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. Considering that the authorization decree was gone into, consumers in Kentucky have taken advantage of new minimized rate business designs. For instance, one real estate company provides a 1% money back rebate program for home purchasers; another offers rebates worth up to $2,250 in the form of HomeDepot or American Express present cards; and another provides to pay moving costs of up to $1,500 to consumers who purchase specific homes.
For more on types of refunds offered in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT PUBLICATION ONLINE (Jan. how to become a real estate broker in florida. 1, 2006), available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage leaders enter online genuine estate, 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 ban, acknowledging a few of the procompetitive advantages that reverse of the restriction would promote. One broker observed: "Refunds will increase competition and give consumers more options 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 Real Estate 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 reaction to DOJ's examination, the Tennessee Real Estate Commission voted to suspend enforcement of its rebate ban on July 13, 2006, and subsequently voted to repeal the offending policy.
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9-10, 2006) (rescinding rule). Pursuant to the state's administrative procedures, the Tennessee Property Commission arranged a public hearing regarding the rebate 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 favorable effect on customer welfare, and sees no compelling economic reasoning for not permitting refunds considering that they are a form of cost competition that need to improve performance by putting pressure on brokerages to supply better services at lower costs.
259 - how to get started in real estate. An unique brokerage arrangement is defined as "a composed brokerage agreement which offers that the broker has the sole right, through the broker or through one or more affiliated licensees, to serve as the unique minimal agent, agent, or transaction broker of the customer or client that meets 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 unclear regarding whether it needs brokers in fact to perform the service of getting and providing offers and counteroffers or merely requires them to make themselves "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, consisting of Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less restrictive laws that enable 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 is a real estate appraiser). 59Â 858-353, TENN. CODE tit. 62-13-403, WI. CODE 452. 133. Virginia also has a less restrictive law that needs the broker who is offering limited services to disclose the services that she or he will carry out.
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, available 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), 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 costs to enable consumers to waive the minimum- service requirements established by the Nevada Realty Commission, all of which is part of a plan recommended by a minimum-service task 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 (what is a real estate appraiser). 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 http://johnathanzezj483.raidersfanteamshop.com/little-known-facts-about-how-to-find-a-real-estate-agent 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 Realty Commission (Nov.
usdoj.gov/ atr/public/comments/ 212656. htm. 275. MLS-only plans are plans where, for a flat fee, the fee-for-service broker accepts note the seller's house on the MLS by making a unilateral offer of payment and cooperation to all of the other brokers within the MLS. The seller then presumes responsibility for future jobs related to the sale of his/her house.
g., Your Igloo Real Estate, http://www. yourigloo.com/ (last visited Apr. 16, 2007). Ought to another broker in the MLS procure the purchaser that eventually acquires the seller's house, the cost- for-service broker is usually obligated under MLS guidelines 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 buy individual brokerage services, without buying the full bundle provided by full- service brokers, is progressively essential to customers. Hahn, for example, recommended that there might be a shift towards "a brand-new age" in the industry in which realty firms will establish and use a range of various company models.
He prepared for that some firms would focus on specific parts of property deals permitting customers to pick what fits their requirements. Id. Hahn observed that such specialization and dividing of realty services into smaller parts could result in "significant gains for consumers." Id. 277. Press accounts show that fee-for-service Article source brokers have raised their prices or exited the market completely in action 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 much do real estate agents make a year. htm (website of Texas Discount Realty describing that "since of the included duties required on to you, the seller and us the broker, by [the Texas minimum-service law], we are forced, as most brokers more info to adjust our costs"); Tracy Donhardt, New Law Supplies Real Estate Agents and Edge, INDIANAPOLIS ORGANIZATION JOURNAL (July 10, 2006), readily available at http://indybiznow.