The present law keeps it under give away timeshare to charity control." 247 Another broker forecasted:" This [raising the rebate restriction] would turn into a bidding war, reduce our profits and lower our 'so-called.

' occupation." 248 Another broker observed:" If inducements were permitted, they might cause competitive habits, which would make us look unprofessional in the eyes of the general public. "249 DOJ likewise examined refund restrictions by the South Dakota Property Commission, the West Virginia Property Commission, and the Tennessee Realty Commission. They need to likewise avoid enacting such laws, rules, and regulations in the future. The Agencies and industry regulators should promote consumer understanding of marketplace choices. Some customers may not understand the variety of options offered to them when hiring a property broker, consisting of the types of company designs offered and the negotiability of costs, for both home purchasers and sellers, and/or may not comprehend the responsibilities owed by their broker.

The Agencies and market regulators should evaluate the feasibility of an empirical research study of the genuine estate brokerage market. Transaction-level information on commission rates and costs are not openly available, but broad national aggregate information suggest that commission rates and fees move in tandem with real estate prices - what is the difference between a real estate agent and a broker. Simply as the 1983 FTC study offered important info about how property brokers competed in the late 1970s and early 1980s, a brand-new study taking a look at how transaction-level commission rates and fees vary based on such factors as market conditions, housing costs, and regulation would provide a better understanding of the present state of competition in the property brokerage industry.

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

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pdf. 2. Between 1998 and 2005, the genuine mean real estate 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 Take Place? 5 (American Business Institute-Brookings Joint Center for Regulatory Studies, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, REALTY BROKERAGE: ELEMENTS THAT MAY AFFECT PRICE COMPETITION (GAO-05-947) 15 Website link n.

4. According to one study, 80 percent of house buyers utilized the Web during their home search in 2006, and 24 percent of recent home purchasers very 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 SURVEY] (covering 12-month period ending June 2006).

Id. at 38. 5. Id. at 34 (Internet mentioned by 80% of home purchaser participants, while backyard indication pointed out by 63%). 6 - what is cap rate real estate. The agenda, transcript, and other information associating with the Workshop are offered at the Agencies' sites at http://www. usdoj.gov/ atr/public/workshops/ reworkshop. htm and http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 7. The following individuals testified at the Workshop: Cathy Whatley, property broker and Past President of NAR; Robert Hahn, economic expert and Executive Director, American Business Institute-Brookings Joint Center for Regulatory Researches; Aaron Farmer, Owner of Texas Discount Realty; Thomas Kunz, President and Ceo of Century 21 Property LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.

In addition, the Agencies received nearly 400 submissions in response to their demand for public comment in connection with the Workshop. 8. how to get a real estate license in ca. This Report, nevertheless, does not make use of any non-public information collected during examinations conducted by the FTC or DOJ or gotten through litigation brought by the Agencies - how much does it cost to get a real estate license. The FTC and DOJ do not necessarily endorse, assistance, verify, or agree with the comments, opinions or declarations of Workshop participants or of others who have actually released articles regarding the industry that are included in this Report.

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See FEDERAL TRADE COMMISSION, THE RESIDENTIAL PROPERTY AND BROKERAGE MARKET: LOS ANGELES REGIONAL WORKPLACE STAFF 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 transcript of the Workshop.

The full records is offered at http://www. ftc.gov/ opp/workshops/comprealestate/ 051209transcript. pdf and http://www. usdoj.gov/ atr/public/workshops/ rewagenda. htm. 11. NAR 2006 SURVEY, supra note 4, at 67, 68. 12. NAR, Home Purchaser & Seller Survey Reveals Increasing Usage 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 REALTY POLICY: MARKET DOMINANCE AND ITS CUSTOMER COSTS 3 (July 2006), readily available at http://www. consumerfed.org/pdfs/CFA_Real_Estate_Commissioner_Report. pdf. 15. We describe brokers and agents collectively as "brokers" throughout this Report, except when a distinction in between the two is essential to the significance or when estimating a panelist or author.