usdoj.gov/ atr/cases/f208300/ 208393. htm. 245. See Amended Final Judgment and Order, United States v. Kentucky Property Comm' n, Civ. Action No. 3:05 CV188-H, readily available at http://www. usdoj.gov/ atr/cases/f210100/ 210142. htm. 246. Since the authorization decree was gotten in, customers in Kentucky have benefited from new reduced price organization designs. For instance, one realty business offers a 1% money back rebate program for home buyers; another provides refunds worth up to $2,250 in the form of HomeDepot or American Express gift cards; and another offers to pay moving costs of up to $1,500 to consumers who purchase particular properties.
For more on types of refunds offered in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Consumer Rebates, REAL ESTATE AGENT MAGAZINE ONLINE (Jan. how to make money in real estate with no money. 1, 2006), readily available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage leaders get in online real estate, INMAN NEWS (Apr. 6, 2006), available at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Complaint at 3. 248. Id. at 3. 249. Id. A few brokers surveyed supported eliminating the refund ban, recognizing some of the procompetitive benefits that repeal of the restriction would promote. One broker observed: "Refunds will increase competitors and give 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 Refunds And Other Discounts (May 4, 2006), available at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In action to DOJ's investigation, the Tennessee Property Commission voted to suspend enforcement of its refund restriction on July 13, 2006, and consequently voted to reverse the angering regulation.
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9-10, 2006) (rescinding rule). Pursuant to the state's administrative proceedings, the Tennessee Realty Commission scheduled a public hearing regarding the refund ban's final repeal for May 2007. See Tenn. Admin. Reg. vol. 33, no. 3( Mar. 2007), Notice of Rulemaking, available 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 influence on customer welfare, and sees no compelling financial reasoning for not allowing refunds since they are a form of cost competition that need to improve efficiency by putting pressure on brokerages to provide much better services at lower prices.
259 - how to generate leads in real estate. A special brokerage contract is specified as "a written brokerage agreement which provides that the broker has the sole right, through the broker or through one or more associated licensees, to function as the exclusive limited representative, representative, or deal broker of the client or customer 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 expense, signed into law on March 22, 2007, becomes reliable July 1, 2007. On its face, the law is ambiguous as to whether it requires brokers really to perform the service of getting and presenting offers and counteroffers or simply requires them to make themselves "available" to their client 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. Several states, consisting of Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less limiting laws that permit the customer to decide 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 a real estate agent do). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia also has a less limiting law that requires the broker who is offering minimal 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, readily available at http://www. legislature.mi. gov/documents/2005 -2006/ billengrossed/House/pdf/ 2005-HEBH-4849. pdf. 271. Mississippi S.B. 2782, offered 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 thinking about minimum-service requirements. The Nevada legislature is thinking about an expense to allow consumers to waive the minimum- service requirements established by the Nevada Property Commission, all of which belongs to 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 (how to become a timeshare lawyers real estate appraiser). 18, 2005), offered at http://www. ftc.gov/ os/2005/10/ 051020commmihousebill4849. pdf; Letter from the FTC and DOJ to Guv Matt Blunt Additional hints (May 23, 2005), available 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. https://raymondfbzv297.shutterfly.com/74 20, 2005), offered 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 bundles are packages where, for a flat cost, the fee-for-service broker concurs 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 presumes responsibility for future tasks related to the sale of his or her house.
g., Your Igloo Realty, http://www. yourigloo.com/ (last went to Apr. 16, 2007). Ought to another broker in the MLS obtain the purchaser that ultimately purchases the seller's home, the charge- for-service broker is typically obliged 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 private brokerage services, without purchasing the complete bundle offered by full- service brokers, is increasingly essential to consumers. Hahn, for instance, recommended that there might be a shift towards "a new period" in the industry in which genuine estate companies will develop and use a range of different organization designs.
He expected that some firms would specialize in specific parts of real estate deals permitting consumers to choose what fits their requirements. Id. Hahn observed that such specialization and dividing of realty services into smaller parts might lead to "substantial gains for consumers." Id. 277. Press accounts indicate that fee-for-service brokers have actually raised their costs or exited the market entirely in response to minimum-service laws.
1, INMAN NEWS (Oct. 12, 2005), offered at http://www. inman.com/inmannews. aspx?ID= 48325; see likewise http://www. texasdiscountrealty.com/laws - what does a real estate agent do. htm (website of Texas Discount rate Real estate describing that "since of the added duties required on to you, the seller and us the broker, by [the Texas minimum-service law], we are required, as most brokers to adjust our prices"); Tracy Donhardt, New Law Offers Realtors and Edge, INDIANAPOLIS BUSINESS JOURNAL (July 10, 2006), available at http://indybiznow.