Today law keeps it under control." 247 Another broker anticipated:" This [lifting the refund ban] would become a bidding war, lessen our profits and undervalue our 'so-called.

' profession." 248 Another broker observed:" If incentives were enabled, they could cause competitive behavior, which would make us look less than professional in the eyes of the general public. "249 DOJ also examined rebate bans by the South Dakota Property Commission, the West Virginia Realty Commission, and the Tennessee Property Commission. They must likewise prevent enacting such laws, guidelines, and policies in the future. The Agencies and market regulators must promote consumer understanding of market options. Some consumers may not understand the variety of alternatives offered to them when hiring a realty broker, including the kinds of company designs readily available and the negotiability of costs, for both home buyers and sellers, and/or might not comprehend the tasks owed by their broker.

The Agencies and industry regulators must assess the expediency of an empirical research study of the property brokerage industry. Transaction-level information on commission rates and costs are not openly available, however broad nationwide aggregate data recommend that commission rates and fees move in tandem with real estate rates - how to choose a real estate agent for selling. Just as the 1983 FTC study provided important information about how realty brokers competed in the late 1970s and early 1980s, a new research study analyzing how transaction-level commission rates and fees vary based upon such elements as market conditions, housing rates, and policy would supply a better understanding of the present state of competitors in the realty brokerage market.

In 2005 genuine estate broker commissions exceeded $60 billion. See The Changing Property Market: Hearing Prior To the House Financial Services Subcommittee on Real Estate and Neighborhood Opportunity, 109th Cong. 1 (2006) [hereinafter Hearing] (testament of David G. Wood, Director, Financial Markets and Community Financial Investment, Government Accounting Workplace), readily available at http://financialservices.

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pdf. 2. In between 1998 and 2005, the real 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 Happen? 5 (American Enterprise Institute-Brookings Joint Center for Regulatory Studies, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, PROPERTY BROKERAGE: ASPECTS THAT MIGHT AFFECT COST COMPETITION (GAO-05-947) 15 n.

4. According to one survey, 80 percent of home purchasers used the Web throughout their house search in 2006, and 24 percent of recent house buyers very first situated the home they bought on the Web. NAR, 2006 NATIONAL ASSOCIATION OF REALTORS PROFILE https://reviews.birdeye.com/wesley-financial-group-162137559535463 OF HOME 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 house why are timeshares a bad idea buyer respondents, while yard sign pointed out by 63%). 6 - what is escheat in real estate. The agenda, transcript, and other details associating with the Workshop are available 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, financial expert and Executive Director, American Business Institute-Brookings Joint Center for Regulatory Researches; Aaron Farmer, Owner of Texas Discount Real Estate; Thomas Kunz, President and Ceo of Century 21 Realty LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.

In addition, the Agencies received practically 400 submissions in reaction to their ask for public comment in connection with the Workshop. 8. how to get leads in real estate. This Report, however, does not make use of any non-public info collected throughout investigations conducted by the FTC or DOJ or gotten through litigation brought by the Agencies - what is a cma in real estate. The FTC and DOJ do not always endorse, assistance, confirm, or concur with the comments, viewpoints or declarations of Workshop individuals or of others who have actually published posts concerning the industry that are consisted of in this Report.

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See FEDERAL TRADE COMMISSION, THE RESIDENTIAL REALTY AND BROKERAGE INDUSTRY: LOS ANGELES REGIONAL OFFICE PERSONNEL REPORT VOLUMES I AND II AND THE BUTTERS REPORT 9 (1983) [hereinafter 1983 FTC PERSONNEL REPORT], offered at http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 0. Kunz, Tr. at 103. Throughout this Report citations to "Tr." refer to the transcript of the Workshop.

The full transcript 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 Buyer & Seller Survey Shows 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, CONSUMER FEDERATION OF AMERICA, STATE PROPERTY REGULATION: INDUSTRY DOMINANCE AND ITS CONSUMER EXPENSES 3 (July 2006), readily available at http://www. consumerfed.org/pdfs/CFA_Real_Estate_Commissioner_Report. pdf. 15. We describe brokers and representatives jointly as "brokers" throughout this Report, except when a distinction in between the two is needed to the significance or when pricing quote a panelist or author.