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. Because the consent decree was gotten in, consumers in Kentucky have benefited from brand-new decreased price business models. For instance, one realty business uses a 1% cash back refund program for home purchasers; another provides rebates worth as much as $2,250 in the kind of HomeDepot or American Express gift cards; and another offers to pay moving costs of up to $1,500 to customers who buy specific homes.
For more on kinds of refunds offered in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Consumer Rebates, REALTOR PUBLICATION ONLINE (Jan. how to invest in real estate with no money. 1, 2006), offered at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage leaders go into online property, 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 couple of brokers surveyed supported eliminating the refund ban, recognizing a few of the procompetitive advantages that rescind of the ban would cultivate. One broker observed: "Rebates will increase competition and offer consumers more choices in 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 Allows Property Brokers To Offer Refunds And Other Discount Rates (May 4, 2006), available 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 ban on July 13, 2006, and consequently voted to repeal the offending policy.
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9-10, 2006) (reversing rule). Pursuant to the state's administrative proceedings, the Tennessee Real Estate Commission arranged https://www.openlearning.com/u/kiara-qg4tqk/blog/3SimpleTechniquesForHowMuchDoesARealEstateAgentCost/ a public hearing concerning the refund restriction's final 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 favorable impact on consumer welfare, and sees no compelling economic rationale for not allowing rebates because they are a form of cost competitors that must improve performance by putting pressure on brokerages to offer much better services at lower prices.
259 - what is cap rate real estate. An exclusive brokerage contract is specified as "a written brokerage arrangement which supplies that the broker has the sole right, through the broker or through one or more affiliated licensees, to serve as the special minimal representative, representative, or transaction broker of the customer or client that satisfies 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 expense, signed into law on March 22, 2007, ends up being effective July 1, 2007. On its face, the law is unclear regarding whether it requires brokers actually to carry out the service of receiving and presenting offers and counteroffers or just requires them to make themselves "readily available" to their customer to do so.
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263. 225 IL. COMP. STATS. 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, consisting of Delaware, Florida, Ohio, best way to sell a timeshare Oklahoma, Tennessee, and Wisconsin, have less limiting laws that permit the client to decide whether she or he desires the listing broker to perform such services.
CODE tit. what is timeshare 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (how long does it take to get real estate license). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia likewise has a less limiting law that needs the broker who is offering limited services to divulge 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, available at http://www. legislature.mi. gov/documents/2005 -2006/ billengrossed/House/pdf/ 2005-HEBH-4849. pdf. 271. Mississippi S.B. 2782, 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), 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 considering a bill to enable customers to waive the minimum- service requirements developed by the Nevada Realty Commission, all of which is part of a bundle 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), readily available at http://www. usdoj.gov/ atr/public/comments/ 209203. htm; Letter from FTC and DOJ to Michigan State Sen. Alan Sanborn (Oct (how to get into commercial real estate). 18, 2005), offered at http://www. ftc.gov/ os/2005/10/ 051020commmihousebill4849. pdf; Letter from the FTC and DOJ to Governor 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 Property Comm' n. (Apr. 20, 2005), readily available 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 cost, the fee-for-service broker accepts list the seller's home on the MLS by making a unilateral deal of compensation and cooperation to all of the other brokers within the MLS. The seller then assumes responsibility for future jobs related to the sale of his/her house.
g., Your Igloo Realty, http://www. yourigloo.com/ (last checked out Apr. 16, 2007). Must another broker in the MLS obtain the purchaser that eventually acquires the seller's house, the charge- for-service broker is normally bound under MLS rules to pay the cooperative payment noted on the MLS to that broker. See supra Chapter I.A. 3.
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The capability to purchase individual brokerage services, without purchasing the full bundle provided by full- service brokers, is increasingly crucial to customers. Hahn, for example, recommended that there may be a shift towards "a brand-new era" in the industry in which property companies will establish and utilize a range of various service designs.
He anticipated that some companies would specialize in specific parts of property transactions allowing customers to select what fits their requirements. Id. Hahn observed that such specialization and dividing of genuine estate services into smaller parts might result in "considerable gains for consumers." Id. 277. Press accounts indicate that fee-for-service brokers have raised their costs or left the market completely in response to minimum-service laws.
1, INMAN NEWS (Oct. 12, 2005), available at http://www. inman.com/inmannews. aspx?ID= 48325; see also http://www. texasdiscountrealty.com/laws - how to become a commercial real estate agent. htm (site of Texas Discount Realty discussing that "due to the fact that of the added duties forced on to you, the seller and us the broker, by [the Texas minimum-service law], we are forced, as many brokers to change our costs"); Tracy Donhardt, New Law Provides Realtors and Edge, INDIANAPOLIS ORGANIZATION JOURNAL (July 10, 2006), offered at http://indybiznow.