usdoj.gov/ atr/cases/f208300/ 208393. htm. 245. See Amended Final Judgment and Order, United States v. Kentucky Realty Comm' follow this link n, Civ. Action No. 3:05 CV188-H, offered at http://www. usdoj.gov/ atr/cases/f210100/ 210142. htm. 246. Since the approval decree was entered, consumers in Kentucky have benefited from new reduced price company designs. For instance, one real estate company uses a 1% cash back refund program for house purchasers; another uses refunds worth as much as $2,250 in the form of HomeDepot or American Express present cards; and another offers to pay moving expenses of as much as $1,500 to consumers who purchase particular residential or commercial properties.
For more on types of rebates provided in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Consumer Rebates, REAL ESTATE AGENT PUBLICATION ONLINE (Jan. how to start real estate investing. 1, 2006), offered at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Internet stock brokerage leaders enter online realty, INMAN NEWS (Apr. 6, 2006), offered at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Problem at 3. 248. Id. at 3. 249. Id. A couple of brokers surveyed supported eliminating the refund ban, acknowledging a few of the procompetitive advantages that rescind of the ban would foster. One broker observed: "Rebates will increase competition and offer customers 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 Property Commission Allows Realty Brokers To Deal Rebates And Other Discount Rates (May 4, 2006), offered at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In response to DOJ's investigation, the Tennessee Realty Commission voted to suspend enforcement of its rebate ban on July 13, 2006, and subsequently voted to rescind the upseting policy.
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9-10, 2006) (reversing guideline). Pursuant to the state's administrative procedures, the Tennessee Realty Commission scheduled a public hearing regarding the rebate ban's final repeal for May 2007. See Tenn. Admin. Reg. vol. 33, no. 3( Mar. 2007), Notification of Rulemaking, available at http://www. tn.gov/ sos/rules _ hearingnotices/2007/1260/ 1260. 20070228.02-37-07. notice.pdf (last upgraded 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 favorable influence on consumer well-being, and sees no compelling financial reasoning for not allowing refunds since they are a form of price competition that ought to enhance performance by putting pressure on brokerages to offer much better services at lower prices.
259 - how to choose a real estate agent. An exclusive brokerage contract is specified as "a composed brokerage agreement which provides that the broker has the sole right, through the broker or through several associated licensees, to act as the unique minimal representative, agent, or deal broker of the client or customer that fulfills the requirements of area 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 carry out the service of getting and providing offers and counteroffers or simply requires them to make themselves "offered" to their customer to do so.
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263. 225 IL. COMP. 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. Several states, consisting of Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less restrictive laws that allow the customer to choose whether he or she wants the listing broker to perform such services.
CODE tit. 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (what does under contract mean in real estate). 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 minimal services to reveal the services that he or she 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, readily available 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), readily available at http://www.
aspx?ID= 54526. 273. At the time of publication of this Report, the Rhode Island legislature is considering minimum-service requirements. The Nevada legislature is thinking about a bill to allow customers to waive the minimum- service requirements established by the Nevada Property Commission, all of which belongs to a plan advised 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), readily available at http://www. usdoj.gov/ https://zenwriting.net/bilbuka3qm/shall-refuse-charges-from-more-than-one-party-without-consent atr/public/comments/ 209203. htm; Letter from FTC and DOJ to Michigan State Sen. Alan Sanborn (Oct (how to invest in real estate with little money). 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), offered at http://www.
htm; Letter from the FTC and DOJ to Alabama Senate (May 12, 2005), available at http://www. ftc.gov/ os/2005/05/ 050512ltralabamarealtors. pdf; Letter from the FTC and DOJ to Loretta R. DeHay, Gen. Counsel, Texas Real Estate Comm' n. (Apr. 20, 2005), readily 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 plans where, for a flat fee, the fee-for-service broker consents to list the seller's home on the MLS by making a unilateral offer of settlement and cooperation to all of the other brokers within the MLS. The seller then assumes responsibility for future tasks associated with the sale of his/her home.
g., Your Igloo Realty, http://www. yourigloo.com/ (last checked out Apr. 16, 2007). Should another broker in the MLS procure the purchaser that ultimately acquires the seller's home, the charge- for-service broker is typically bound under MLS guidelines to pay the cooperative settlement noted on the MLS to that broker. See supra Chapter I.A. 3.
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The capability to purchase specific brokerage services, without purchasing the full bundle used by full- service brokers, is significantly essential to customers. Hahn, for instance, recommended that there might be a transition towards "a new age" in the market in which property companies will develop and use a range of different business models.
He expected that some companies would concentrate on particular parts of genuine estate transactions permitting consumers to choose what fits their requirements. Id. Hahn observed that such specialization and dividing of property services into smaller sized parts could result in "significant gains for consumers." Id. 277. Press accounts show that fee-for-service brokers have actually raised their rates or exited the marketplace completely in response 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 long does it take to get real estate license. htm (website of Texas Discount Real estate explaining that "since of the added responsibilities forced on to you, the seller and us the broker, by [the how much is my timeshare worth Texas minimum-service law], we are required, as most brokers to adjust our costs"); Tracy Donhardt, New Law Supplies Realtors and Edge, INDIANAPOLIS ORGANIZATION JOURNAL (July 10, 2006), offered at http://indybiznow.