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, available at http://www. usdoj.gov/ atr/cases/f210100/ 210142. htm. 246. Because the consent decree was entered, customers in Kentucky have benefited from new minimized rate organization designs. For example, one real estate company offers a 1% cash back rebate program for home buyers; another offers rebates worth as much as $2,250 in the form of HomeDepot or American Express gift cards; and another provides to pay moving costs of approximately $1,500 to customers who purchase particular residential or commercial properties.
For more on kinds of refunds provided in Kentucky and nationwide, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT MAGAZINE ONLINE (Jan. how to invest in commercial real estate. 1, 2006), available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage pioneers go into online real estate, INMAN NEWS (Apr. 6, 2006), readily available at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Problem at 3. 248. Id. at 3. 249. Id. A few brokers surveyed supported removing the refund restriction, acknowledging a few of the procompetitive advantages that repeal of the ban would foster. One broker observed: "Rebates will increase competition and give customers more options in service." Id. at 3. 250.
17, 2005), offered at http://www. usdoj.gov/ atr/public/press _ releases/2005/210637. htm; DOJ, West Virginia Realty Commission Allows Property Click for info Brokers To Offer Refunds 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 examination, the Tennessee Realty Commission voted to suspend enforcement of its refund restriction on July 13, 2006, and consequently voted to reverse the offending policy.
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9-10, 2006) (repealing rule). Pursuant to the state's administrative proceedings, the Tennessee Property Commission scheduled a public hearing concerning the refund restriction's final repeal for May 2007. See Tenn. Admin. Reg. vol. 33, no. 3( Mar. 2007), Notice of Rulemaking, offered 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 favorable impact on consumer welfare, and sees no compelling financial reasoning for not enabling rebates since they are a type of price competition that need to improve efficiency by putting pressure on brokerages to provide better services at lower rates.
259 - what can i do with a real estate license. A special brokerage arrangement is specified as "a composed brokerage contract which provides that the broker has the sole right, through the broker or through several affiliated licensees, to function as the unique limited agent, agent, or deal broker of the client or client that fulfills 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, ends up being reliable July 1, 2007. On its face, the law is unclear as to whether it requires brokers actually to perform the service of getting and presenting offers and counteroffers or simply needs them to make themselves "readily available" to their client 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. Numerous states, including Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less limiting laws that allow the client to decide 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 become a real estate developer). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia also has a less limiting law that needs the broker who is offering restricted services to reveal the services that he or she will carry out.
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 Realty 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 costs to permit customers to waive the minimum- service requirements developed by the Nevada Real Estate Commission, all of which becomes part of a plan advised by a minimum-service task force the Commission developed.
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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 make money in real estate with no money). 18, 2005), 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), 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), 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 bundles are bundles where, for a flat cost, the fee-for-service broker agrees to list the seller's house on the MLS by making a unilateral offer of compensation and cooperation to all of the other brokers within the MLS. The seller then presumes responsibility for future tasks connected to the sale of his or her house.
g., Your Igloo Realty, http://www. yourigloo.com/ (last checked out Apr. 16, 2007). Ought to another broker in the MLS obtain the buyer that eventually acquires the seller's home, the charge- for-service broker is normally obligated under MLS rules to pay the cooperative settlement listed on the MLS to that broker. See supra Chapter I.A. 3.
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The capability to buy specific brokerage services, without purchasing the full plan used by complete- service Additional info brokers, is progressively essential to consumers. Hahn, for example, suggested that there might be a shift towards "a brand-new era" in the market in which property companies will establish and utilize a range of different business designs.
He anticipated that some firms would specialize in specific parts of genuine estate deals permitting consumers to select 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 suggest that fee-for-service brokers have actually raised their rates or exited the market completely in response to minimum-service laws.
1, INMAN NEWS (Oct. 12, 2005), offered at http://www. inman.com/inmannews. aspx?ID= 48325; see also http://www. texasdiscountrealty.com/laws - what is noi in real estate. htm (website of Texas Discount Real estate explaining that "because of the included obligations forced 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 Provides Realtors and Edge, INDIANAPOLIS COMPANY JOURNAL (July 10, 2006), available at http://indybiznow.