usdoj.gov/ atr/cases/f208300/ 208393. htm. 245. See Amended Final Judgment and Order, United States v. Kentucky Real Estate Comm' n, Civ. Action No. 3:05 CV188-H, available at http://www. usdoj.gov/ atr/cases/f210100/ 210142. htm. 246. Because the permission decree was entered, consumers in Kentucky have actually benefited from new decreased rate business designs. For example, one real estate business uses a 1% money back refund program for home buyers; another uses rebates worth as much as $2,250 in the kind of HomeDepot or American Express present cards; and another uses to pay moving expenses of as much as $1,500 to customers who buy particular residential or commercial properties.
For more on types of refunds offered in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Consumer Rebates, REALTOR MAGAZINE ONLINE (Jan. how much does real estate agents make. 1, 2006), readily available at http://www. realtor.org/rmoprint. timeshare presentation deals 2017 nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage leaders enter online property, INMAN NEWS (Apr. 6, 2006), offered at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Grievance at 3. 248. Id. at 3. 249. Id. A few brokers surveyed supported removing the rebate ban, acknowledging some of the procompetitive advantages that rescind of the restriction would foster. One broker observed: "Rebates will increase competitors and offer consumers more choices in service." Id. at 3. 250.
17, 2005), readily available at http://www. usdoj.gov/ atr/public/press _ releases/2005/210637. htm; DOJ, West Virginia Realty Commission Allows Realty Brokers To Offer Rebates And Other Discount Rates (May 4, 2006), offered at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In action to DOJ's examination, the Tennessee Real Estate Commission voted to suspend enforcement of its refund restriction on July 13, 2006, and consequently voted to reverse the angering guideline.
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9-10, 2006) (repealing rule). Pursuant to the state's administrative proceedings, the Tennessee Real Estate Commission set up a public hearing relating to the rebate ban's final repeal for May 2007. See Tenn. Admin. Reg. vol. 33, no. 3( Mar. 2007), Notification of Rulemaking, offered at http://www. tn.gov/ sos/rules _ hearingnotices/2007/1260/ 1260. 20070228.02-37-07. notice.pdf (last updated Feb.
252. Perriello, Tr. at 151. 253. Id. 254. Lewis, Tr. at 180. 255. Henderson, Tr. at 154-155. 256. DelBianco, Tr. at 183. 257. Henderson, Tr. at 157. 258. Hahn believes that rebating will have a positive effect on consumer welfare, and sees no engaging financial reasoning for not allowing rebates since they are a kind of cost competitors that ought to improve effectiveness by putting pressure on brokerages to supply much better services at lower rates.
259 - how to choose a real estate agent. An exclusive brokerage arrangement is specified as "a written brokerage arrangement which offers that the broker has the sole right, through the broker or through one or more affiliated licensees, to serve as the exclusive restricted agent, representative, or transaction broker of the client or client that satisfies the requirements of section 339.
REV. STATUTES. 710( 16 ). 260. MO. REV. STATUTES 339. 780( 7 )( 1 )-( 3 ). 261. ALA. CODE 34-27-84( c). 262. See H.B. 135, 2007 Leg., 59th Sess. (2007 ). This costs, signed into law on March 22, 2007, ends up being effective July 1, 2007. On its face, the law is ambiguous regarding whether it requires brokers actually to perform the service of getting and presenting offers and counteroffers or simply requires them to make themselves "offered" to their customer to do so.
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263. 225 IL. COMPENSATION. STATISTICS. 454/1 -10. 264. IN. CODE 25-34. 1-10-9. 5. 265. IOWA CODE 543B.56 A. 266. TEX OCC. CODE 1101. 557. 267. UTAH CODE 61-2-27( 2 )( a). 268. Numerous states, including Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less restrictive laws that enable the customer to choose whether she http://riverkifj428.theglensecret.com/what-is-a-real-estate-investment-trust-can-be-fun-for-everyone or he wants the listing broker timeshare rent by owner to perform such services.
CODE tit. 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (how to choose a real estate agent). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia also has a less restrictive law that requires the broker who is supplying limited services to reveal the services that she or he will perform.
CODE 54. 1-2138. 1. 269. Kentucky S.B. 43, readily available at http://www. lrc.ky. gov/record/06RS/ SB43. htm. 270. Michigan H.B. 4849, offered at http://www. legislature.mi. gov/documents/2005 -2006/ billengrossed/House/pdf/ 2005-HEBH-4849. pdf. 271. Mississippi S.B. 2782, readily available at http://billstatus. ls.state. ms.us/ documents/2006/html/ SB/2700 -2799/ SB2782IN.htm. 272. See Glenn Roberts, Jr., New Mexico Rescinds Controversial Real Estate Rules, INMAN NEWS (July 17, 2006), available at http://www.
aspx?ID= 54526. 273. At the time of publication of this Report, the Rhode Island legislature is thinking about minimum-service requirements. The Nevada legislature is thinking about a bill to permit consumers to waive the minimum- service requirements established by the Nevada Property Commission, all of which becomes part of a plan suggested by a minimum-service job force the Commission established.
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See Letter from DOJ to Oklahoma Representatives and Senators (Apr. 8, 2005), offered at http://www. usdoj.gov/ atr/public/comments/ 209203. htm; Letter from FTC and DOJ to Michigan State Sen. Alan Sanborn (Oct (what does a real estate agent do). 18, 2005), readily available at http://www. ftc.gov/ os/2005/10/ 051020commmihousebill4849. pdf; Letter from the FTC and DOJ to Guv Matt Blunt (May 23, 2005), available at http://www.
htm; Letter from the FTC and DOJ to Alabama Senate (May 12, 2005), offered at http://www. ftc.gov/ os/2005/05/ 050512ltralabamarealtors. pdf; Letter from the FTC and DOJ to Loretta R. DeHay, Gen. Counsel, Texas Property Comm' n. (Apr. 20, 2005), available at http://www. usdoj.gov/ atr/public/comments/ 209229. htm; Letter from DOJ to the New Mexico Realty Commission (Nov.
usdoj.gov/ atr/public/comments/ 212656. htm. 275. MLS-only plans are packages where, for a flat charge, the fee-for-service broker agrees to list the seller's home on the MLS by making a unilateral deal of settlement and cooperation to all of the other brokers within the MLS. The seller then assumes responsibility for future tasks related to the sale of his/her house.
g., Your Igloo Real Estate, http://www. yourigloo.com/ (last went to Apr. 16, 2007). Need to another broker in the MLS procure the purchaser that eventually purchases the seller's home, the charge- for-service broker is usually obligated under MLS guidelines to pay the cooperative payment noted on the MLS to that broker. See supra Chapter I.A. 3.
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The ability to purchase specific brokerage services, without buying the complete plan provided by complete- service brokers, is progressively important to customers. Hahn, for instance, suggested that there might be a shift towards "a brand-new age" in the industry in which realty companies will establish and use a variety of various service designs.
He anticipated that some firms would concentrate on specific parts of genuine estate deals permitting customers to choose what fits their requirements. Id. Hahn observed that such specialization and dividing of property services into smaller sized parts might result in "substantial gains for customers." Id. 277. Press accounts indicate that fee-for-service brokers have actually raised their costs or left the marketplace entirely in action to minimum-service laws.
1, INMAN NEWS (Oct. 12, 2005), available at http://www. inman.com/inmannews. aspx?ID= 48325; see likewise http://www. texasdiscountrealty.com/laws - how to become a real estate agent in va. htm (site of Texas Discount rate Real estate explaining that "since of the added obligations required on to you, the seller and us the broker, by [the Texas minimum-service law], we are forced, as most brokers to adjust our costs"); Tracy Donhardt, New Law Provides Real Estate Agents and Edge, INDIANAPOLIS SERVICE JOURNAL (July 10, 2006), available at http://indybiznow.