This article investigates the effect of agency on the distribution between buyer and seller of cash charges paid at closing. An analysis of covariance (ANCOVA) model is developed to control for the concomitant effects of financing choice and compensating changes in nominal price on buyer's...

Appraisers routinely work at solving ill-structured valuation problems where the normative performance criterion is an objective judgement of market value as of the valuation date. This study, theoretically grounded in the lens model of perceptual theory, investigates the effect of client...

This study represents the first investigation of appraiser income at the national level. It is especially timely because it addresses the value of Appraisal Institute designations in a post-FIRREA world, in addition to investigating the impact of gender on appraiser income. The study employs a...

Empirical studies disclose that foreclosed residential properties sell at a discount from the expected market price for non-foreclosed residences. This investigation shows that prior findings on residential properties can be extended to include income-producing properties. In addition, it...

This study investigates the normative paired sales adjustment method employed by appraisers in the sales comparison approach. It finds that the method fails to account for the diminishing marginal price effects of property attributes. The study develops an empirical model to test the marginal...

This article is the winner of the Retail Real Estate manuscript prize (sponsored by the International Council of Shopping Centers) presented at the 2001 American Real Estate Society Annual Meeting. This study empirically models the determinants of community center rent. It employs a two-stage...

It is has been shown that regional housing price indexes reported by the National Association of Realtors (NAR) misstate price change over time due to failure to control for variation in housing quality. However, the erroneous assumption that implicit housing characteristic prices are invariant...

Home-sellers may not occupy their property when listed for sale. While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-à-vis leaving a property vacant while...

This investigation expands the limited empirical research on retail rental rates by investigating the determinants of neighborhood shopping center rents. Evidence supports primary trade area and property specific characteristics as the primary determinants of neighborhood center vacancy and...

Negotiation theory and implied agency costs provide the foundation for the research hypothesis that equity real estate investment trusts (EREITs) may have paid premiums when making real property acquisitions during the 1990s REIT boom. Using a simultaneous equations model and data from the...