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. Given that the consent decree was entered, customers in Kentucky have gained from brand-new minimized price service models. For instance, one realty company provides a 1% money back refund program for house buyers; another uses refunds worth approximately $2,250 in the type of HomeDepot or American Express present cards; and another offers to pay moving expenses of up to $1,500 to customers who buy particular properties.
For more on kinds of rebates used in Kentucky and nationwide, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT PUBLICATION ONLINE (Jan. what percentage do real estate agents get. 1, 2006), offered at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Internet stock brokerage pioneers enter online realty, INMAN NEWS (Apr. 6, 2006), readily available at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Complaint at 3. 248. Id. at 3. 249. Id. A couple of brokers surveyed supported removing the refund restriction, recognizing some of the procompetitive benefits that repeal of the ban would promote. One broker observed: "Refunds will increase competitors and provide consumers more options in service." Id. at 3. 250.
17, click here 2005), readily available at http://www. usdoj.gov/ atr/public/press _ releases/2005/210637. htm; DOJ, West Virginia Realty Commission Permits Realty Brokers To Offer Refunds And Other Discount Rates (May 4, 2006), readily available at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In response to DOJ's investigation, the Tennessee Property Commission voted to suspend enforcement of its rebate restriction on July 13, 2006, and subsequently voted to reverse the offending guideline.
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9-10, 2006) (reversing rule). Pursuant to the state's administrative procedures, 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), Notice of Rulemaking, 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 well-being, and sees no compelling economic rationale for not allowing refunds given that they are a kind of rate competition that need to improve performance by putting pressure on brokerages to offer much better services at lower prices.
259 - how to buy commercial real estate. An exclusive brokerage arrangement is specified as "a written brokerage arrangement which supplies that the broker has the sole right, through the broker or through several associated licensees, to function as the unique limited agent, 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 effective July 1, 2007. On its face, the law is ambiguous regarding whether it needs brokers really to carry out the service of getting and providing offers and counteroffers or merely needs them to make themselves "offered" 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, including Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less limiting laws that allow the client to choose whether she or he desires the listing broker to carry out such services.
CODE tit. 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (what percentage do real estate agents get). 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 restricted services to reveal the services that she or he 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, 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 Property Rules, INMAN NEWS (July 17, 2006), offered 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 costs to enable customers to waive the minimum- service requirements established by the Nevada Real Estate Commission, all of which is part of a bundle suggested by a minimum-service job 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 long does it take to get a real estate license). 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), 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 Property 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 packages are packages where, for a flat cost, the fee-for-service broker agrees to note 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 obligation for future jobs associated with the sale of his or her house.
g., Your Igloo Property, http://www. yourigloo.com/ Check out this site (last went to Apr. 16, 2007). Must another broker in the MLS procure the buyer that ultimately buys the seller's house, the charge- for-service broker is cancun timeshare typically obligated 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 ability to purchase private brokerage services, without buying the complete plan offered by full- service brokers, is significantly essential to consumers. Hahn, for instance, recommended that there may be a transition towards "a brand-new age" in the industry in which realty companies will develop and use a variety of various business models.
He prepared for that some companies would specialize in specific parts of genuine estate transactions permitting customers to select what fits their needs. Id. Hahn observed that such specialization and dividing of real estate services into smaller parts could lead to "substantial gains for customers." Id. 277. Press accounts indicate that fee-for-service brokers have raised their rates or left 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 likewise http://www. texasdiscountrealty.com/laws - what is rvm in real estate. htm (website of Texas Discount rate Real estate discussing that "since of the added obligations 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 rates"); Tracy Donhardt, New Law Offers Real Estate Agents and Edge, INDIANAPOLIS COMPANY JOURNAL (July 10, 2006), readily available at http://indybiznow.