The Education of Real Estate Salespeople and the Value of the Firm

In order to protect the public, most states require salespeople and brokers to meet specific licensing requirements, typically in the form of classroom instruction and/or successful completion of an examination. Frequently, however, many real estate brokers require their sales staff to undertake education that exceeds these minimum requirements. In this study, we derive a theoretical model that shows how optimally-timed, firm provided education that exceeds legal minimums can increase staff productivity, reduce litigation risks and perhaps raise and/or maximize the expected value of the firm.

Listing Specialization and Residential Real Estate Licensee

Earlier research has found that specialization by real estate agents creates economies of scope for real estate firms. So far, however, no research has addressed this issue at the agent level. The question this research seeks to answer is whether specialization in one side of the real estate transaction increases agent income. The most important finding is that specialization has an asymmetric impact on earnings. Specializing in listings positively enhances agent income. In contrast, specialization on the selling side has an adverse affect on agent income. The implications of these findings for the consumer and real estate industry are also examined.

X-Inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach

This article examines the productive efficiency levels present in the market for residential real estate brokerage services by employing the stochastic frontier approach. The only prior study (Anderson, Zumpano, Elder and Fok, 1998) that examined productive efficiency in this sector employed data envelopment analysis. This current article addresses potential statistical limitations of Data Envelopment Analysis and uses an alternative statistical tool, the stochastic frontier approach, to estimate X-efficiencies. This technique overcomes many of the statistical limitations of DEA and provides additional productive efficiency estimates. The results suggest that residential real estate brokerage firms are relatively efficient, in contrast to the earlier study that found significant inefficiencies present in this market. Firms could only reduce their average total costs by 12% given firm outputs and input prices. Additionally, the firms were divided into three size categories to examine the impact of firm size on efficiency. The results indicate that small firms are the most efficient group. Hence, there seems to be a tradeoff between scale efficiency and productive efficiency.

Portfolio Implications of Apartment Investing

In this article, we examine the portfolio implications of apartment investing. In particular, we explore the sector’s relative stability, liquidity, and current market outlook. In general, we find support for many of the advantages attributed to apartments relative to other property types. The apartment sector has historically offered high risk-adjusted returns and a relatively low correlation with other property sectors. These features, combined with the attractive demographics and stable space market fundamentals, suggest that the current environment should be favorable for apartment investing. However, the popularity of the sector, aggressive rent growth assumptions, and potential limitations on future immigration provide sources of performance risk.

The Capitalization of Seller Paid Consessions

Using a hedonic pricing model, we analyze the capitalization of total seller paid discount points and closing costs into the price of a house. We hypothesize that sellers are concerned about the sales price net of total seller paid concessions (SPNC), rather than the exact terms of the transaction. Since the SPNC is easily ascertained in the negotiation process, we further hypothesize that total seller paid concessions (TSPC) are fully capitalized into the sales price. To test this hypothesis, sales price is regressed on a set of control variables including TSPC. In this framework, TSPC will be positive and not significantly different from one if concessions are fully capitalized. The empirical results provide support for the capitalization hypothesis. Negotiation strategies and study limitations follow from the empirical results.

Measuring the Efficiency of Residential Real Estate Brokerage Firms

This article measures overall, allocative, technical, pure technical and scale efficiency levels for a sample of residential real estate brokerage firms using data envelopment analysis, a linear-programming technique. The results suggest that real estate brokerage firms operate inefficiently. Inefficiencies are primarily a function of sub-optimal input allocations and the failure to operate at constant returns to scale rather than from poor input utilization. Regression analysis is employed to determine which firm and/or market characteristics affect efficiency levels. The results show that increasing firm size increases efficiency while choosing to franchise, adding an additional multiple listing service and increasing operating leverage decreases firm performance.

ANALISIS PENGARUH INFLASI DAN PRODUK DOMESTIK REGIONAL BRUTO (PDRB) TERHADAP PENDAPATAN ASLI DAERAH DI KOTA MANADO

ABSTRAKPembangunan daerah sebagai bagian integral dari pembangunan nasional. Ketergantungan dana pemerintah daerah pada pemerintah pusat mewujudkan juga keterbatasan kemampuan pemerintah mengakumulasi Pendapatan Asli Daerah (PAD). Untuk meningkatkan pelaksanaan pembangunan dana pemberian pelayanan masyarakat serta peningkatan pertumbuhan ekonomi di daerah diperlukan penyediaan sumber-sumber dan pendapatan asli daerah yang hasilnya memadai. Inflasi merupakan salah satu indikator ekonomi penting yang dapat memberikan informasi mengenai perkembangan harga barang dan jasa yang dibayar oleh konsumen. Pendapatan Asli Daerah (PAD) Kota Manado tiap tahunnya mengalami peningkatan seiring dengan meningkatnya PDRB yang disertai dengan fluktuasi Inflasi akibat pertumbuhan ekonomi yang terjadi di Kota Manado. Penelitian ini untuk mengetahui pengaruh inflasi dan PDRB terhadap Pendapatan Asli di Kota Manado. Data yang digunakan adalah data sekunder dimana metode analisis regresi menjadi alat analisis yang digunakan. Hasil penelitian, PDRB dan inflasi mempengaruhi Pendapatan Asli Daerah Kota Manado. kata kunci : PDRB, Inflasi, PA

Exercise Training Prevents the Perivascular Adipose Tissue-induced Aortic Dysfunction with Metabolic Syndrome

The aim of the study was to determine the effects of exercise training on improving the thoracic perivascularadipose tissue (tPVAT) phenotype (inflammation, oxidative stress, and proteasome function) in metabolic syn-drome and its subsequent actions on aortic function.Methods:Lean and obese (model of metabolic syndrome) Zucker rats (n=8/group) underwent 8-weeks ofcontrol conditions or treadmill exercise (70% of max speed, 1 h/day, 5 days/week). At the end of the inter-vention, the tPVAT was removed and conditioned media was made. The cleaned aorta was attached to a forcetransducer to assess endothelium-dependent and independent dilation in the presence or absence of tPVAT-conditioned media. tPVAT gene expression, inflammatory /oxidative phenotype, and proteasome function wereassessed.Results:The mainfindings were that Ex induced: (1) a beige-like, anti-inflammatory tPVAT phenotype; (2) agreater abundance of•NO in tPVAT; (3) a reduction in tPVAT oxidant production; and (4) an improved tPVATproteasome function. Regarding aortic function, endothelium-dependent dilation was greater in exercised leanand obese groups vs. controls (p \u3c 0.05). Lean control tPVAT improved aortic relaxation, whereas obese controltPVAT decreased aortic relaxation. In contrast, the obese Ex-tPVAT increased aortic dilation, whereas the leanEx-tPVAT did not affect aortic dilation.Conclusion:Overall, exercise had the most dramatic impact on the obese tPVAT reflecting a change towards anenvironment with less oxidant load, less inflammation and improved proteasome function. Such beneficialchanges to the tPVAT micro-environment with exercise likely played a significant role in mediating the im-provement in aortic function in metabolic syndrome following 8 weeks of exercise

Hubble Space Telescope Imaging of Lyman Alpha Emission at z=4.4

We present the highest redshift detections of resolved Lyman alpha emission, using Hubble Space Telescope/ACS F658N narrowband-imaging data taken in parallel with the Wide Field Camera 3 Early Release Science program in the GOODS CDF-S. We detect Lyman alpha emission from three spectroscopically confirmed z = 4.4 Lyman alpha emitting galaxies (LAEs), more than doubling the sample of LAEs with resolved Lyman alpha emission. Comparing the light distribution between the rest-frame ultraviolet continuum and narrowband images, we investigate the escape of Lyman alpha photons at high redshift. While our data do not support a positional offset between the Lyman alpha and rest-frame ultraviolet (UV) continuum emission, the half-light radii in two out of the three galaxies are significantly larger in Lyman alpha than in the rest-frame UV continuum. This result is confirmed when comparing object sizes in a stack of all objects in both bands. Additionally, the narrowband flux detected with HST is significantly less than observed in similar filters from the ground. These results together imply that the Lyman alpha emission is not strictly confined to its indigenous star-forming regions. Rather, the Lyman alpha emission is more extended, with the missing HST flux likely existing in a diffuse outer halo. This suggests that the radiative transfer of Lyman alpha photons in high-redshift LAEs is complicated, with the interstellar-medium geometry and/or outflows playing a significant role in galaxies at these redshifts.Comment: Submitted to the Astrophysical Journal. 11 pages, 10 figure

The Hubble Space Telescope Wide Field Camera 3 Early Release Science data: Panchromatic Faint Object Counts for 0.2-2 microns wavelength

We describe the Hubble Space Telescope (HST) Wide Field Camera 3 (WFC3) Early Release Science (ERS) observations in the Great Observatories Origins Deep Survey (GOODS) South field. The new WFC3 ERS data provide calibrated, drizzled mosaics in the UV filters F225W, F275W, and F336W, as well as in the near-IR filters F098M (Ys), F125W (J), and F160W (H) with 1-2 HST orbits per filter. Together with the existing HST Advanced Camera for Surveys (ACS) GOODS-South mosaics in the BViz filters, these panchromatic 10-band ERS data cover 40-50 square arcmin at 0.2-1.7 {\mu}m in wavelength at 0.07-0.15" FWHM resolution and 0.090" Multidrizzled pixels to depths of AB\simeq 26.0-27.0 mag (5-{\sigma}) for point sources, and AB\simeq 25.5-26.5 mag for compact galaxies. In this paper, we describe: a) the scientific rationale, and the data taking plus reduction procedures of the panchromatic 10-band ERS mosaics; b) the procedure of generating object catalogs across the 10 different ERS filters, and the specific star-galaxy separation techniques used; and c) the reliability and completeness of the object catalogs from the WFC3 ERS mosaics. The excellent 0.07-0.15" FWHM resolution of HST/WFC3 and ACS makes star- galaxy separation straightforward over a factor of 10 in wavelength to AB\simeq 25-26 mag from the UV to the near-IR, respectively.Comment: 51 pages, 71 figures Accepted to ApJS 2011.01.2