The chairman of the House Financial Services Committee has requested the federal government study the restrictions placed on Multiple Listing Services and their impact on home buyers. In a Thursday letter, chairman Michael Oxley (R-Ohio) formally requested the General Accounting Office assess and report on four main areas: how the residential real estate transaction is evolving as a result of electronic commerce; any barriers to greater use of electronic commerce in residential real estate transactions; how removal of those barriers could benefit both consumers and real estate professionals and how those changes could affect home ownership. "In particular, please review the role of multiple listing services," Oxley wrote. "The MLSs effectively are the residential real estate marketplaces....
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