The present law keeps it under control." 247 Another broker predicted:" This [lifting the refund ban] would develop into a bidding war, lessen our profits and lower our 'so-called.
' profession." 248 Another broker observed:" If inducements were enabled, they might cause competitive habits, which would make us look less than professional in the eyes of the public. "249 DOJ likewise examined rebate bans by the South Dakota Real Estate Commission, the West Virginia Real Estate Commission, and the Tennessee Property Commission. They should also avoid enacting such laws, rules, and policies in the future. The Agencies and industry regulators ought to promote consumer understanding of marketplace alternatives. Some consumers may not understand the series of options available to them when working with a property broker, including the types of organization designs offered and the negotiability of costs, for both home purchasers and sellers, and/or may not comprehend the duties owed by their broker.
The Agencies and industry regulators must examine the feasibility of an empirical study of the property brokerage industry. Transaction-level information on commission rates and charges are not publicly readily available, but broad nationwide aggregate data suggest that commission rates and costs relocate tandem with housing prices - what is emd in real estate. Simply as the 1983 FTC research study supplied important details about how realty brokers contended in the late 1970s and early 1980s, a brand-new research study examining how transaction-level commission rates and fees differ based upon such factors as market conditions, real estate costs, and regulation would provide a better understanding of the present state of competition in the realty brokerage industry.
In 2005 genuine estate broker commissions surpassed $60 billion. See The Changing Genuine Estate Market: Hearing Prior To your home Financial Solutions Subcommittee on Housing and Community Chance, 109th Cong. 1 (2006) [hereinafter Hearing] (testament of David G. Wood, Director, Financial Markets and Neighborhood Financial Investment, Government Accounting Workplace), offered at http://financialservices.
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pdf. 2. In between 1998 and 2005, the real mean 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 Occur? 5 (American Enterprise Institute-Brookings Joint Center for Regulatory Studies, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, REAL ESTATE BROKERAGE: ASPECTS THAT MAY AFFECT COST COMPETITORS (GAO-05-947) 15 n.
4. According to one survey, 80 percent of home buyers used the Web during their home search in 2006, and 24 percent of current home buyers first located the house they purchased on the Web. NAR, 2006 NATIONAL ASSOCIATION OF REALTORS PROFILE OF HOUSE BUYERS AND SELLERS 34, 38 https://www.facebook.com/wesleyfinancialgroup/ (2006) [hereinafter NAR 2006 SURVEY] (covering 12-month duration ending June 2006).
Id. at 38. 5. Id. at 34 (Internet cited by 80% of home purchaser participants, while yard indication cited by 63%). 6 - how to choose a real estate agent. The program, transcript, and other information relating to the Workshop are offered 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 testified at the Workshop: Cathy Whatley, realty broker and Past President of NAR; Robert Hahn, financial expert and Executive Director, American Enterprise Institute-Brookings Joint Center for Regulatory Studies; Aaron Farmer, Owner of Texas Discount Rate Real Estate; Thomas Kunz, President and Chief Executive Officer of Century 21 Realty LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.
In addition, the Agencies received nearly 400 submissions in response to their ask for public comment in connection with the Workshop. 8. how to invest in commercial real estate. This Report, however, does not draw on any non-public info collected throughout examinations carried out by the FTC or DOJ or acquired through lawsuits brought by the Agencies - what is earnest money in real estate. The FTC and DOJ do not always back, assistance, validate, or agree with the comments, opinions or declarations of Workshop participants or of others who have released posts concerning the industry that are included in this Report.
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See FEDERAL TRADE COMMISSION, THE RESIDENTIAL REAL ESTATE AND BROKERAGE INDUSTRY: LOS ANGELES REGIONAL OFFICE PERSONNEL REPORT VOLUMES I AND II AND THE BUTTERS REPORT 9 (1983) [hereinafter 1983 FTC PERSONNEL REPORT], readily available at http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 0. Kunz, Tr. at 103. Throughout this Report citations to "Tr." describe the transcript of the Workshop.
The full records 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, supra note 4, at 67, 68. 12. NAR, Home Buyer & Seller Study Shows Rising Use of Internet, Dependence on Agents (Jan. 17, 2006), http://www. realtor.org/press_room/news_releases/2006/hmbuyersellersurvey06. html. 13. NAR 2006 STUDY, supra note 4, at 34.
See PATRICK WOODALL & STEPHEN BROBECK, CONSUMER FEDERATION OF AMERICA, STATE REALTY GUIDELINE: MARKET DOMINANCE AND ITS CONSUMER EXPENSES 3 (July 2006), offered at http://www. consumerfed.org/pdfs/CFA_Real_Estate_Commissioner_Report. pdf. 15. We describe brokers and agents collectively as "brokers" throughout this Report, except when a difference in between the two is needed to the significance or when estimating a panelist or author.