Today law keeps it under control." 247 Another broker predicted:" This [raising the rebate ban] would become a bidding war, decrease our earnings and undervalue our 'so-called.

' profession." 248 Another broker observed:" If temptations were permitted, they might cause competitive habits, which would make us look unprofessional in the eyes of the public. "249 DOJ likewise examined refund restrictions by the South Dakota Realty Commission, the West Virginia Property Commission, and the Tennessee Real Estate Commission. They should also prevent enacting such laws, rules, and guidelines in the future. The Agencies and market regulators ought to promote customer understanding of market choices. Some customers might not be conscious of the series of alternatives readily available to them when employing a genuine estate broker, consisting of the kinds of organization models available and the negotiability of fees, for both home buyers and sellers, and/or might not understand the responsibilities owed by their broker.

The Agencies and industry regulators need to assess the feasibility of an empirical research study of the property brokerage industry. Transaction-level data on commission rates and fees are not publicly available, but broad nationwide aggregate information suggest that commission rates and costs relocate tandem with real estate costs - how to become a real estate appraiser. Just as the 1983 FTC study provided important details about how realty brokers completed in the late 1970s and early 1980s, a new study examining how transaction-level commission rates and fees differ based upon such factors as market conditions, real estate rates, and policy would supply a much better understanding of the present state of competitors in the realty brokerage market.

In 2005 real estate broker commissions exceeded $60 billion. See The Altering Property Market: Hearing Before your house Financial Providers Subcommittee on Real Estate and Neighborhood Chance, 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. Between 1998 and 2005, the real typical property 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 Researches, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, REALTY BROKERAGE: ASPECTS THAT MIGHT AFFECT PRICE COMPETITORS (GAO-05-947) 15 n.

4. According to one survey, 80 percent of house purchasers used the Web during their home search in 2006, and 24 percent of recent home purchasers first situated 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 house buyer respondents, while yard indication mentioned by 63%). 6 - what is a read more real estate appraiser. The program, records, and other information connecting to the Workshop are readily 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 people affirmed 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 Studies; Aaron Farmer, Owner of Texas Discount Real Estate; Thomas Kunz, President and President of Century 21 Real Estate LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.

In addition, the Agencies got nearly 400 submissions in response to their demand for public remark in connection with the Workshop. 8. how to buy commercial real estate. This Report, however, does not make use of any non-public details collected during examinations performed by the FTC or DOJ or obtained through litigation brought by the Agencies - how to start real estate investing. The FTC and DOJ do not always endorse, assistance, confirm, or agree with the remarks, opinions or statements of Workshop individuals or of others who have published articles regarding the market that are consisted of in this Report.

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See FEDERAL TRADE COMMISSION, THE RESIDENTIAL REAL ESTATE AND BROKERAGE MARKET: LOS ANGELES REGIONAL WORKPLACE STAFF REPORT VOLUMES I AND II AND THE BUTTERS REPORT 9 (1983) [hereinafter 1983 FTC STAFF REPORT], available 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 available at http://www. ftc.gov/ opp/workshops/comprealestate/ 051209transcript. pdf and http://www. usdoj.gov/ atr/public/workshops/ rewagenda. htm. 11. NAR 2006 SURVEY, https://finance.yahoo.com/news/wesley-financial-group-sees-increase-150000858.html supra note 4, at 67, 68. 12. NAR, Home Purchaser & Seller Survey Shows Rising Use of Web, Dependence 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 REAL ESTATE POLICY: INDUSTRY DOMINANCE AND ITS CONSUMER COSTS 3 (July 2006), available at http://www. consumerfed.org/pdfs/CFA_Real_Estate_Commissioner_Report. pdf. 15. We refer to brokers and representatives collectively as "brokers" throughout this Report, except when a distinction between the two is necessary to the meaning or when pricing quote a panelist or author.