ERA Franchise Systems LLC 1 Campus Drive Parsippany, NJ 07054 (973) 428-9700 FOR IMMEDIATE RELEASE

Media contact: Steven Alessandrini (973) 496-7904 steven.alessandrini@era.com

PARSIPPANY, NJ, January 3, 2005 – ERA Real Estate today announced it is the recipient of the 2004 J.D. Power and Associates Award for "Highest Overall Satisfaction For First Time Home Buyers Among National Full Service Real Estate Firms." This marks the first time in the global real estate brand's history that it has received this distinction.

"We are extremely proud to be honored by such a well-respected organization as J.D. Power and Associates," said Brenda W. Casserly, president and COO for ERA Franchise Systems LLC. "Buying a home for the first time can be a rather daunting experience. Being ranked highest in customer satisfaction with first time buyers illustrates the tremendous care we take to help our clients, both first time and repeat buyers alike, find the ideal home while making the buying process as enjoyable as possible."

According to a recent survey by the National Association of Realtors, first time homebuyers currently account for 40 percent of all home purchases in the United States. ERA Real Estate offers a host of products, services and materials dedicated to meeting the unique needs of this significant portion of home purchasers. The ERA® ANSWERS book, available to consumers at their local ERA office or online, is a free resource guide that addresses more than 90 of the most frequently asked questions about buying and selling a home. The company also offers dedicated brochures, flyers and seminars geared for first-time homebuyers.

ERA Real Estate's award winning Web site offers convenient features for first time homebuyers such as My ERA.com, My Virtual Assistant and Create A Room which are designed to help make the buying process easier and more personalized. Through ERA Mortgage, first time buyers also have access to flexible mortgage options such as 100 percent financing and no-interest loans which are designed to meet their specific needs.

The J.D. Power and Associates 2004 Home Buyer/Seller Satisfaction Study^SM. Study based on responses from 4,977 home buyers and sellers and was conducted for Cendant Corporation by J.D. Power and Associates.

About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. Since 1977, ERA Real Estate has teamed with the Muscular Dystrophy Association in its fight against neuromuscular diseases, raising more than $30 million. The ERA network includes more than 33,000 brokers and sales associates and approximately 2,800 offices throughout the United States and 49 other countries and territories. Each office is independently owned and operated. ERA Franchise Systems LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. ERA Franchise Systems LLC information is available at: ERA.com.