917. A buyer 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 declaring state action resistance from federal antitrust laws should show that its actions are (1) pursuant to a plainly articulated state policy purposefully displacing competitors with an alternative regulatory plan and (2) actively monitored by the state or a qualified federal government agency or official).

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 needed when the activity at problem 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.