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140. See infra Chapter III.C. 141. Although this section reports a range of data that claim to determine "market share," this Report makes no effort to define a relevant antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, RESIDENT REAL ESTATE MARKET COMPETITORS: EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), available at http://www.

nsf/Pages/Sawyer05? OpenDocument (noting presence of "micro- markets" within city locations. For instance, within the Washington, DC city area, there is little or no competition amongst purchasers, sellers, and real estate agents across the micro-markets of Montgomery County, MD, Fairfax County, VA, and southwest Washington, DC). 143. Yun, Tr. at 220. 144.

145. Lawrence Yun, Ph. D., Senior Citizen Financial Expert, National Association of Realtors, Presentation Check out here at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Realty Industry, Property Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], available at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.

Id. 148. NAR, Public Comment 208, at 7 (comment). 149. Id. 150. REALOGY, REALOGY BUSINESS INTRODUCTION 4 (Dec - what is rvm in real estate. 2006), available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how much does real estate agents make. pdf. 151. NAR, Public Remark 208, at 6 (" In a couple of markets, some companies might have a larger than normal market share, but market shares are known to alter measurably from one year to the next.").

Re/Max Int' l, Inc. v. Realty One, Inc., 173 F. 3d 995, 1003 (6th Cir. 1999). 153. Mid-America Realty Co. v. Iowa Realty Co., No. 4:04- CV-10175, 2004 WL 1280895, at * 8- * 9 & n. 5 (S.D. Iowa 2004), rev 'd on other grounds, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Larger is Not Much Better: Brokerage and Time on the marketplace, 10 J.

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23, 27-28 (1995 ). The authors used a sample of 388 house sales in fiscal year 1991 from the multiple listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Genuine Estate Market Efficiency," 17 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).

See id. at 427-28. 156. 1983 FTC STAFF REPORT, supra note 9, at 102. As described infra, however, this is not always the case with respect to the entry of new company designs in the realty brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.

"); Hsieh, Tr. at 235 (" there's reasonably totally free entry into the occupation and into the real estate brokerage company."). The ability of newbie entrants to draw in clients relative to more knowledgeable agents was not discussed at the Workshop and, also, is not dealt with in this Report. 158. Yun, Tr.

159. Yun Presentation, supra note 145, at 5, 7. 160. Daniels, Public Comment 92, at 1. 161. NAR, Public Comment 208, at 5 (" A representative can acquire a broker's license, usually after having actually stayed in business for a number of years, and passing a broker's license examination. The exact requirements differ by state.").

One author has actually explained the service that brokers offer as not merely a finished match of purchaser and seller, but rather "a completed deal at some level of service provided to the celebrations involved." Geoffrey K. Turnbull, Realty Brokers, Nonprice Competition and the Housing Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).

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Id. The level to which brokers provide these services "provides the margin for nonprice competition among brokers." Id. 164. As talked about in Chapter I of this Report, rebates are a significant component of cost competition in between brokers in states that do not forbid rebates. Anti-rebate laws are discussed in more information in Chapter IV of this Report.

1983 FTC STAFF REPORT, supra note 9, at 64. See also id. at 55 (" [W] e found regional markets to regularly have commission modes Learn here at either 6 or 7 percent. These are the 'regular' modes for practically all markets, regardless of how they might differ from one another, and nationwide a really high portion of property brokerage deals occurred at a commission rate of one or the other.

The degree of rate uniformity we discovered plainly is inconsistent with a market characterized by the particular sort of energetic competition common in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you go back to the FTC report from more than twenty years earlier, things truly have not changed that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was completed and released in 1983.

GENUINE ESTATE RES. 187, 187 (2001) (" A number of research studies have actually argued that the uniformity of the commission rate across different residential or commercial properties and regions is an indication of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. REAL ESTATE FIN. & ECON.

some collusion between brokers through the [MLS] The primary proof presented is the near-uniformity of commission rates in an offered market. A typical argument is that the effort required to offer a home is not a linear function of the prices and that if there is not collusion among brokers, there must be, at the really least, variation in commission rates across house cost ranges within an offered market.").

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See, e. g., American Bankers Association, Public Remark 10, at 1 (cover letter) (" [b] y any standard, the property brokerage market is substantially less competitive than it needs to be and commissions are synthetically high."); White, supra note 47, at 2 (" [A] more competitive result would surely imply that typical fees would be lower than they are today and that 'the 6% (or 7%) commission' would be not likely to remain as the modal charge."); John C.

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8, 2005) (noting "a relatively extensive view that brokerage is not a competitive market" based several understandings, including: (1) extreme commission rates that are "sticky downward" even as innovation reduces brokers' expenses; (2) commission rates are higher in the United States than in lots of other industrialized nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws limiting competitors; (4) NAR's successful lobbying of Congress to prohibit banks from entering the real estate brokerage organization; and (5) NAR-imposed restrictions on discount rate and Web brokers' access to the MLS).

See, e. g., GAO REPORT, GAO-03-749, Airline Ticketing: Effect of Changes in the Airline Company Ticket Distribution Industry (July 2003) (discussing how Internet distribution reduced deal expenses in the sale of airline tickets), available at http://www. gao.gov/ brand-new - what can i do with a real estate license. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Defense Information Needed on Broker's Website (May 2000) (going over how Web brokerages charge far less commission per trade on securities), readily available at http://www.

items/gg00043. pdf. 169. See Hahn, Tr. at 89; American Bankers Association, Public Remark 10, at 3. 170. American Bankers Association, Public Remark 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 research study evaluating commission rates in the United States and several other nations concluded that U.S.