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ZipRealty Awards First New Jersey Rebate Following January's Overturn of No-Rebate Law

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  Published in Business and Finance on Thursday, May 13th 2010 at 5:11 GMT by Market Wire
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EMERYVILLE, CA--(Marketwire - May 13, 2010) - The nation's largest national full-service, online-based real estate brokerage, ZipRealty (NASDAQ: [ ZIPR ]) ([ www.ziprealty.com ]), announced today that the company has paid a rebate to the first New Jersey homebuyer able to take advantage of the ZipRealty rebate program.

Since opening its doors in New Jersey in 2006, ZipRealty lobbied the New Jersey state government to allow brokerages to offer homebuyers a rebate in the state. Following the law's passage this January, ZipRealty announced it would offer homebuyers up to 20 percent of the commission it receives as their broker, as it does in most of the 35 markets where the Company operates, including the Philadelphia metro area.

"We couldn't be happier for homebuyers in New Jersey, including our first client who received a rebate, who can now receive money back from their broker that we've seen help with everything from closing costs to home repairs," said ZipRealty President and CEO Pat Lashinsky. "We believe the ability to offer rebates will have a huge positive impact not just on our clients, but on the local community as well."

Since the Company's founding in 1999, ZipRealty has paid more than $100 million in rebates to homebuyers and sold more than 100,000 homes nationwide. One of the first full-service residential brokerages to adopt an Internet-based model providing complete online access to MLS listings and other useful house and neighborhood information and search tools, ZipRealty.com has become one of the country's top five most trafficked real estate destinations online, according to third-party measurement firm Hitwise.

About ZipRealty, Inc.
ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's Web site provides users with access to comprehensive local Multiple Listing Services' home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit [ www.ziprealty.com ] or call 1-800-CALL-ZIP.