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. timeshare review 3:05 CV188-H, available at http://www. usdoj.gov/ atr/cases/f210100/ 210142. htm. 246. Given that the consent decree was gotten in, customers in Kentucky have benefited from new decreased rate company models. For example, one real estate company offers a 1% cash back refund program for home purchasers; another uses rebates worth as much as $2,250 in the type of HomeDepot or American Express present cards; and another provides to pay moving expenses of up to $1,500 to consumers who buy specific properties.
For more on types of rebates offered in Kentucky and nationwide, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT MAGAZINE ONLINE (Jan. what percentage do real estate agents get. 1, 2006), available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Web stock brokerage pioneers get in online genuine estate, INMAN NEWS (Apr. 6, 2006), available at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Complaint at 3. 248. Id. at 3. 249. Id. A few brokers surveyed supported getting rid of the refund ban, recognizing a few of the procompetitive benefits that reverse of the restriction would foster. One broker observed: "Rebates will increase competition and offer customers 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 Real Estate Commission Permits Realty Brokers To Deal Refunds And Other Discount Rates (May 4, 2006), offered at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In action to DOJ's investigation, the Tennessee Real Estate Commission voted to suspend enforcement of its refund ban on July 13, 2006, and subsequently voted to rescind the offending regulation.
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9-10, 2006) (reversing rule). Pursuant to the state's administrative proceedings, the Tennessee Property Commission scheduled a public hearing relating to the refund ban'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 positive effect on consumer welfare, and sees no compelling economic rationale for not permitting rebates because they are a kind of cost competition that ought to enhance efficiency by putting pressure on brokerages to offer much better services at lower prices.
259 - how long does it take to get a real estate license. An unique brokerage contract is defined as "a written brokerage arrangement which provides that the broker has the sole right, through the broker or through one or more associated licensees, to act as the special restricted representative, representative, or transaction broker of the customer or customer that meets 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 costs, signed into law on March 22, 2007, becomes reliable July 1, 2007. On its face, the law is unclear regarding whether it needs brokers in fact to perform the service of getting and presenting offers and counteroffers or just requires them to make themselves "available" to their customer 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. A number of states, consisting of Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less limiting laws that enable the client to choose whether he or she wants the listing broker to perform such services.
CODE tit. 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (how long does it take to get a real estate license). 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 supplying minimal services to reveal the services that he or she will carry out.
CODE 54. 1-2138. 1. 269. Kentucky S.B. 43, offered at http://www. lrc.ky. Visit this site 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 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 a costs to permit customers to waive the minimum- service requirements established by the Nevada Property Commission, all of which is part of a bundle 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), readily available at http://www. usdoj.gov/ atr/public/comments/ 209203. htm; Letter from FTC and DOJ to Michigan State Sen. Alan Sanborn (Oct (what is earnest money in 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), offered 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 Realty 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 plans are packages where, for a flat fee, the fee-for-service broker agrees to 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 assumes obligation for future jobs related to the sale of his/her house.
g., Your Igloo Real Estate, http://www. yourigloo.com/ (last went to Apr. 16, 2007). Must another broker in the MLS acquire the buyer that eventually buys the seller's home, the fee- for-service broker is generally 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 buy specific brokerage services, without acquiring the full bundle provided by full- service brokers, is significantly essential to consumers. Hahn, for instance, suggested that there might be a shift towards "a new period" in the industry in which property companies will develop and use a range of various business designs.
He prepared for that some companies would focus on specific parts of real estate deals enabling customers to pick what fits their requirements. Id. Hahn observed that such expertise and dividing http://travisrkus992.timeforchangecounselling.com/how-to-get-a-real-estate-license-in-florida-the-facts of property services into smaller sized parts might lead to "significant gains for consumers." Id. 277. Press accounts show that fee-for-service brokers have raised their costs or exited the market completely in action 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 - how to get a real estate license in texas. htm (site of Texas Discount Realty explaining that "since of the included obligations forced on to you, the seller and us the broker, by [the Texas minimum-service law], we are forced, as the majority of brokers to change our prices"); Tracy Donhardt, New Law Offers Real Estate Agents and Edge, INDIANAPOLIS COMPANY JOURNAL (July 10, 2006), readily available at http://indybiznow.