Licensing Requirements, Enforcement Effort and Complaints Against Real Estate Agents
This study is the first to relate complaints against real estate licensees to compliance and enforcement efforts by regulators and prelicensing education requirements. Results suggest that minimal prelicensing education requirements may reduce complaints but more stringent requirements do not appear to lead to further reductions. The most effective way to reduce complaints is found to be through vigorous efforts at compliance and enforcement. The policy implication of this finding is that states would need to shift resources to the compliance and enforcement areas to achieve significant reductions in complaints.
Volume (Year): 3 (1988)
Issue (Month): 2 ()
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References listed on IDEAS
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- Linda L. Johnson & Christine Loucks, 1986. "The Effect of State Licensing Regulations on the Real Estate Brokerage Industry," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(4), pages 567-582.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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