FTC Cites Austin Realty Settlement

The Austin Board of Realtors has agreed to stop certain anti-competitive practices that prevented homesellers in Texas from getting their properties listed on important public websites if they use a discount broker, according to the Federal Trade Commission.The FTC charged that ABOR's website rules created significant roadblocks for real estate brokers who want to offer customers alternatives to full-service brokerage agreements. "We expect this action will put homesellers back in the driver's seat in deciding what sort of a brokerage agreement they chose to enter into in the Austin area, and enable homebuyers to enjoy the benefits of accessing MLS listings on the Internet," said Jeffrey Schmidt, director of the FTC's Bureau of Competition. Mr. Schmidt added that the FTC is conducting investigations of other multiple listing services.