Congress Hears Competing Real Estate Testimony

Law360, New York (July 25, 2006, 12:00 AM EDT) -- The Federal Trade Commission and Department of Justice joined hands to argue against anti-competitive action in the real estate industry before the House Committee on Financial Services on Tuesday, while representatives from the private sector insisted that competition in real estate is alive and well.

Pat Vredevoogd Combs, the president-elect of the National Association of Realtors, testified that the real estate market is already very competitive.

"Commissions…are independently established by each firm or broker, as are the commission splits with the affiliated agents,” Vredevoogd Combs said....
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