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

com, http://www. homesbyowner.com (last checked out April 20, 2007). See Thorburn, Tr - what is redlining in real estate. how to get a real estate license in ohio. at 97-98 (noting the variety of tools offered 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 service design). 94. Henderson, Tr. at 154. 95. Id. at 155 - how to get a real estate license in ca. 96. This assistance can consist of: locating and organizing for examination of homes by prospective purchasers; offering prospective buyers with details such as relative home worths and most current asking price; helping 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 SURVEY, supra note 4, at 77. 99. Id. at 80, 68. 100. NAR 2005 STUDY, 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 significant online presence"). 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 checked out April 20, 2007); FSBO.com, http://www.

com, http://www. homesbyowner (how to get leads in real estate).com (last gone to 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 visited 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 (noting that consumers now may look into online not just houses for sale, however also the whole buying and offering process). 114. American Bankers Association, Public Remark 10, at 3 (remark). See also Perriello, Tr. at 149 (listing numerous functions of real estate websites, including property pictures, virtual trips, rich text, mapping functionality, and community details); Sambrotto, Tr.

You can post color pictures. You can publish virtual tours. And you can have that details quickly browsed and regularly searched by purchasers from their own homes on the [I] nternet."). 115. DelBianco, Tr. at 185. 116. NAR 2005 SURVEY, supra note 38, at 29. 117. NAR 2006 SURVEY, supra note 4, at 37. In most states, there exists a single licensing board. Even more, NAR membership is required for all representatives and how does timeshares work brokers that come from the huge majority of MLSs in the United States. Such entities are most likely to acquire economically from increased entry into the brokerage industry. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is repaired, the amount of time that real estate agents commit to prospecting and farming relative to really selling a house or finding a suitable home for a buyer increases as the marketplace becomes more and more competitive, that is, as more realtors are chasing after the exact same number of customers").

Id. at 1089 (" the expense of discovering a consumer increases with the number of real estate agents in the market, without necessarily producing fringe benefits to how to cancel timeshare contract the consumer"). 222. These information originate from the "total home offering cost" field in the Bureau of Labor Data' yearly Customer Expenditure Study from 1980-1990. This field also consists of selling expenses other than commissions, like closing expenses and lawyers charges, so it is 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 revealed proof of entry as an outcome of the current real estate market boom, in addition to proof that NAR membership has actually varied directly with housing costs for a minimum of the previous twenty years.

226. According to REAL Trends data, the variety of deal sides per representative 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 conversation in Hsieh & Moretti, supra note 139, at 1116 (approximating $1.

2 billion social waste resulting from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the realty business is why does there appear to be this relatively repaired commission http://andyldrd746.jigsy.com/entries/general/how-do-i-become-a-real... structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make certain lots of people today have explained, 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 huge puzzle, especially if one believes that the cost and effort needed to offer a house do not increase one to one with the cost 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 upon weighted average prices of new and existing houses in 2005($ 271,263), the purchaser's broker's share of a $13,834 commission would be $6,917. A buyer who is rebated half of this would get $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 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 regulatory scheme and (2) actively monitored by the state or a competent government agency or authorities).

2003), offered at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (analyzing 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 straight that of the legislature or supreme court, however is brought out by others pursuant to state permissions."); Southern Motor Carriers Rate Conference v.