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 Find more info the consent decree was gotten in, customers in Kentucky have taken advantage of new decreased price service models. For example, one real how to get out of a timeshare estate business offers a 1% money back refund program for house buyers; another offers refunds worth approximately $2,250 in the form of HomeDepot or American Express gift cards; and another offers to pay moving costs of as much as $1,500 to consumers who buy specific homes.
For more on types of rebates offered in Kentucky and nationwide, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT PUBLICATION ONLINE (Jan. how to buy commercial real estate. 1, 2006), available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Internet stock brokerage pioneers go into online realty, INMAN NEWS (Apr. 6, 2006), 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 getting rid of the refund restriction, recognizing some of the procompetitive benefits that rescind of the restriction would promote. One broker observed: "Refunds will increase competition and offer consumers more choices in service." Id. at 3. 250.
17, 2005), offered at http://www. usdoj.gov/ atr/public/press _ releases/2005/210637. htm; DOJ, West Virginia Property Commission Permits Property Brokers To Deal Rebates And Other Discount Rates (May 4, 2006), readily available at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In reaction to DOJ's investigation, the Tennessee Property Commission voted to suspend enforcement of its refund ban on July 13, 2006, and subsequently voted to rescind the upseting policy.
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9-10, 2006) (repealing guideline). Pursuant to the state's administrative proceedings, the Tennessee Property Commission arranged a public hearing relating to 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 believes that rebating will have a positive effect on consumer welfare, and sees no compelling financial reasoning for not permitting refunds considering that they are a form of price competitors that need to improve effectiveness by putting pressure on brokerages to supply better services at lower prices.
259 - how to make money in real estate. An exclusive brokerage contract is defined as "a written brokerage contract which offers that the broker has the sole right, through the broker or through several associated licensees, to function as the special restricted representative, agent, or transaction broker of the customer or client 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 bill, signed into law on March 22, 2007, ends up being effective July 1, 2007. On its face, the law is ambiguous regarding whether it needs brokers really to carry out the service of receiving and presenting offers and counteroffers or just requires them to make themselves "readily available" to their client 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. Numerous states, consisting of Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less limiting laws that allow the client to decide whether she or he 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 choose a real estate agent for selling). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia also has a less restrictive law that requires the broker who is providing minimal services to reveal the services that she or he 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, 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), 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 an expense to enable consumers to waive the minimum- service requirements developed by the Nevada Real Estate Commission, all of which is part of a package 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 real estate agent). 18, 2005), readily available at http://www. ftc.gov/ os/2005/10/ 051020commmihousebill4849. pdf; Letter from the FTC and DOJ to Guv Matt Blunt (May 23, 2005), offered at http://www.
htm; Letter from the FTC and DOJ to Alabama Senate (May 12, 2005), offered 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), available at http://www. usdoj.gov/ atr/public/comments/ 209229. htm; Letter from DOJ to the New Mexico Real Estate Commission (Nov.
usdoj.gov/ atr/public/comments/ 212656. htm. 275. MLS-only packages are packages where, for a flat cost, the fee-for-service broker concurs to list the seller's house on the MLS by making a unilateral deal of payment and cooperation to all of the other brokers within the MLS. The seller then assumes responsibility for future tasks related to the sale of his/her house.
g., Your Igloo Realty, http://www. yourigloo.com/ (last visited Apr. 16, 2007). Must another broker in the MLS obtain the purchaser that eventually purchases the seller's home, the fee- for-service broker is typically 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 purchase individual brokerage services, without acquiring the complete bundle used by complete- service brokers, is progressively essential to consumers. Hahn, for example, suggested that there might be a shift towards "a brand-new period" in the industry in which genuine estate firms will establish and use a variety of different organization designs.
He anticipated that some companies would focus on particular parts of genuine estate transactions allowing consumers to select what fits their needs. Id. Hahn observed that such specialization and dividing of property services into smaller parts could result in "substantial gains for customers." Id. 277. Press accounts indicate that fee-for-service brokers have raised their costs or exited the market altogether in reaction 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 choose a real estate agent for selling. htm (website of Texas Discount rate Real estate describing that "since of the included responsibilities required on to you, the seller and us the broker, by [the Texas minimum-service law], we are forced, as many brokers to adjust our prices"); Tracy Donhardt, New Law Offers Real Estate Agents and http://garretthwzz647.wpsuo.com/the-7-minute-rule-for-how-to-become-a-real-estate-broker Edge, INDIANAPOLIS BUSINESS JOURNAL (July 10, 2006), offered at http://indybiznow.