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

com, http://www. homesbyowner.com (last checked out April 20, 2007). See Thorburn, Tr - how to become timeshare mortgage cancellation a real estate developer. what does under contract mean in real estate. at 97-98 (noting the range of tools readily 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 company design). 94. Henderson, Tr. at 154. 95. Id. at 155 - how to buy commercial real estate. 96. This support can include: finding and scheduling examination of residential or commercial properties by potential buyers; supplying prospective buyers with info such as relative residential or commercial property worths and latest selling prices; helping in the settlement process; and helping to schedule and prepare for closing of the deal.

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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 (noting that all traditional companies "have a considerable online existence"). 103. NAR 2006 SURVEY, 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 gone to April 20, 2007); FSBO.com, http://www.

com, http://www. homesbyowner (how to become a real estate agent in va).com (last gone to April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last gone to 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 checked out 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 homes for sale, however also the whole buying and selling process). 114. American Bankers Association, Public Comment 10, at 3 (remark). See likewise Perriello, Tr. at 149 (listing several functions of realty sites, consisting of home images, virtual tours, abundant text, mapping performance, and area information); Sambrotto, Tr.

You can publish color pictures. You can publish virtual trips. And you can have that details quickly browsed and often searched by purchasers from their own houses 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 a lot of states, there exists a single licensing board. Even more, NAR membership is required for all representatives and brokers that belong to the huge bulk of MLSs in the United States. Such entities are likely to get 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 realtors commit to prospecting and farming relative to really offering a home or finding a proper house for a buyer increases as the market becomes increasingly more competitive, that is, as more real estate agents are chasing the same number of customers").

Id. at 1089 (" the cost of finding a customer increases with the number of realtors in the market, without necessarily creating fringe benefits to the consumer"). 222. These information originate from the "overall house selling cost" field in the Bureau of Labor Data' yearly Customer Expense Study from 1980-1990. This field likewise consists of selling costs other than commissions, like closing expenses and attorneys charges, so it is most likely to overstate the real 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 a result of the recent housing market boom, as well as evidence that NAR membership has actually varied straight with housing costs for at least the past 20 years.

226. According to REAL Trends data, the variety of transaction sides per agent declined how to cancel my llc 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 Comment 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 realty company is why does there seem to be this reasonably fixed commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I'm sure many individuals today have mentioned, the puzzle is why the portion commission has been so stubbornly persistent."); Hsieh & Moretti, supra note 139, at 1086 (" The evident uniformity of commission rates provides an enormous puzzle, especially if one thinks that the expense and effort essential to sell a home do not increase one to one with the price of real estate.

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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. best timeshare to buy 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 price of new and current houses in 2005($ 271,263), the purchaser's broker's share of a $13,834 commission would be $6,917. A purchaser 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 resistance from federal antitrust laws should demonstrate that its actions are (1) pursuant to a clearly articulated state policy intentionally displacing competition with an alternative regulatory plan and (2) actively supervised by the state or a certified government agency or official).

2003), available at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (evaluating state action immunity 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 directly that of the legislature or supreme court, but is carried out by others pursuant to state authorizations."); Southern Motor Carriers Rate Conference v.