Determining Real Estate Licensee Income

This article examines the determinants of real estate licensee income using a 1997 survey of Texas real estate licensees. The factors having a positive effect on licensee income include: (1) number of hours worked; (2) work experience; (3) being a male; (4) using computer technology; (5) being involved in more transactions; (6) holding professional designations; (7) being associated with a larger firm; and (8) having access to personal assistants. Variables that negatively affect income include: (1) age; (2) selling primarily residential properties; and (3) having more affiliations. The results of this study, combined with previous studies, indicates that the high-earning real estate licensee is a younger male with more experience who: (1) works more hours; (2) has job satisfaction; (3) holds professional designations; (4) has access to personal assistants; and (5) utilizes a personal computer.

Determinants of Real Estate Licensee Income

This paper examines the factors that influence the income of real estate licensees. An empirical human capital earnings model is developed from a 1995 survey of Florida real estate brokers and salespeople. In seeking to explain earnings of real estate licensees, this study expands from previous studies by measuring several additional human capital components. A number of factors are seen to positively affect licensee income. These include (a) number of hours worked, (b) experience, (c) franchise affiliation, (d) being an owner/manager, (e) working in a metropolitan area, (f) level of job satisfaction, and (g) having errors and omissions insurance. Variables that have a negative effect on income include (a) being a female, (b) selling primarily residential properties, (c) age of licensee, (d) image perception, and (e) working weekends. Segmenting the data by income into thirds and comparing the means of the variables for the high- and low-income groups, several variable means are significantly different. the high income group has significantly higher means for these variables: (a) hourly income, (b) number of hours worked, (c) working full-time, (d) working on the weekend, (e) utilizing correspondence to satisfy continuing educational requirements, (f) work experience, (g) membership in clubs/professional organizations, (h) holding a broker's license, (i) length of current affiliation, (j) being a manager/owner, (k) holding professional designations, and (l) belonging to the state's Realtor association. The low-income group has a significantly higher variable mean for participation in residential sales.

Board of Director Monitoring and Firm Value in REITs

This article examines the influence of board of director composition and characteristics on real estate investment trust (REIT) shareholder wealth as measured by firm market-to-book ratios. Results show that increased outside director representation on the board leads to increased market-to-book ratios up to a point. However, as outside representation becomes too large, the market discounts REIT shares. In addition, a positive relationship is observed between REIT market-to-book ratios and the dollar values of director ownership, providing support for alignment benefits associated with increased director stock ownership.

Distinguishing Between CDM and MOND: Predictions for the Microwave Background

Two hypothesized solutions of the mass discrepancy problem are cold dark matter (CDM) and modified Newtonian dynamics (MOND). The virtues and vices of these very different hypotheses are largely disjoint, making the process of distinguishing between them very dependent on how we weigh disparate lines of evidence. One clear difference is the nature of the principal mass constituent of the universe (CDM or baryons). This difference in the baryon fraction ($f_b \approx 0.1$ vs. 1) should leave a distinctive signature in the spectrum of fluctuations in the cosmic microwave background. Here I discuss some of the signatures which should be detectable in the near future. The most promising appears to be the ratio of the amplitudes of the first two peaks relative to the intervening trough.Comment: 8 pages, 1 figure, AASTeX. Accepted for publication in ApJ Letter

The dark and baryonic matter content of low surface brightness disk galaxies

We present mass models of a sample of 19 low surface brightness (LSB) galaxies and compare the properties of their constituent mass components with those of a sample of high surface brightness (HSB) galaxies.We find that LSB galaxies are dark matter dominated. Their halo parameters are only slightly affected by assumptions on stellar mass-to-light ratios. Comparing LSB and HSB galaxies we find that mass models derived using the maximum disk hypothesis result in the disks of LSB galaxies having systematically higher stellar mass-to-light ratios than HSB galaxies of similar rotation velocity. This is inconsistent with all other available evidence on the evolution of LSB galaxies. We argue therefore that the maximum disk hypothesis does not provide a representative description of the LSB galaxies and their evolution. Mass models with stellar mass-to-light ratios determined by the colors and stellar velocity dispersions of galactic disks imply that LSB galaxies have dark matter halos that are more extended and less dense than those of HSB galaxies. Surface brightness is thus related to the halo properties. LSB galaxies are slowly evolving, low density and dark matter dominated galaxies.Comment: 23 pages Latex, 12 postscript figures, uses mn.sty. Accepted for publication in MNRA

Affinity Programs and the Real Estate Brokerage Industry

This study surveys active real estate brokers obtaining information on involvement in affinity programs and referral/relocation networks. Some results regarding affinity involvement are: (a) 13% of respondents reported affinity affilliations, 75% reported no affiliations, and 12% indicated plans to become involved within the next year; (b) about half having affinity affiliations were involved with 2-4 groups; (c) affinity relationships were most often with membership organizations, corporations, and professional organizations; (d) the primary affinity benefits provided were commission reductions, special mortgage packages, and discounted closing services; (e) 38% of respondents reported an increase in profitability die tp affinity affiliation while 21% reported a decrease; and (f) 56% reported an increase in agent productivity. An empirical income model shows that affinity affiliation has a positive effect on broker income. The probit models shows that: (a) participation in affinity arrangements is more likely for larger firms and national franchises but is not sensitive to location; and (b) large firms are more likely to participate in a larger number of affinity relationships.

Mass Transportation, Apartment Rent and Property Values

Rent plays a vital role in property valuation because any positive or negative influence on rent will in turn affect a property's value. This paper examines the effect of mass transportation on apartment rent. Specifically, this study investigates the impact on rent and value for residential income properties located in close proximity to Washington, D.C. Metrorail stations. After reviewing the empirical research which has focused on the effect of mass transportation availability on property values, this paper examines the benefits on apartment rent of Washington, D.C. apartment buildings from location near Metrorail stations. Our empirical results show that distance from a metro station has an adverse impact on apartment rent, i.e., each one-tenth mile increase in distance from the station results in a decrease in rent per apartment unit of about 2.50%. This analysis should be of interest to a host of domestic and international market participants including academics who study real estate markets, tax assessors who determine market value, appraisers who make market-derived rent adjustments, and property managers who set apartment rents.

Real Estate Brokerage and the Hosting Market: An Annotated Bibliography

A number of facets of real estate brokerage have been examined over time in theoretical and empirical articles appearing in the literature. This article summarizes brokerage research and suggests avenues for future inquiry. In attempting to organize brokerage research, the research is classified into eight broad topical areas: (1) brokerage firm characteristics; (2) broker commissions; (3) time on the market; (4) broker compensation; (5) the effects of brokerage on house prices; (6) regulation of the brokerage industry; (7) legal liability; and (8) international comparisons. In each area, we point out the major focus of the research by summarizing important findings.

What Do We Know about Apartments and Their Markets?

This paper examines major themes in apartment market research. The intent is to provide an overview of academic studies of the apartment market and to outline directions for future research.

What Do We Know About Real Estate Brokerage?

Many facets of real estate brokerage have been examined in studies appearing in the literature over the last several years. This review attempts to organize the research around six questions concerning the brokerage industry: (1) What is the nature of the market for brokerage services and how does it influence the individual firm; (2) What factors determine broker and agent compensation; (3) How does brokerage participation influence time on the market and price; (4) Is the brokerage market efficient and equitable;(5) Must brokerage firms assume greater liability; and (6) How do brokerage markets vary internationally. In examining each question, the review points out the major focus of the research and summarizes important findings. Its purpose is to identify key issues facing the brokerage industry and suggest avenues for future study.