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 checked out 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 visited April 20, 2007). See Thorburn, Tr - what is rvm in real estate. what are the requirements to be a real estate appraiser. at 97-98 (noting the range 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. time share lawyer 2d 868, 870-71 (E.D. Cal.

com company design). 94. Henderson, Tr. at 154. 95. Id. at 155 - how to get leads in real estate. 96. This support can include: finding and organizing for assessment of residential or commercial properties by prospective purchasers; providing prospective buyers with information such as relative property worths and most recent asking price; helping in the negotiation process; and assisting to schedule and get ready 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 SURVEY, 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. more info 102. See Perriello, Tr.

at 174 (noting that all standard companies "have a substantial 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 (what percentage do real estate agents get).com (last checked out April 20, 2007). 109. See, e. g., JustRealEstate. org, http://www. justrealestate.org (last visited 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 (keeping in mind that customers now might investigate online not just homes for sale, but likewise the whole buying and offering procedure). 114. American Bankers Association, Public Remark 10, at 3 (remark). See also Perriello, Tr. at 149 (listing numerous functions of realty sites, including property photos, virtual trips, abundant text, mapping functionality, and neighborhood info); Sambrotto, Tr.

You can post color images. You can post virtual trips. And you can have that information quickly searched and frequently 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. Further, NAR membership is needed for all agents and brokers that come from the large bulk of MLSs in the United States. Such entities are most likely to gain economically from increased entry into the brokerage market. 220. See Hsieh & Moretti, supra note 139, at 1089 (" as long as the commission rate is repaired, the quantity of time that real estate agents commit to prospecting and farming relative to in fact offering a home or finding a proper house for a purchaser increases as the market ends up being a growing number of competitive, that is, as more real estate agents are chasing the same number of customers").

Id. at 1089 (" the expense of finding a client increases with the variety of realtors in the market, without necessarily generating fringe benefits to the customer"). 222. These information originate from the "total house offering expense" field in the Bureau of Labor Stats' annual Customer Expense Study from 1980-1990. This field also includes selling expenses besides commissions, like closing expenses and attorneys charges, so it is most likely to overemphasize 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 showed proof cancelling bluegreen timeshare of entry as an outcome of the current housing market boom, along with evidence that NAR membership has actually varied straight with housing prices for a minimum of the past 20 years.

226. According to REAL Trends data, the variety of transaction sides per agent decreased 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 discussion in Hsieh & Moretti, supra note 139, at 1116 (estimating $1.

2 billion social waste resulting from excess entry in 1990). 229. See Hsieh, Tr. at 233 (" [T] he real puzzle in the realty service is why does there appear to be this fairly repaired commission structure?"); Salinger, Tr. at 248 (" [A] s Dr. Hsieh and I make sure lots of people today have actually pointed out, the puzzle is why the percentage commission has been so stubbornly persistent."); Hsieh & Moretti, supra note 139, at 1086 (" The evident harmony of commission rates provides a huge puzzle, especially if one thinks that the expense and effort needed to sell a home 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 current homes 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 show that its actions are (1) pursuant to a plainly articulated state policy purposefully displacing competitors with an alternative regulative scheme and (2) actively monitored by the state or a qualified government firm or authorities).

2003), readily available at http://www. ftc.gov/ os/2003/09/ stateactionreport. pdf (examining 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 concern is not directly that of the legislature or supreme court, however is carried out by others pursuant to state authorizations."); Southern Motor Carriers Rate Conference v.