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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.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 14 (1997)
Issue (Month): 2 ()
Pages: 137-154

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Handle: RePEc:jre:issued:v:14:n:2:1997:p:137-154
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Web: http://pages.jh.edu/jrer/about/get.htm Email:


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  1. Barry A. Diskin & Dean H. Gatzlaff, 1994. "An Examination of the Earnings of Real Estate Appraisers," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 507-524.
  2. Linda L. Johnson & Michael J. Dotson & B.J. Dunlap, 1988. "Service Quality Determinants and Effectiveness in the Real Estate Brokerage Industry," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 21-36.
  3. Rosen, Sherwin, 1976. "A Theory of Life Earnings," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S45-67, August.
  4. Polachek, Solomon William, 1981. "Occupational Self-Selection: A Human Capital Approach to Sex Differences in Occupational Structure," The Review of Economics and Statistics, MIT Press, vol. 63(1), pages 60-69, February.
  5. Glenn E. Crellin & James R. Frew & G. Donald Jud, 1988. "The Earnings of REALTORS: Some Empirical Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 69-78.
  6. Michael Glower & Patric H. Hendershott, 1988. "The Determinants of REALTOR Income," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 53-68.
  7. James R. Follain & Terry Lutes & David A. Meier, 1987. "Why Do Some Real Estate Salespeople Earn More Than Others?," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 73-81.
  8. Willis, Robert J., 1987. "Wage determinants: A survey and reinterpretation of human capital earnings functions," Handbook of Labor Economics, in: O. Ashenfelter & R. Layard (ed.), Handbook of Labor Economics, edition 1, volume 1, chapter 10, pages 525-602 Elsevier.
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