1)What barriers to entry are there in the real estate market? How do they differ across the country? Are there any specific requirements for conducting business in the real estate market in your state that act as barriers to entry?
2)On the Competition and Real Estate page, follow the link “Laws that raise closing costs.” Draw a market supply and demand curve representing a state with no restrictions on who can conduct the real estate closing transaction. What would change in the market if a state legislated that real estate closings must be conducted by lawyers? Show this graphically. Are there any reasons why limiting the transactions to lawyers only might benefit consumers?
3)On the Competition and Real Estate page, follow the link “Anti-competitive MLS practices.” Has the Department of Justice ever challenged a multiple listing service (MLS)? Give an example of a case. Why does the Department of Justice think that it is possible for an MLS to be anti-competitive?
