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Licensing Requirements, Enforcement Effort and Complaints Against Real Estate Agents

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Abstract

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.

Suggested Citation

  • Karl L. Guntermann & Richard L. Smith, 1988. "Licensing Requirements, Enforcement Effort and Complaints Against Real Estate Agents," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 11-20.
    • Handle: RePEc:jre:issued:v:3:n:2:1988:p:11-20
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    References listed on IDEAS

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    1. 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.
    2. 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, December.
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    Cited by:

    1. Seow Eng Ong & Davin Wang & Calvin Chua, 2023. "Disruptive Innovation and Real Estate Agency: The Disruptee Strikes Back," The Journal of Real Estate Finance and Economics, Springer, vol. 67(2), pages 287-317, August.
    2. Funmilayo Moyinola Araloyin & OJO Olatoye, 2011. "Factors Affecting the Provision of Quality Service in Real Estate Agency in Lagos Metropolis, Nigeria," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 2(1), pages 71-79, February.
    3. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
    4. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
    5. Randy I. Anderson & James R. Webb, 2000. "The Education of Real Estate Salespeople and the Value of the Firm," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 143-152.
    6. Jonathan Wiley & Justin Benefield & Marcus Allen, 2014. "Cyclical Determinants of Brokerage Commission Rates," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 196-219, January.
    7. Chung, Bobby W., 2022. "The costs and potential benefits of occupational licensing: A case of real estate license reform," Labour Economics, Elsevier, vol. 76(C).
    8. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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