Another gap in consumers' knowledge albeit one that does not necessarily affect competition in the real estate brokerage industry may be that consumers are not fully informed as to what, if any, duties they are owed by their broker. "); White, supra note 47, at 2 ("[A] more competitive outcome would surely mean that average fees would be lower than they are today and that 'the 6% (or 7%) commission' would be unlikely to remain as the modal fee. This business model is likely to benefit consumers who do not want to forgo broker assistance completely but who feel comfortable handling many aspects of the transaction without such assistance. Structural Features of the Real Estate Brokerage Industry. In contrast, in 1997 only 2 percent of recent home buyers had first located their home on the Internet. And by returning money to home buyers, rebates can also benefit home sellers, because buyers will have more to spend on the home as opposed to commission payments. In addition, in states that do not prohibit them, brokers may offer rebates (i.e. REAL ESTATE & URBAN ECON. The antitrust laws generally do not require firms to cooperate with their competitors. Finally, this Chapter addresses gaps in consumer knowledge that may exist despite the extensive information now available on the Internet. The exact requirements vary by state."). 710(16). . 125. A second effect of minimum-service requirements is that they reduce the competitive constraint fee-for-service brokers place on full-service brokers.281 A full- service broker who wants the business of a consumer considering fee-for-service brokerage will need to offer a lower commission rate and/or increased quality to induce the consumer to choose to purchase the additional services the broker offers. Id. Sub-agents bring buyers to view homes but they don't represent them that is, they don't work on the buyers' behalf. Some states protect parties' interests in this situation through "designated agency," under which different agents within the brokerage firm are "designated" separately to represent the buyer's and seller's interests in the transaction. Second, requiring buyers' brokers to disclose the potential for dual agency to the seller (and obtain a waiver) would eliminate the danger of undisclosed dual agency. REALOGY, REALOGY BUSINESS OVERVIEW 4 (Dec. 2006), available at http://library.corporate- ir.net/library/19/198/198414/items/223251/RealogyDecember06%20Final.pdf. Panelists representing traditional brokers acknowledged that the listings information provided via an IDX datafeed is limited.

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