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ERA REAL ESTATE RECOGNIZED BY J.D. POWER AND ASSOCIATES

ERA Real Estate is recognized for 2005-2006 by J.D Power and Associates for HIGHEST OVERALL SATISFACTION FOR FIRST TIME HOME SELLERS.

ERA Real Estate is the recipient of the 2005 J.D. Power and Associates Award for "Highest Overall Satisfaction For First Time Home Sellers Among National Full Service Real Estate Firms." The global real estate company is the only national full service real estate company to receive a 2005 J.D. Power and Associates Award.

This marks the second year in a row that ERA Real Estate received an award from this prestigious organization. Last year, the company received the 2004 J.D. Power and Associates Award for "Highest Overall Satisfaction For First Time Home Buyers Among National Full Service Real Estate Firms."

"Being recognized once again by J.D. Power and Associates is a great honor and accomplishment," said Brenda W. Casserly, president and COO for ERA Franchise Systems, Inc. "Being ranked highest in customer satisfaction with first time sellers is a reflection of the dedication and service ERA® sales associates provide their clients to ensure the process of both buying and selling a home is an enjoyable and positive experience."

ERA Real Estate's host of products, services and materials dedicated to meeting the unique needs of sellers contributed to its award-winning satisfaction ratings. A customer favorite is the ERA Sellers Security® Plan, a unique, guaranteed sale program that offers sellers the freedom to close on their next home, even if their current home has yet to sell. Also popular is the ERA ANSWERS book, a free resource guide that addresses more than 90 of the most frequently asked questions about selling and buying a home. The ERA ANSWERS book is available to consumers at their local ERA office or online at ERA.com.

About the J.D. Power and Associates 2005 Home Buyer/Seller Satisfaction Study
Study based on responses from 4,834 home buyers and sellers surveyed in May and June 2005. Study conducted for Cendant Corporation by J.D. Power and Associates.

About ERA Franchise Systems, Inc.
ERA Franchise Systems, Inc. is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. ERA Real Estate has earned the prestigious 2005 J.D. Power and Associates Award for "Highest Overall Satisfaction For First Time Home Sellers Among National Full Service Real Estate Firms." The ERA® real estate network includes more than 35,000 brokers and sales associates and 2,750 offices throughout the United States and 28 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA Franchise Systems, Inc. is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. ERA® information is available to consumers at ERA.com. For additional information about ERA Franchise Systems, Inc. as well as expert commentary on emerging trends in the real estate industry, visit the Cendant Media Resource Center at www.cendant.com/media/.