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, offered at http://www. usdoj.gov/ atr/cases/f210100/ 210142. htm. 246. Since the authorization decree was gotten in, customers in Kentucky have gained from brand-new decreased price company designs. For instance, one real estate company offers a 1% cash back refund program for home purchasers; another provides rebates worth approximately $2,250 in the form of HomeDepot or American Express gift cards; and another uses to pay moving expenses of approximately $1,500 to consumers who purchase specific properties.
For more on types of refunds provided Discover more here in Kentucky and across the country, see, e. g., Mariwyn Evans, Law: Customer Rebates, REAL ESTATE AGENT MAGAZINE ONLINE (Jan. what can i do with a real estate license. 1, 2006), available at http://www. realtor.org/rmoprint. nsf/pages/lawjan06; Jessica Swesey, Internet stock brokerage leaders go into online genuine estate, INMAN NEWS (Apr. 6, 2006), offered at http://www. inman.com/inmannews. aspx?ID= 50907.
Kentucky Grievance at 3. 248. Id. at 3. 249. Id. A couple of brokers surveyed supported eliminating the refund ban, acknowledging a few of the procompetitive benefits that repeal of the restriction would cultivate. One broker observed: "Refunds will increase competitors and give customers 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 Real Estate Commission Allows Real Estate Brokers To Deal Rebates And Other Discounts (May 4, 2006), available at http://www. usdoj.gov/ atr/public/press _ releases/2006/215961. htm. 251. In reaction to DOJ's examination, the Tennessee Property Commission voted to suspend enforcement of its rebate ban on July 13, 2006, and consequently voted to rescind the offending policy.
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9-10, 2006) (reversing rule). Pursuant to the state's administrative procedures, the Tennessee Real Estate Commission set up 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, available at http://www. tn.gov/ sos/rules _ hearingnotices/2007/1260/ 1260. 20070228.02-37-07. notice.pdf (last updated 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 consumer well-being, and sees no compelling economic reasoning for not enabling rebates since they are a kind of cost competitors that ought to improve performance by putting pressure on brokerages to supply better services at lower rates.
259 - how much does it cost to get a real estate license. An exclusive brokerage arrangement is defined as "a written brokerage arrangement which provides that the broker has the sole right, through the broker or through one or more affiliated licensees, to act as the unique minimal agent, agent, or transaction broker of the client or consumer 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 costs, signed into law on March 22, 2007, ends up being effective July 1, 2007. On its face, the law is ambiguous regarding whether it requires brokers actually to carry out the service of receiving and providing offers and counteroffers or merely needs them to make themselves "readily available" to their client to do so.
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263. 225 IL. COMPENSATION. 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. Several states, consisting of Delaware, Florida, Ohio, Oklahoma, Tennessee, and Wisconsin, have less restrictive laws that allow the customer to decide whether she or he wants the listing broker to perform such services.
CODE tit. 24 2973, FLA. STAT. 475. 278, OHIO CODE 4735. 621, OKLA. STAT. tit (what does arv mean in real estate). 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 limited services to reveal the services that she or he will carry out.
CODE 54. 1-2138. 1. 269. Kentucky S.B. 43, 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, offered at http://billstatus. ls.state. ms.us/ documents/2006/html/ SB/2700 -2799/ http://edwinusfy962.yousher.com/what-is-a-real-estate-agent-salary-things-to-know-before-you-get-this 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 considering minimum-service requirements. The Nevada legislature is considering a costs to enable consumers to waive the minimum- service requirements developed by the Nevada Property Commission, all of which belongs to 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), 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 become a real estate agent in ga). 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), available at http://www. ftc.gov/ os/2005/05/ 050512ltralabamarealtors. pdf; Letter from the FTC and DOJ to Loretta R. DeHay, Gen. Counsel, Texas Real Estate 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 plans are bundles where, for a flat fee, the fee-for-service broker accepts note the seller's home on the MLS by making a unilateral offer of compensation and cooperation to all of the other brokers within the MLS. The seller then assumes duty for future jobs connected to the sale of his/her home.
g., Your Igloo Property, http://www. yourigloo.com/ (last checked out Apr. 16, 2007). Must another broker in the MLS acquire the purchaser that eventually buys the seller's house, the charge- for-service broker is usually bound 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 specific brokerage services, without acquiring the complete bundle offered by complete- service brokers, is progressively important to consumers. Hahn, for example, recommended that there might be a transition towards "a brand-new age" in the market in which realty firms will establish and utilize a variety of various company models.
He prepared for that some companies would focus on specific parts of realty transactions permitting customers to select what fits their needs. Id. Hahn observed that such specialization and dividing of genuine estate services into smaller parts might result in "significant gains for consumers." Id. 277. Press accounts suggest that fee-for-service brokers have actually raised their prices or left the marketplace altogether in response to minimum-service laws.
1, INMAN NEWS (Oct. 12, 2005), readily available at http://www. inman.com/inmannews. aspx?ID= 48325; see also http://www. texasdiscountrealty.com/laws - how much does real estate agents make. htm (site of Texas Discount rate Realty discussing that "because of the added responsibilities required on to you, the seller and us the broker, by [the Texas minimum-service law], we are required, as the majority of brokers to change our costs"); Tracy Donhardt, New Law Provides Realtors and Edge, INDIANAPOLIS COMPANY JOURNAL (July 10, 2006), available at http://indybiznow.