DOJ subsequently filed an amended complaint to take the revisions into account. See Modified Complaint, United States v. Nat'l Ass 'n of Realtors (Oct. 4, 2005), offered at http://www. usdoj.gov/ atr/cases/f211700/ 211751. htm. 320. See United States v. Nat'l Ass 'n of Realtors, 2006 WL 34344263 at * 14 (N.D. Ill. Nov. 27, 2006), offered http://www.wfmj.com/story/43143561/wesley-financial-group-responds-to-legitimacy-accusations at http://www.
htm. 321. See supra Chapter I.B. See also 1983 FTC STAFF REPORT, supra note 9, at 87-88. 322. See Yang & Yavas, supra note 154, at 23 (1995) (reporting that only 12 percent of listings in the State College, PA MLS in 1991 were sold by the listing broker); 1983 FTC STAFF REPORT, supra note 9, at 37 ("around 66 percent [of sales] include more than one broker").
Kunz, Tr. at 79. 324. Fialkowski, Public Comment 113, at 1. 325. See, e. g., Thomas J. Miceli, The Numerous Listing Service, Commission Divides, and Broker Effort, 19 JOURNAL timeshare san diego cancellation OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 548, 564 (1991) ("The MLS is for that reason a combined blessing for consumers of brokerage services.
326. Crockett, supra note 51, at 218. 327. Representatives also may have rewards to guide purchasers towards their listings or homes noted by other agents who are connected with the same brokerage firm. 328. See GAO REPORT, supra note 3, at 7-8. 329. The prospective negative effects of steering are not most likely to be as pronounced when brokers discount rate to home purchasers via rebates due to the fact that listing representatives do not have the exact same incentives or capability to guide that cooperating agents have - how to get a real estate license in ca.
330. 1983 FTC STAFF REPORT, supra note 9, at 1. As part of its investigation, the FTC carried out a study of 154 "alternative" brokers in 1979. Id. at 150 n. 430. The FTC defined alternative brokers as "those who charge and promote a commission rate or cost that is at least 2 percent lower than the cost dominating in their geographic location, or who provide and promote services that vary considerably from those usually used in their geographical location." Id.
Alternative brokers offering MLS access tended to be "full-service brokers, using to consumers the exact same plan of services as the traditional brokers." Id. at 154. In other words, the alternative brokers surveyed by the FTC were full-service brokers that undercut their rivals' costs. Of the alternative brokers offering MLS access, 84% reported that they either regularly or sometimes experienced "refusals by other brokers to show homes noted by [their] business," with 49% reporting this as a frequent issue.
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at 157. Similar percentages of brokers reported dangers or disparagements of their company to clients and potential clients. Id. The FTC also reports that these same alternative brokers prospered in selling just 62% of their listings compared to 88% for all brokers, and that just 29% of their sales were cooperative sales compared to 66% for all brokers.
at 154. 331. Farmer, Tr. at 74. 332. Durham, Public Comment 15, at 1. See likewise generally Hepp, Public Remark 117, at 1-3 (alleging various ways in which MLSs across the nation have actually discriminated against nontraditional realty firms); 1983 FTC PERSONNEL REPORT, supra note 9, at 75 ("Our Customer and Alternative Broker Studies suggest the possibility that guiding practices may be commonly prevalent."). As independent businesspeople, brokers frequently offer genuine estate owned by others. In addition to assisting clients purchase and offer residential or commercial properties, they may help rent or manage homes for a charge. Numerous operate a real estate workplace, dealing with service information and overseeing the work of sales representatives. must deal with a broker.
Real estate brokers hold about 100,700 jobs. The biggest employers of property brokers are as follows: Self-employed workers 56% Realty and leasing and leasing 39% Property sales agents hold about 376,500 tasks. The biggest employers of genuine estate sales representatives are as follows: Self-employed employees 56% Real estate and rental and leasing 35% Building 3% Office size genuine estate brokers and sales representatives can vary from a one-person service to a big company with various branch offices.
Under this plan, the broker pays a charge to be affiliated with a widely known property company. Some realty brokers and sales agents operate in a common office environment, while others work out of their houses. In both cases, property workers spend much of their time away from their desks, revealing homes to clients, traveling to see properties for sale, and meeting with prospective clients.
They typically work evenings and weekends to accommodate customers' schedules. Numerous brokers and sales representatives spend a significant amount of time networking and going to neighborhood events to meet possible clients. Although they often work irregular hours, many can set their own schedules. Some brokers and sales agents work part time and may integrate their genuine estate activities with other professions.
Realty brokers and sales agents must finish some property courses to be qualified for licensure. Although many brokers and representatives should take state-accredited prelicensing courses to become licensed, some states might waive this requirement if the candidate has actually taken college courses in property. As the property market ends up being more competitive and intricate, some companies are preferring to hire candidates with a college degree - how to start real estate investing.
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Some provide associate's and bachelor's degree programs in property, and lots of others use certificate programs. Courses in finance, organization administration, economics, and law likewise can be helpful. Brokers planning to open their own business often take business courses, such as marketing and accounting. In addition to offering prelicensing courses, lots of property associations have courses and expert advancement programs for both newbies and skilled agents.
All property brokers and sales agents must be accredited. Licensing requirements vary by state, but most have comparable standard requirements: Candidates must: be 18 years old complete a variety of real estate courses pass an examination Some states have additional requirements, such as passing a background check. Licenses generally are not transferable amongst states.