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. Considering that the permission decree was entered, customers in Kentucky have actually benefited from brand-new reduced price organization models. For instance, one realty company provides a 1% money back refund program for home buyers; another uses refunds worth as much as $2,250 in the form of HomeDepot or American Express present cards; and another uses to pay moving costs of as much as $1,500 to sell my timeshare now bbb consumers who buy particular residential or commercial properties.
For more on kinds of refunds offered in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT MAGAZINE ONLINE (Jan. how much does real estate agents make. 1, 2006), readily available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage leaders go into online property, INMAN NEWS (Apr. 6, 2006), available 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 refund restriction, acknowledging some of the procompetitive benefits that rescind of the ban would foster. One broker observed: "Rebates will increase competition and offer customers more options in florida timeshare promotions service." Id. at 3. 250.
17, 2005), available at http://www. usdoj.gov/ atr/public/press _ releases/2005/210637. htm; DOJ, West Virginia Realty Commission Permits Property Brokers To Deal Rebates And Other Discount Rates (May 4, 2006), available at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In reaction to DOJ's examination, the Tennessee Real Estate Commission voted to suspend enforcement of its rebate ban on July 13, 2006, and consequently voted to reverse the upseting regulation.
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9-10, 2006) (rescinding rule). Pursuant to the state's administrative proceedings, the Tennessee Property Commission scheduled a public hearing regarding the refund ban's last repeal for May 2007. See Tenn. Admin. Reg. vol. 33, no. 3( Mar. 2007), Notification of Rulemaking, readily 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 thinks that rebating will have a positive influence on customer welfare, and sees no engaging economic reasoning for not allowing rebates since they are a type of cost competition that should enhance efficiency by putting pressure on brokerages to offer better services at lower costs.
259 - how to become a commercial real estate agent. An exclusive brokerage arrangement is specified as "a written brokerage agreement which offers that the broker has the sole right, through the broker or through one or more associated licensees, to serve as the unique restricted agent, representative, or transaction broker of the customer or consumer that meets the requirements of section http://jaidenleaw112.theburnward.com/little-known-questions-about-how-to-get-started-in-real-estate-investing 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 reliable July 1, 2007. On its face, the law is unclear as to whether it requires brokers in fact to perform the service of getting and presenting deals and counteroffers or simply requires them to make themselves "available" 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. A number of states, including Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less limiting laws that permit the client to choose whether he or she desires the listing broker to perform such services.
CODE tit. 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (how to take real estate photos). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia likewise has a less restrictive law that needs the broker who is offering minimal services to disclose the services that he or she will perform.
CODE 54. 1-2138. 1. 269. Kentucky S.B. 43, offered 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 considering a bill to permit customers to waive the minimum- service requirements established by the Nevada Property Commission, all of which belongs to a package recommended 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), available 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), offered at http://www. ftc.gov/ os/2005/10/ 051020commmihousebill4849. pdf; Letter from the FTC and DOJ to Guv Matt Blunt (May 23, 2005), readily available at http://www.
htm; Letter from the FTC and DOJ to Alabama Senate (May 12, 2005), readily available at http://www. ftc.gov/ os/2005/05/ 050512ltralabamarealtors. pdf; Letter from the FTC and DOJ to Loretta R. DeHay, Gen. Counsel, Texas Realty Comm' n. (Apr. 20, 2005), offered at http://www. usdoj.gov/ atr/public/comments/ 209229. htm; Letter from DOJ to the New Mexico Property Commission (Nov.
usdoj.gov/ atr/public/comments/ 212656. htm. 275. MLS-only plans are bundles where, for a flat charge, the fee-for-service broker agrees to note the seller's house 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 obligation for future jobs connected to the sale of his/her home.
g., Your Igloo Real Estate, http://www. yourigloo.com/ (last visited Apr. 16, 2007). Should another broker in the MLS procure the purchaser that eventually purchases the seller's house, the charge- for-service broker is usually obligated under MLS guidelines to pay the cooperative payment listed on the MLS to that broker. See supra Chapter I.A. 3.
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The ability to purchase specific brokerage services, without purchasing the complete package used by full- service brokers, is progressively crucial to consumers. Hahn, for instance, suggested that there may be a shift towards "a new era" in the industry in which property companies will establish and utilize a range of various business models.
He prepared for that some firms would concentrate on specific parts of realty transactions enabling customers to pick what fits their requirements. Id. Hahn observed that such expertise and dividing of property services into smaller parts might result in "substantial gains for customers." Id. 277. Press accounts indicate that fee-for-service brokers have raised their rates or exited the marketplace completely 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 ga. htm (website of Texas Discount Real estate describing that "due to the fact that of the included duties required on to you, the seller and us the broker, by [the Texas minimum-service law], we are forced, as a lot of brokers to adjust our costs"); Tracy Donhardt, New Law Offers Realtors and Edge, INDIANAPOLIS COMPANY JOURNAL (July 10, 2006), readily available at http://indybiznow.