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Real Estate Continuing Education: Rent Seeking or Improvement in Service Quality?

Author

Listed:
  • Benjamin Powell

    (Department of Economics, Suffolk University, 8 Ashburton Pl., Boston, MA 02108, USA. E-mails: benjaminwpowell@gmail.com; evvmail@gmail.com)

  • Evgeny Vorotnikov

    (Department of Economics, Suffolk University, 8 Ashburton Pl., Boston, MA 02108, USA. E-mails: benjaminwpowell@gmail.com; evvmail@gmail.com)

Abstract

Massachusetts adopted a continuing education component to its licensing requirements for real estate agents in 1999. The Massachusetts Association of Realtors lobbied for this change claiming it would enhance the quality of service for the public. Our regression analysis fails to find any improvement in the quality of service as measured by complaints to the real estate licensing board. We do find that the adoption of continuing education reduced the number of licensed active agents by 39 to 58 percent and increased the income of those who remained by 11 to 17 percent.

Suggested Citation

  • Benjamin Powell & Evgeny Vorotnikov, 2012. "Real Estate Continuing Education: Rent Seeking or Improvement in Service Quality?," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 38(1), pages 57-73.
    • Handle: RePEc:pal:easeco:v:38:y:2012:i:1:p:57-73
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    Cited by:

    1. Daniel J. Smith & Noah J. Trudeau, 2019. "The Undertaker’s Cut: Challenging the Rational Basis for Casket Licensure," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 34(Summer 20), pages 23-41.
    2. Andrew Smith & Graham Brownlow, 2023. "Informal Institutions as Inhibitors of Rent-Seeking Entrepreneurship: Evidence From U.S. Legal History," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2323-2346, November.

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