2015 Member Profile Florida REALTORS Report

Transcription

1 2015 Member Profile REALTORS Report Prepared for: REALTORS Prepared by: NATIONAL ASSOCIATION OF REALTORS Research Division July 2015

2 2015 Member Profile Report Table of Contents Introduction... 2 Highlights... 3 Methodology... 5 Report Prepared by: Jessica Lautz Brandi Snowden Amanda Riggs Member Profile NATIONAL ASSOCIATION OF REALTORS

3 2015 Member Profile Report Introduction In 2014, many areas of the country continued to see low housing inventory that has continued from 2012 and Low inventory has slowed home sales, but has resulted in an increase in home sale prices. Survey data from the Investment and Vacation Home Buyers Survey show that investment buyers dipped some, but vacation home buyers saw a two year rise. Data from the Profile of Home Buyers and Sellers survey showed that both primary residence home buyers and home sellers wanted to and did work with a professional real estate agent or a broker at higher rates than seen in past. Clients continue to want the expert professional advice that members of the National Association of REALTORS have provided in the past and continue to provide, as this year s report further illustrates. The typical number of transactions eased to 11 transactions in 2014 from 12 transactions in the As a result, gross member income declined slightly to $45,800 from $47,700. Income ranges depending on experience, function, and hours worked per week. Nineteen percent of members earned a gross income of less than $10,000 in 2014, while 24 percent earned more than $100,000 during the same time period. As most members work on a commission-based salary structure, the rise in income is reflective of fewer home sales. As such, the brokerage sales volume also declined to $1.7 million in 2014 from $1.8 million in For the second year, difficulty finding the right property was the most cited reason for potential clients being limited. Difficulty obtaining mortgage financing continues to be the second most cited reason. In 2014, there was an increase of new members of the National Association of REALTORS. This is apparent in the data, with those who have less than two of experience increasing from 13 percent to 17 percent. The median of experience in real estate stayed the same at 12 from the past report. However, those entering the business may be recent retirees from other industries, as the typical age of members rose from 56 to 57. The tenure at firms continued to a two year decrease starting at seven in the 2013 survey and dropping to five in the 2015 survey. The typical member is an independent contractor affiliated with an independent company catering to local markets. REALTORS frequently have had careers in other fields prior to real estate, the most common being in management, business, and financial professions followed by sales and retail. Only five percent indicated that real estate is their first career. The majority of members are women with a college education. Looking ahead, 84 percent of REALTORS are very certain they will remain in the market for two more. This share is higher than the last three, indicating the optimism that is seen in today s market Member Profile NATIONAL ASSOCIATION OF REALTORS

4 2015 Member Profile Report Highlights Business Characteristics of REALTORS Fifty-eight percent of REALTORS were licensed as sales agents and 80 percent of members specialize in residential brokerage. In, 70 percent of members were licensed as sales agents and 74 percent specialize in residential brokerage. The typical REALTOR has 12 of experience. In, typical REALTOR also has 12. Fifteen percent of members have at least one personal assistant. In, 14 percent operate with at least one assistant. Sixty-five percent of REALTORS reported having a website for at least five, 12 percent reported having a real estate blog, and 65 percent of members are using social media. In, 59 percent of REALTORS reported having a website for at least five, 14 percent of members have a real estate blog, and 63 percent report using social media. The most commonly found information on websites, among commercial and residential REALTORS, is the member s own listings and home buying and selling information. The same is true in. Eighty-four percent of REALTORS are certain they will remain in the business for two more. In, 83 percent of members report they are certain they will remain in the business for two more. Business Activity of REALTORS In 2014, the typical agent had 11 transactions down from 12 as in In, agents had 12 transactions typically. Thirty-one percent of residential brokerage specialists had a transaction involving a foreclosure and 27 percent had a transaction involving a short sale. Short sale transactions decreased from In, 42 percent of residential brokerage specialists had a transaction involving a foreclosure and 34 percent had a short sale. The typical agent had a sales volume of $1.7 million in 2014, down from $1.8 million in In, the typical sales volume was $1.4 in For the second year, the difficulty finding the right property has surpassed the difficulty in obtaining mortgage financing as the most cited reason for potential clients being limited. In, the difficulty finding the right property was equal to the difficulty in obtaining mortgage financing according to members. The typical property management specialist managed 45 properties in 2014, up from 30 properties in In, the typical property manager managed 55 properties. Most REALTORS worked 40 hours per week in 2014, a trend that has continued for several. This was also the case in, as most REALTORS worked 40 hours per week. The typical REALTOR earned 20 percent of their business from repeat customers and 20 percent through referrals from past clients. In, 18 percent of business came from repeat business and 18 percent through referrals from past clients. REALTORS spent a median of $130 to maintain a website in REALTORS in also spent a median of $ Member Profile NATIONAL ASSOCIATION OF REALTORS

5 Members typically brought in three inquiries and two percent of their business from their website. Members in typically brought in four inquiries and three percent of their business from their website. Income and Expenses of REALTORS Percentage split-commission is the prevailing method for REALTOR compensation, with 69 percent of respondents indicating this method of compensation, similar to past. In, 70 percent of respondents were compensated via this method. The median gross income of REALTORS was $45,800 in 2014, down from $47,700 in The median gross income for REALTORS in was $40,200. REALTORS with 16 or more experience had a median gross income of $68,800 compared to REALTORS with two or less experience that had a median gross income of $9,100. In, members with 16 or more of experience had a median gross income of $54,300 and those with less than two had an income of $9,300. The median business expenses rose to $6,710 in 2014 from $6,560 in In the state of, the typical business expense paid was $5,970. The largest single expense category for most REALTORS was vehicle expenses, which decreased to $1,770 in 2014 from $1,860 in In, the largest single expense category was also vehicle expenses, which was reported as $1,450 in Office and Firm Affiliation of REALTORS Fifty-nine percent of REALTORS are affiliated with an independent company. This number was 65 percent of members in. Eighty-three present of members are independent contractors with their firms. That number is also 83 percent in. The median tenure for REALTORS with their current firm decreased from six to five in The median tenure for members was three. Eleven percent of REALTORS worked for a firm that was bought or merged in the past two. In this number was 10 percent. Demographic Characteristics of REALTORS The typical REALTOR is a 57 year old white female who has attended some college and is a homeowner. The typical REALTOR is also 57 in. Fifty-eight percent of all REALTORS are female. In, 60 percent are female. Nineteen percent of members had a previous career in management, business, or the financial sector, and 16 percent had a previous career in sales or retail. Only five percent of members reported real estate was their first career. In, 22 percent had a previous career management, business, or the financial sector, and 17 percent in sales or retail. Five percent in also reported real estate was their first career. Seventy-seven percent of REALTORS said that real estate was their only occupation, and that number jumps to 85 percent among members with 16 or more of experience. In, the number of REALTORS reporting real estate as their only occupation is 78 percent and also 85 percent for those with 16 or more of experience. The median gross income of REALTOR households was $106,800 in 2014, which is an increase from $105,500 in This is a four year increase in household income among members. For, the median gross income of REALTOR households was $89,500 in Member Profile NATIONAL ASSOCIATION OF REALTORS

6 A substantial majority of REALTORS 85 percent own their primary residence. 79 percent of REALTORS own their primary residence in. Methodology In March 2015, the National Association of REALTORS mailed and ed an 87-question survey to a random sample of 50,075 REALTORS. An identical questionnaire was also distributed, via only, to an additional 130,628 members. Using this method, a total of 6,750 responses were received, including 2,216 via hard copy mail survey and 4,534 via the Web-based survey. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.7 percent. The confidence interval at a 95% level of confidence is +/-1.19% based on a population of 1 million members. In the state of, 24,019 surveys were mailed out and received 694 responses; the state report has a 2.89 percent response rate. Survey responses were weighted to be representative of state level NAR membership. Information about compensation, earnings, sales volume, and number of transactions is characteristics of calendar year 2014, while all other data is representative of member characteristics in early The National Association of REALTORS is committed to equal opportunity in the real estate industry. In accordance with this commitment, racial and ethnic information was collected and is included in this report. Where relevant, REALTOR information in subgroups is based on the license held by members of NAR: a broker, broker-associate, or sales agent license. The term broker refers to REALTORS holding a broker or broker associate license unless otherwise noted. In some cases, information is presented by REALTORS main function within their firm or their real estate specialty regardless of the type of license held. The primary measure of central tendency used throughout this report is the median, the middle point in the distribution of responses to a particular question or, equivalently, the point at which half of the responses are above and below a particular value. Data may not be comparable to previous Member Profile publications due to changes in questionnaire design Member Profile NATIONAL ASSOCIATION OF REALTORS

7 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-1 REALTORS BY TYPE OF LICENSE Exhibit 1-2 SPECIALTY AND MAIN FUNCTION OF REALTORS Exhibit 1-3 PRIMARY BUSINESS SPECIALTY OF BROKER/BROKER ASSOCIATE LICENSEES, Exhibit 1-4 PRIMARY BUSINESS SPECIALTY OF SALES AGENT LICENSEES, Exhibit 1-5 SECONDARY BUSINESS SPECIALTY OF REALTORS Exhibit 1-6 REAL ESTATE EXPERIENCE OF REALTORS, BY MAIN FUNCTION Exhibit 1-7 INCOME FROM PRIMARY REAL ESTATE SPECIALTY, BY YEARS OF EXPERIENCE Exhibit 1-8 INCOME FROM PRIMARY REAL ESTATE SPECIALTY, BY NUMBER OF HOURS WORKED Exhibit 1-9 NUMBER OF PERSONAL ASSISTANTS Exhibit 1-10 NUMBER OF PERSONAL ASSISTANTS, BY YEARS OF REAL ESTATE EXPERIENCE Exhibit 1-11 TASKS PERFORMED BY PERSONAL ASSISTANTS Exhibit 1-12 CHARACTERISTICS OF PERSONAL ASSISTANTS Exhibit 1-13 FREQUENCY OF USE OF COMMUNICATIONS AND TECHNOLOGY PRODUCTS Exhibit 1-14 FREQUENCY OF USE OF BUSINESS SOFTWARE Exhibit 1-15 PREFERRED METHOD OF COMMUNICATION WITH CLIENTS Exhibit 1-16 REALTOR'S FIRM WEB PRESENCE Exhibit 1-17 REALTORS WITH WEB SITES, BY LICENSE AND FUNCTION Exhibit 1-18 REALTORS WITH WEB SITES, BY EXPERIENCE Exhibit 1-19 LENGTH OF TIME REALTORS HAVE HAD A WEB SITE FOR BUSINESS USE Exhibit 1-20 INFORMATION ON REALTOR WEB SITES Exhibit 1-21 REAL ESTATE BLOGS Exhibit 1-22 ACTIVE USE OF SOCIAL OR PROFESSIONAL NETWORKING WEB SITES Exhibit 1-23 RELOCATION ACTIVITY OF REALTORS Exhibit 1-24 WILL REMAIN ACTIVE AS A REAL ESTATE PROFESSIONAL DURING THE NEXT TWO YEARS The 2015 National Association of Realtors Member Proile

8 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-1 REALTORS BY TYPE OF LICENSE Number of Total Respondents = 694 (Percent of Respondents) REALTORS BY TYPE OF LICENSE 17% 14% 70% Appraiser 2% Other 1% 90% 80% 70% 60% 50% 40% 70% 30% 20% 17% 14% 10% 0% 2% 1% Appraiser Other REALTORS BY TYPE OF LICENSE 26% 18% 58% Appraiser 3% Other 1% 90% 80% 70% 60% 50% 58% 40% 30% 20% 26% 18% 10% 3% 1% 0% Appraiser Other The 2015 National Association of Realtors Member Proile

9 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-2 SPECIALTY AND MAIN FUNCTION OF REALTORS LICENSED AS Appraiser Primary Real Estate Specialty Residential brokerage 74% 69% 82% 76% * Commercial brokerage * Residential appraisal 1 * * 0 64 Commercial appraisal 1 2 * * 27 Relocation 1 * * 1 9 Property management * Counseling 1 1 * 1 * Land/Development 1 * * 1 * Other specialties * Main Function -owner 12% 67% 3% 0% * -owner out 1 7 * 0 * broker * * agent Appraiser 1 * * * 91 Other * 2015 Survey 2014 Survey LICENSED AS Appraiser Primary Real Estate Specialty Residential brokerage 80% 78% 75% 87% 82% * Commercial brokerage * Residential appraisal * 1 80 Commercial appraisal * * 19 Relocation Property management * Counseling * Land/Development * Other specialties * Main Function -owner 14% 15% 53% 3% 1% * -owner out * * * broker * * agent Appraiser 2 3 * * * 98 Other The 2015 National Association of Realtors Member Proile

10 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-3 PRIMARY BUSINESS SPECIALTY OF BROKER/BROKER ASSOCIATE LICENSEES, Residential brokerage 75% Commercial brokerage 7 Land/Development * Relocation * Counseling 1 Appraising 1 Property management 8 International 2 Other Residential brokerage 75% 76% 81% 76% 79% 79% 80% 79% 78% 75% 81% 77% 79% Commercial brokerage Land/Development Relocation * Counseling Appraising Property management International NA * * 1 * 3 * * * * 1 * * Other NA - Not Asked The 2015 National Association of Realtors Member Proile

11 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-4 PRIMARY BUSINESS SPECIALTY OF SALES AGENT LICENSEES, Residential brokerage 76% Commercial brokerage 3 Land/Development 1 Relocation 1 Counseling 1 Appraising 0 Property management 7 International 5 Other Residential brokerage 88% 82% 84% 74% 75% 77% 86% 87% 83% 83% 83% 83% 82% Commercial brokerage Land/Development Relocation * Counseling Appraising * 1 1 * * 1 Property management International NA * * * * 1 * Other NA - not asked The 2015 National Association of Realtors Member Proile

12 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-5 SECONDARY BUSINESS SPECIALTY OF REALTORS (Percent of Respondents) Relocation 14% Land development 5% Commercial brokerage 16% Counseling 9% Residential brokerage 34% Commercial property management 3% Residential property management 18% Residential appraisal 2% International 11% Auction 3% Commercial appraisal 0% Other 9% None/Nothing 26% SECONDARY BUSINESS SPECIALTY OF REALTORS (Percent of Respondents) Relocation Land development Commercial brokerage Counseling Residential brokerage Commercial property management Residential property management 3% 5% 9% 14% 16% 18% 34% Residential appraisal 2% International 11% Auction 3% Commercial appraisal 0% Other 9% None/Nothing 26% Residential brokerage 34% Relocation 17% Commercial brokerage 17% Residential property management 16% Counseling 9% Land development 9% Commercial property management 4% International 4% Residential appraisal 3% Auction 3% Commercial appraisal 1% Other 9% None/Nothing 29% SECONDARY BUSINESS SPECIALTY OF REALTORS (Percent of Respondents) Residential brokerage Relocation Commercial brokerage Residential property management Counseling Land development Commercial property management International 4% 4% 9% 9% 17% 17% 16% 34% Residential appraisal Auction 3% 3% Commercial appraisal 1% Other 9% None/Nothing 29% The 2015 National Association of Realtors Member Proile

13 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-6 REAL ESTATE EXPERIENCE OF REALTORS, BY MAIN FUNCTION - out - out sellling) Appraiser 1 year or less 14% * * 7% * * 18% * * 4 17 * 9 * 3 4 * * * * 6 5 * 4 3 * 1 * * 6 3 * 5 3 * * 4 * 6 3 * 6 to * 11 to * * to to or more * * 3 10 Median () MAIN FUNCTION IN FIRM 2015 Survey 2014 Survey - out - out sellling) Appraiser 1 year or less 11% 9% 3% 1 8% 5% 4% 14% * * * 1 3 * 2 3 * * 1 3 * 2 3 * * 6 to to to to or more Median () MAIN FUNCTION IN FIRM The 2015 National Association of Realtors Member Proile

14 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-7 INCOME FROM PRIMARY REAL ESTATE SPECIALTY, BY YEARS OF EXPERIENCE Percent of income from real estate specialty ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Less than 50% 17% 31% 20% 11% 14% Less than 25% % to 49% % to less than 100% 44% 33% 45% 48% 47% 50% to 74% % to 99% % Percent of income from real estate specialty ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Less than 50% 14% 14% 17% 14% 11% Less than 25% % to 49% % to less than 100% 43% 29% 41% 43% 49% 50% to 74% % to 99% % The 2015 National Association of Realtors Member Proile

15 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-8 INCOME FROM PRIMARY REAL ESTATE SPECIALTY, BY NUMBER OF HOURS WORKED Percent of income from real estate specialty ALL REALTORS Less than 20 hours HOURS WORKED PER WEEK 20 to 39 hours 40 to 59 hours 60 hours or more Less than 50% 17% 46% 24% 6% 5% Less than 25% % to 49% % to less than 100% 44% 27% 36% 52% 58% 50% to 74% % to 99% % Percent of income from real estate specialty ALL REALTORS Less than 20 hours HOURS WORKED PER WEEK 20 to 39 hours 40 to 59 hours 60 hours or more Less than 50% 14% 42% 21% 7% 5% Less than 25% % to 49% % to less than 100% 43% 23% 39% 49% 51% 50% to 74% % to 99% % The 2015 National Association of Realtors Member Proile

16 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-9 NUMBER OF PERSONAL ASSISTANTS ALL REALTORS LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 82% 73% 86% 44% 72% 76% 40% 56% 88% One * Two * Three or more * 40 * 0 ALL REALTORS LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 82% 75% 87% 53% 68% 82% 66% 70% 87% One Two Three or more * The 2015 National Association of Realtors Member Proile

17 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-10 NUMBER OF PERSONAL ASSISTANTS, BY YEARS OF REAL ESTATE EXPERIENCE ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more None 82% 92% 89% 84% 73% One Two or more 4 * ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more None 82% 94% 87% 82% 76% One Two or more 3 * The 2015 National Association of Realtors Member Proile

18 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-11 TASKS PERFORMED BY PERSONAL ASSISTANTS (Percent of Respondents) Process new listings and enter them in the MLS 53% Manage closing paperwork 41 Prepare comps 35 Schedule listing presentations, closings, and appointments 41 Photograph listings 35 Send mailings to past clients or prospects 53 Order inspections 24 Write ads 24 Place/track advertising of listings 29 Send progress reports to sellers 35 Prepare escrow files 12 Check MLS for expireds 18 Prospect FSBOs 12 Check newspapers/websites for FSBOs 18 Other 53 Process new listings and enter them in the MLS 68% Manage closing paperwork 59 Send mailings to past clients or prospects 57 Schedule listing presentations, closings, and appointments 50 Place/track advertising of listings 48 Send progress reports to sellers 42 Order inspections Photograph listings 37 Prepare comps 35 Write ads 35 Prepare escrow files 31 Check MLS for expireds 19 Check newspapers for FSBOs 17 Prospect FSBOs 7 Other 38 The 2015 National Association of Realtors Member Proile

19 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-12 CHARACTERISTICS OF PERSONAL ASSISTANTS License Information Licensed 91% Unlicensed 9 Salary Expenses Paid by REALTOR 43 Paid by company 43 Both 15 Employment Full-time 91 Part-time 9 Exclusivity Exclusive assistant 93 Shared with others 7 Employment Arrangement Independent contractor 57 Employee 43 Compensation Structure Hourly 32 Arrangement varies 23 Salary 23 Percent of commission 11 Per task 12 License Information Licensed 46% Unlicensed 54 Salary Expenses Paid by REALTOR 47 Paid by company 34 Both 19 Employment Full-time 53 Part-time 47 Exclusivity Exclusive assistant 64 Shared with others 36 Employment Arrangement Independent contractor Compensation Structure Hourly 36 Salary 20 Arrangement varies 17 Percent of commission 13 Per task 14 The 2015 National Association of Realtors Member Proile

20 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-13 FREQUENCY OF USE OF COMMUNICATIONS AND TECHNOLOGY PRODUCTS All REALTORS Daily or nearly every day A few times a week A few times a month A few times a year Rarely or Never 96% 2% 1% 1% 0% Laptop/Desktop computer Cell phone (no and Internet) Smartphone with wireless and Internet capabilities (e.g., Treo/BlackBerry) Digital camera Global positioning system (GPS) Instant messaging (IM) PDA/Handheld (no phone capabilities) Blogs RSS feeds Podcasts All REALTORS Daily or nearly every day A few times a week A few times a month A few times a year Rarely or Never 96% 3% 1% * * Laptop/Desktop computer Smartphone with wireless and Internet capabilities Cell phone (no and Internet) * 40 Instant messaging (IM) Global positioning system (GPS) Digital camera PDA/Handheld (no phone capabilities) Blogs RSS feeds Podcasts The 2015 National Association of Realtors Member Proile

21 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-14 FREQUENCY OF USE OF BUSINESS SOFTWARE ALL REALTORS Daily or nearly every day A few times a week A few times a month A few times a year Rarely or Never Multiple listing 70% 14% 6% 4% 6% Contact management Document preparation Comparative market analysis Customer relationship management Electronic contract and forms Transaction management Graphics or presentation Property management Loan analysis ALL REALTORS Daily or nearly every day A few times a week A few times a month A few times a year Rarely or Never Multiple listing 69% 13% 7% 4% 7% Contact management Electronic contract and forms Document preparation Customer relationship management Comparative market analysis Social media management tools Transaction management E-signature Graphics or presentation Property management Loan analysis Video The 2015 National Association of Realtors Member Proile

22 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-15 PREFERRED METHOD OF COMMUNICATION WITH CLIENTS (Percent of Respondents) Current clients/ customers Past clients/ customers Potential clients/ customers Do not use 95% 67% 63% 0% Telephone Text messaging Postal mail Instant messaging (IM) Blog Video chat Podcast Current clients/ customers Past clients/ customers Potential clients/ customers Do not use 93% 67% 63% * Telephone Text messaging Postal mail Instant messaging (IM) Blog Video chat Podcast The 2015 National Association of Realtors Member Proile

23 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-16 REALTOR'S FIRM WEB PRESENCE REALTOR'S FIRM WEB PRESENCE Firm has Web site 90% Firm does not have Web site 8% Firm does not have Web site but plans to in the 1% future Firm does not have Web site, 8% Firm does not have Web site but plans to in the future, 1% Firm has Web site, 90% 2015 Survey Firm has Web site 91% Firm does not have Web site 7% Firm does not have Web site but plans to in the 1% future REALTOR'S FIRM WEB PRESENCE Firm does not have Web site, 7% Firm does not have Web site but plans to in the future, 1% Firm has Web site, 91% The 2015 National Association of Realtors Member Proile

24 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-17 REALTORS WITH WEB SITES, BY LICENSE AND FUNCTION ALL REALTORS / - (no - out Appraiser Have a Web site 64% 64% 64% 80% 62% 67% 83% 69% 65% 50% A Web site developed and/or maintained by REALTOR LICENSED AS MAIN FUNCTION IN FIRM A Web site provided by firm Do not have a Web site No Web site No Web site, but plan to have one in the future * 10 9 * 6 11 * ALL REALTORS / - (no - out Appraiser Have a Web site 66% 70% 65% 73% 68% 69% 62% 65% 68% 44% A Web site developed and/or maintained by REALTOR A Web site provided by firm Do not have a Web site No Web site No Web site, but plan to have one in the future * LICENSED AS: MAIN FUNCTION IN FIRM The 2015 National Association of Realtors Member Proile

25 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-18 REALTORS WITH WEB SITES, BY EXPERIENCE REAL ESTATE EXPERIENCE 2 3 to 5 6 to or or less more Have a Web site 64% 58% 68% 68% 63% A Web site developed and/or maintained by REALTOR A Web site provided by firm Do not have a Web site No Web site No Web site, but plan to have one in the future Survey 2014 Survey 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Have a Web site 66% 67% 62% 67% 70% 64% A Web site developed and/or maintained by REALTOR A Web site provided by firm Do not have a Web site No Web site No Web site, but plan to have one in the future The 2015 National Association of Realtors Member Proile

26 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-19 LENGTH OF TIME REALTORS HAVE HAD A WEB SITE FOR BUSINESS USE (Percentage Distribution Among those with a Web Site) REAL ESTATE EXPERIENCE 2 or less 3 to 5 6 to or more Less than one year 1% 5% * 1% 1% 1 to to or more Median Survey 2014 Survey 2 or less 3 to 5 6 to or more Less than one year 2% 2% 9% 1% 1% * 1 to to or more Median REAL ESTATE EXPERIENCE The 2015 National Association of Realtors Member Proile

27 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-20 INFORMATION ON REALTOR WEB SITES (Percent of Respondents with a Web Site) ALL REALTORS Residential Commercial Own property listings 86% 90% 55% Information about home buying and selling Mortgage or financial calculators Link to firm's Web site Community information or demographics School reports Virtual tours Links to state and local government Web sites Current mortgage rates Home valuation or Comparative Market Analysis tools Links to mortgage lenders' Web sites * Links to real estate service providers * Appointment scheduler Link to commercial information exchange (CIE) BROKERAGE SPECIALISTS BROKERAGE SPECIALISTS ALL REALTORS Residential Commercial Own property listings 88% 91% 87% Information about home buying and selling Link to my firm's Web site Mortgage or financial calculators Virtual tours Community information/demographics School reports Links to state/local government Web sites Home valuation/comparative Market Analysis tools Current mortgage rates Links to real estate service providers (title companies, settlement services, etc) Links to mortgage lenders' Web sites Appointment scheduler Chat live Link to commercial information exchange (CIE) Other The 2015 National Association of Realtors Member Proile

28 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-21 REAL ESTATE BLOGS AGE 29 or younger 30 to to to or older Have a blog 14% 14% 21% 16% 16% 9% Do not have a blog Do not have a blog, but plan to in the future Survey 2014 Survey 29 or younger 30 to to to or older Have a blog 12% 12% 15% 15% 13% 13% 9% Do not have a blog Do not have a blog, but plan to in the future AGE The 2015 National Association of Realtors Member Proile

29 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-22 ACTIVE USE OF SOCIAL OR PROFESSIONAL NETWORKING WEB SITES Actively use social or professional networking Web sites: ALL REALTORS 29 or younger 30 to to to or older Yes 63% 71% 86% 85% 60% 50% No No, but plan to in the future AGE AGE Actively use social or professional networking Web sites: ALL REALTORS 29 or younger 30 to to to or older Yes 65% 77% 82% 78% 69% 52% No No, but plan to in the future The 2015 National Association of Realtors Member Proile

30 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-23 RELOCATION ACTIVITY OF REALTORS ALL REALTORS LICENSED AS / 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more REALTORS 's firm have a relocation department or business development department responsible for relocation activities Yes 31% 22% 36% 33% 28% 29% 33% No Don't know ALL REALTORS LICENSED AS / 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more REALTORS 's firm have a relocation department or business development department responsible for relocation activities Yes 37% 31% 41% 37% 34% 37% 37% No Don't know The 2015 National Association of Realtors Member Proile

31 BUSINESS CHARACTERISTICS OF REALTORS Exhibit 1-24 WILL REMAIN ACTIVE AS A REAL ESTATE PROFESSIONAL DURING THE NEXT TWO YEARS LICENSED AS / 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more ALL REALTORS Very certain 83% 84% 83% 80% 83% 87% 82% Somewhat certain Not certain Survey 2014 Survey LICENSED AS / 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Very certain 84% 82% 85% 83% 82% 83% 85% 83% Somewhat certain Not certain The 2015 National Association of Realtors Member Proile

32 BUSINESS ACTIVITY OF REALTORS Exhibit 2-1 APPRAISAL: TYPES OF PROPERTIES APPRAISED Exhibit 2-2 APPRAISAL: NUMBER OF PROPERTIES APPRAISED, 2014 Exhibit 2-3 APPRAISAL: OTHER REAL ESTATE ACTIVITIES OF APPRAISAL SPECIALISTS Exhibit 2-4 BROKERAGE: AGENCY RELATIONSHIPS Exhibit 2-5 BROKERAGE: LISTINGS SOLD, 2014 Exhibit 2-6 BROKERAGE: NUMBER OF TRANSACTION SIDES OR COMMERCIAL DEALS, 2014 Exhibit 2-7 BROKERAGE: NUMBER OF TRANSACTION SIDES OR COMMERCIAL DEALS, BY EXPERIENCE, 2014 Exhibit 2-8 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING PROPERTIES IN FORECLOSURE, 2014 Exhibit 2-9 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING PROPERTIES IN FORECLOSURE, BY EXPERIENCE, 2014 Exhibit 2-10 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING SHORT SALES, 2014 Exhibit 2-11 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING SHORT SALES, BY EXPERIENCE, 2014 Exhibit 2-12 BROKERAGE: SALES VOLUME, 2014 Exhibit 2-13 BROKERAGE: SALES VOLUME, BY EXPERIENCE, 2014 Exhibit 2-14 THE MOST IMPORTANT FACTOR LIMITING POTENTIAL CLIENTS IN COMPLETING A TRANSACTION Exhibit 2-15 THE MOST IMPORTANT FACTOR LIMITING POTENTIAL CLIENTS IN COMPLETING A TRANSACTION, BY EXPERIENCE, 2014 Exhibit 2-16 BROKERAGE: WEB SITES WHERE REALTORS PLACE THEIR LISTINGS Exhibit 2-17 PROPERTY MANAGEMENT: TYPES OF PROPERTIES MANAGED Exhibit 2-18 PROPERTY MANAGEMENT: NUMBER OF PROPERTIES MANAGED Exhibit 2-19 PROPERTY MANAGEMENT: MANAGEMENT FUNCTIONS PERFORMED Exhibit 2-20 HOURS WORKED PER WEEK Exhibit 2-21 REPEAT BUSINESS FROM PAST CONSUMERS AND CLIENTS, BY SPECIALTY, 2014 Exhibit 2-22 REPEAT BUSINESS FROM PAST CONSUMERS AND CLIENTS, BY EXPERIENCE, 2014 Exhibit 2-23 BUSINESS THROUGH REFERRALS FROM PAST CONSUMERS AND CLIENTS, BY SPECIALTY, 2014 Exhibit 2-24 BUSINESS THROUGH REFERRALS FROM PAST CONSUMERS AND CLIENTS, BY EXPERIENCE, 2014 Exhibit 2-25 BUSINESS ORIGINATED FROM AN OPEN HOUSE, BY SPECIALTY, 2014 Exhibit 2-26 BUSINESS ORIGINATED FROM AN OPEN HOUSE, BY EXPERIENCE, 2014 Exhibit 2-27 CUSTOMERS AND CLIENTS WHOSE PRIMARY LANGUAGE IS NOT ENGLISH, 2014 Exhibit 2-28 CUSTOMERS AND CLIENTS WHO WERE FOREIGN NATIONALS, 2014 Exhibit 2-29 EXPENDITURES TO MAINTAIN REALTOR WEB SITE, 2014 Exhibit 2-30 CUSTOMER INQUIRIES GENERATED FROM WEB SITE, 2014 Exhibit 2-31 CUSTOMER INQUIRIES GENERATED FROM WEB SITE BY AMOUNT SPENT TO MAINTAIN, 2014 Exhibit 2-32 BUSINESS GENERATED FROM REALTOR WEB SITE, 2014 Exhibit 2-33 BUSINESS GENERATED FROM REALTOR WEB SITE, BY AMOUNT SPENT TO MAINTAIN, 2014 The 2015 National Association of REALTOR Member Profile

33 BUSINESS ACTIVITY OF REALTORS Exhibit 2-1 APPRAISAL: TYPES OF PROPERTIES APPRAISED (Percent of Respondents, Appraisal Specialists only) Residential (1 to 4 units) 92% Agricultural land and farms 42 Commercial (retail, office, shopping centers, etc.) 42 Residential (5 or more units) 25 Industrial (manufacturing, warehouses, etc.) * Institutional (hospitals, schools, etc.) 17 Other Survey 2014 Survey Residential (1 to 4 units) 87% 92% Agricultural land and farms Residential (5 or more units) Commercial (retail, office, shopping centers, etc.) Industrial (manufacturing, warehouses, etc.) Institutional (hospitals, schools, etc.) Other 14 5 The 2015 National Association of REALTOR Member Profile

34 BUSINESS ACTIVITY OF REALTORS Exhibit 2-2 APPRAISAL: NUMBER OF PROPERTIES APPRAISED, 2014 (Percentage Distribution, Appraisal Specialists only) RESIDENTIAL ALL APPRAISAL SPECIALISTS APPRAISAL SPECIALISTS 9 or fewer 9% * 10 to 24 9 * 25 to 49 9 * 50 to to to to or more 9 14 Median (properties) In 2014 In 2013 SPECIALISTS 9 or fewer 3% 3% 1% 10 to * 25 to to to to to or more Median (properties) ALL APPRAISAL SPECIALISTS RESIDENTIAL APPRAISAL The 2015 National Association of REALTOR Member Profile

35 BUSINESS ACTIVITY OF REALTORS Exhibit 2-3 APPRAISAL: OTHER REAL ESTATE ACTIVITIES OF APPRAISAL SPECIALISTS (Percent of Respondents, Appraisal Specialists only) ALL APPRAISAL SPECIALISTS RESIDENTIAL APPRAISAL SPECIALISTS Residential brokerage 15% 13% Counseling Relocation * * Commercial appraisal Land/development * * Residential property management 8 * Commercial brokerage Commercial property management * * Residential appraisal International * * Auction * * Other None N/A - Not Applicable ALL APPRAISAL SPECIALISTS RESIDENTIAL APPRAISAL SPECIALISTS Residential appraisal 37% 34% Residential brokerage Commercial appraisal Commercial brokerage 11 3 Counseling 11 7 Residential property management 8 8 Relocation 4 3 Commercial property management 1 * Land/development 3 2 Auction * * International * * Other 6 5 None N/A - Not Applicable The 2015 National Association of REALTOR Member Profile

36 BUSINESS ACTIVITY OF REALTORS Exhibit 2-4 BROKERAGE: AGENCY RELATIONSHIPS (Percentage Distribution, age Specialists only) RESIDENTIAL SPECIALISTS / All Commercial Specialists Buyer agency and seller agency 9% 10% 10% 9% 6% with disclosed dual agency Single agency Transactional agency Buyer agency exclusively Seller agency exclusively Other * 2015 Survey 2014 Survey RESIDENTIAL SPECIALISTS / All Commercial Specialists Buyer agency and seller agency 38% 41% 38% 41% 36% 36% with disclosed dual agency Single agency Transactional agency Buyer agency exclusively Seller agency exclusively Other The 2015 National Association of REALTOR Member Profile

37 BUSINESS ACTIVITY OF REALTORS Exhibit 2-5 BROKERAGE: LISTINGS SOLD, 2014 (Percentage Distribution, age Specialists only) All REALTORS NUMBER OF OWN LISTINGS SOLD NUMBER OF OWN LISTINGS SOLD BY SOMEONE ELSE NUMBER OF OTHERS' LISTINGS SOLD 0 listings 40% 20% 13% 1 listing listings listings listings listings to 10 listings listings or more Median listings (2014) Median listings (2013) Residential Specialists 0 listings 41% 20% 12% 1 listing listings listings listings listings to 10 listings listings or more Median listings (2014) Median listings (2013) Commercial Specialists 0 listings 24% 31% 23% 1 listing listings listings listings listings to 10 listings listings or more Median listings (2014) Median listings (2013) The 2015 National Association of REALTOR Member Profile

38 BUSINESS ACTIVITY OF REALTORS Exhibit 2-6 BROKERAGE: NUMBER OF TRANSACTION SIDES OR COMMERCIAL DEALS, 2014 (Percentage Distribution, age Specialists only) RESIDENTIAL SPECIALISTS All / Commercial Specialists Residential sides Commercial sides Residential Commercial sides sides Residential sides Commercial sides Residential sides Commercial sides Residential sides Commercial sides 0 transactions 6% 79% 4% 83% 3% 70% 5% 89% 41% 11% 1 to 5 transactions to 10 transactions to 15 transactions * 15 * 19 * * to 20 transactions * to 50 transactions 19 * 20 * 25 * 17 * * * 51 transactions or more 5 * 5 * 10 * 2 * 6 * Median (transactions) 12 * 12 * 15 * 10 * 1 3 RESIDENTIAL SPECIALISTS In 2014 In 2013 All / Commercial Specialists Residential sides Commercial sides Residential Commercial sides sides Residential sides Commercial sides Residential sides Commercial sides Residential Commercial sides sides Residential Commercial sides sides 0 transactions 7% 78% 5% 78% 6% 81% 4% 75% 7% 86% 34% 11% 1 to 5 transactions to 10 transactions to 15 transactions * * to 20 transactions 9 * 10 * 10 * 11 * 8 * to 50 transactions 21 * * 25 * 19 * transactions or more 5 * 4 * 5 * 8 * 3 * 1 5 Median (transactions) 11 * 12 * 12 * 13 * 10 * 2 5 The 2015 National Association of REALTOR Member Profile

39 BUSINESS ACTIVITY OF REALTORS Exhibit 2-7 BROKERAGE: NUMBER OF TRANSACTION SIDES OR COMMERCIAL DEALS, BY EXPERIENCE, 2014 (Percentage Distribution, age Specialists only) REAL ESTATE EXPERIENCE 2 or less 3 to 5 6 to or more Residential sides Commercial sides Residential Commercial sides sides Residential sides Commercial sides Residential sides Commercial sides Residential sides Commercial sides 0 transactions 6% 79% 15% 93% 3% 82% 5% 81% 3% 69% 1 to 5 transactions to 10 transactions * 24 * to 15 transactions * 9 * to 20 transactions * 21 * to 50 transactions 19 * 4 * 18 * 20 * 24 * 51 transactions or more 5 * 1 * * * 5 * 7 * Median (transactions) 12 * 5 * 10 * 12 * 14 * REALTORS REAL ESTATE EXPERIENCE 2 or less 3 to 5 6 to or more Residential sides Commercial sides Residential Commercial sides sides Residential sides Commercial sides Residential sides Commercial sides Residential sides Commercial sides 0 transactions 7% 78% 23% 92% 3% 81% 3% 82% 4% 67% 1 to 5 transactions to 10 transactions * to 15 transactions * 13 * 17 * to 20 transactions 9 * 3 * 10 * 11 * to 50 transactions * 24 * 23 * transactions or more 5 * 1 * 2 * 4 * 7 * Median (transactions) 11 * 3 * 10 * 12 * 13 * The 2015 National Association of REALTOR Member Profile

40 BUSINESS ACTIVITY OF REALTORS Exhibit 2-8 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING PROPERTIES IN FORECLOSURE, 2014 (Percentage Distribution, age Specialists only) ALL REALTORS RESIDENTIAL SPECIALISTS / All 0 transactions 42% 41% 32% 45% 1 to 5 transactions to 10 transactions to 15 transactions to 20 transactions transactions or more Median (transactions) ALL REALTORS RESIDENTIAL SPECIALISTS / All Specialists 0 transactions 61% 61% 54% 66% 81% 1 to 5 transactions to 10 transactions to 15 transactions * 16 to 20 transactions * 21 transactions or more Median (transactions) * * * * * Commercial The 2015 National Association of REALTOR Member Profile

41 BUSINESS ACTIVITY OF REALTORS Exhibit 2-9 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING PROPERTIES IN FORECLOSURE, BY EXPERIENCE, 2014 (Percentage Distribution, age Specialists only) ALL REALTORS 2 or less 3 to 5 6 to or more 0 transactions 42% 51% 46% 39% 39% 1 to 5 transactions to 10 transactions 10 * to 15 transactions to 20 transactions 1 * transactions or more 4 * * 5 6 Median (transactions) 1 * REAL ESTATE EXPERIENCE ALL REALTORS 2 or less 3 to 5 6 to or more 0 transactions 61% 79% 61% 57% 59% 1 to 5 transactions to 10 transactions to 15 transactions to 20 transactions 1 * transactions or more 2 * * 1 3 Median (transactions) * * * * * REAL ESTATE EXPERIENCE The 2015 National Association of REALTOR Member Profile

42 BUSINESS ACTIVITY OF REALTORS Exhibit 2-10 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING SHORT SALES, 2014 (Percentage Distribution, age Specialists only) ALL REALTORS RESIDENTIAL SPECIALISTS / All 0 transactions 63% 62% 53% 67% 1 to 5 transactions to 10 transactions to 15 transactions * 16 to 20 transactions transactions or more Median (transactions) * * * * ALL REALTORS RESIDENTIAL SPECIALISTS / All Commercial Specialists 0 transactions 71% 71% 66% 75% 84% 1 to 5 transactions to 10 transactions * 11 transactions or more * * Median (transactions) * * * * * The 2015 National Association of REALTOR Member Profile

43 BUSINESS ACTIVITY OF REALTORS Exhibit 2-11 BROKERAGE: NUMBER OF TRANSACTION SIDES INVOLVING SHORT SALES, BY EXPERIENCE, 2014 (Percentage Distribution, age Specialists only) ALL REALTORS 2 or less 3 to 5 6 to or more 0 transactions 63% 83% 67% 58% 58% 1 to 5 transactions to 10 transactions 2 * * to 15 transactions 1 * * to 20 transactions 1 * * 1 * 21 transactions or more 1 * * 1 1 Median (transactions) * * * * * REAL ESTATE EXPERIENCE ALL REALTORS 2 or less 3 to 5 6 to or more 0 transactions 71% 88% 74% 68% 68% 1 to 5 transactions to 10 transactions 1 * transactions or more 1 * 1 * 1 Median (transactions) * * * * * REAL ESTATE EXPERIENCE The 2015 National Association of REALTOR Member Profile

44 BUSINESS ACTIVITY OF REALTORS Exhibit 2-12 BROKERAGE: SALES VOLUME, 2014 (Percentage Distribution, age Specialists only) RESIDENTIAL SPECIALISTS / All Commercial Specialists Less than $500,000 31% 31% 22% 35% 39% $500,000 to under $1 million $1 to under $1.5 million $1.5 to under $2 million $2 to under $3 million $3 to under $4 million * $4 to under $5 million * $5 to under $6 million $6 to under $7 million $7 to under $8 million * $8 to under $10 million 2 2 * 3 * $10 million or more * Median (millions) $1.4 $1.4 $2.0 $1.2 $1.4 RESIDENTIAL SPECIALISTS / In 2014 In 2013 All Commercial Specialists Less than $500,000 28% 27% 28% 22% 33% 29% $500,000 to under $1 million $1 to under $1.5 million $1.5 to under $2 million $2 to under $3 million $3 to under $4 million $4 to under $5 million $5 to under $6 million $6 to under $7 million $7 to under $8 million $8 to under $10 million $10 million or more Median (millions) $1.7 $1.8 $1.7 $2.2 $1.4 $1.9 The 2015 National Association of REALTOR Member Profile

45 BUSINESS ACTIVITY OF REALTORS Exhibit 2-13 BROKERAGE: SALES VOLUME, BY EXPERIENCE, 2014 (Percentage Distribution, age Specialists only) REAL ESTATE EXPERIENCE ALL REALTORS 2 or less 3 to 5 6 to or more Less than $500,000 31% 61% 32% 26% 23% $500,000 to under $1 million $1 to under $1.5 million $1.5 to under $2 million $2 to under $3 million $3 to under $4 million $4 to under $5 million $5 to under $6 million 4 3 * 5 4 $6 to under $7 million 4 * $7 to under $8 million 2 * * 3 4 $8 to under $10 million 2 * * 3 2 $10 million or more Median (millions) $1.4 $0.3 $1.5 $1.7 $1.7 REAL ESTATE EXPERIENCE ALL REALTORS 2 or less 3 to 5 6 to or more Less than $500,000 28% 61% 27% 24% 21% $500,000 to under $1 million $1 to under $1.5 million $1.5 to under $2 million $2 to under $3 million $3 to under $4 million $4 to under $5 million $5 to under $6 million $6 to under $7 million $7 to under $8 million $8 to under $10 million 3 * $10 million or more Median (millions) $1.7 $0.3 $1.7 $2.0 $2.3 The 2015 National Association of REALTOR Member Profile

46 BUSINESS ACTIVITY OF REALTORS Exhibit 2-14 THE MOST IMPORTANT FACTOR LIMITING POTENTIAL CLIENTS IN COMPLETING A TRANSACTION (Percentage Distribution, age Specialists only) ALL REALTORS RESIDENTIAL SPECIALISTS / All Commercial Specialists No factors are limiting potential clients 19% 18% 19% 18% 22% Difficulty in obtaining mortgage finance Expectation that prices might fall further Expectation that mortgage rates might come down 0 0 * 0 * Low consumer confidence * Difficulty in finding the right property Concern about losing job 1 1 * 1 * Ability to sell existing home * Other * ALL REALTORS RESIDENTIAL SPECIALISTS / All Commercial Specialists Difficulty in finding the right property 33% 33% 33% 33% 24% Difficulty in obtaining mortgage finance No factors are limiting potential clients Ability to sell existing home Expectation that prices might fall further Low consumer confidence Concern about losing job Expectation that mortgage rates might come * * * 1 * down Other The 2015 National Association of REALTOR Member Profile

47 BUSINESS ACTIVITY OF REALTORS Exhibit 2-15 THE MOST IMPORTANT FACTOR LIMITING POTENTIAL CLIENTS IN COMPLETING A TRANSACTION, BY EXPERIENCE, 2014 (Percentage Distribution, age Specialists only) ALL REALTORS 2 or less 3 to 5 6 to or more No factors are limiting potential clients 19% 14% 24% 16% 22% Difficulty in obtaining mortgage finance Expectation that prices might fall further Expectation that mortgage rates might come down 0 * * * 1 Low consumer confidence 2 1 * 4 2 Difficulty in finding the right property Concern about losing job 1 1 * 2 * Other REAL ESTATE EXPERIENCE ALL REALTORS 2 or less 3 to 5 6 to or more Difficulty in finding the right property 33% 35% 39% 33% 30% Difficulty in obtaining mortgage finance No factors are limiting potential clients Ability to sell existing home Expectation that prices might fall further Low consumer confidence Concern about losing job Expectation that mortgage rates might * come down 1 1 * * Other REAL ESTATE EXPERIENCE The 2015 National Association of REALTOR Member Profile

48 BUSINESS ACTIVITY OF REALTORS Exhibit 2-16 BROKERAGE: WEB SITES WHERE REALTORS PLACE THEIR LISTINGS (Percent of Respondents, age Specialists only) RESIDENTIAL SPECIALISTS / All Commercial Specialists REALTOR.com 88% 90% 90% 90% 37% Firm's Web site Local MLS Web site Personal Web site Local REALTOR association Web site * Local newspaper Web site * Franchiser's Web site Local real estate magazine Web site * Other 's Web site Commercial listing service** None ** Commercial listing service, e.g., CoStar, LoopNet, CCIMNet, or other commercial information exchange (CIE) 2015 Survey 2014 Survey RESIDENTIAL SPECIALISTS / All Commercial Specialists REALTOR.com 86% 85% 88% 89% 86% 54% Firm's Web site Third party aggregator Local MLS Web site Personal Web site Local REALTOR association Web site Social networking site Other websites (Google, Craigslist, Yahoo Franchiser's Web site Local newspaper Web site Other 's Web site Local real estate magazine Web site Video hosting Web sites Commercial listing service** None ** Commercial listing service, e.g., CoStar, LoopNet, CCIMNet, or other commercial information exchange (CIE) NA=Not asked The 2015 National Association of REALTOR Member Profile

49 BUSINESS ACTIVITY OF REALTORS Exhibit 2-17 PROPERTY MANAGEMENT: TYPES OF PROPERTIES MANAGED (Percent of Respondents, Property Management Specialists only) Single-family residential 86% Multi-family residential 50 Office 17 Retail 6 Industrial * Land 3 Other Survey 2014 Survey Single-family residential 84% 85% Multi-family residential Office Retail Industrial 6 3 Land 3 5 Other 4 8 The 2015 National Association of REALTOR Member Profile

50 BUSINESS ACTIVITY OF REALTORS Exhibit 2-18 PROPERTY MANAGEMENT: NUMBER OF PROPERTIES MANAGED (Percentage Distribution, Property Management Specialists only) 1 to 5 properties 19% 6 to 10 properties 5 11 to 20 properties 5 21 to 40 properties 8 41 to 60 properties to 80 properties 8 81 to 100 properties to 500 properties properties or more 8 Median (properties) Survey 2014 Survey Residential Specialists Commercial Specialists 1 to 5 properties 17% 19% 14% 45% 6 to 10 properties to 20 properties to 40 properties to 60 properties to 80 properties * 81 to 100 properties to 500 properties properties or more * Median (properties) The 2015 National Association of REALTOR Member Profile

51 BUSINESS ACTIVITY OF REALTORS Exhibit 2-19 PROPERTY MANAGEMENT: MANAGEMENT FUNCTIONS PERFORMED (Percent of Respondents, Property Management Specialists only) Select tenants 81% Take tenant applications 89 Collect rent 87 Marketing 73 Initiate evictions 78 Perform small repairs 78 Perform large repairs or upgrades 57 Make mortgage payments 8 Make tax payments 22 Initiate legal actions (other than evictions) 30 Other Survey 2014 Survey Select tenants 86% 86% Collect rent Take tenant applications Marketing Initiate evictions Perform small repairs Perform large repairs or upgrades Initiate legal actions (other than evictions) Make tax payments Make mortgage payments Other The 2015 National Association of REALTOR Member Profile

52 BUSINESS ACTIVITY OF REALTORS Exhibit 2-20 HOURS WORKED PER WEEK LICENSED AS: / - out - MAIN FUNCTION IN FIRM out sellling) Appraiser Less than 20 hours 12% 11% 12% 10% 10% 7% * 6% 13% * 20 to 39 hours to 59 hours hours or more Median (hours) Survey 2014 Survey LICENSED AS: / - out - MAIN FUNCTION IN FIRM out sellling) Appraiser Less than 20 hours 11% 10% 9% 13% 9% 10% 8% 7% 1% 13% 1% 20 to 39 hours to 59 hours hours or more Median (hours) The 2015 National Association of REALTOR Member Profile

53 BUSINESS ACTIVITY OF REALTORS Exhibit 2-21 REPEAT BUSINESS FROM PAST CONSUMERS AND CLIENTS, BY SPECIALTY, 2014 APPRAISAL PRIMARY REAL ESTATE SPECIALTY BROKERAGE PROPERTY MANAGEMENT Residential Commercial Residential Commercial Residential Commercial None 15% 11% * 18% 21% 11% 33% Less than 10% 17 * * * Up to 25% Up to 50% * More than 50% * Median 18% 66% 25% 17% 16% 42% 18% PRIMARY REAL ESTATE SPECIALTY APPRAISAL BROKERAGE PROPERTY MANAGEMENT In 2014 In 2013 Residential Commercial Residential Commercial Residential Commercial None 20% 18% 8% 4% 19% 14% 13% 6% Less than 10% Up to 25% Up to 50% More than 50% Median 20% 21% 68% 68% 19% 23% 39% 30% The 2015 National Association of REALTOR Member Profile

54 BUSINESS ACTIVITY OF REALTORS Exhibit 2-22 REPEAT BUSINESS FROM PAST CONSUMERS AND CLIENTS, BY EXPERIENCE, 2014 ALL REALTORS REAL ESTATE EXPERIENCE 2 or 6 to 15 less 3 to 5 16 or more None 15% 56% 16% 12% 7% Less than 10% Up to 25% Up to 50% More than 50% Median 18% * 10% 20% 35% ALL REALTORS REAL ESTATE EXPERIENCE 2 or 6 to 15 less 3 to 5 16 or more None 20% 67% 22% 12% 6% Less than 10% Up to 25% Up to 50% More than 50% Median 20% * 9% 20% 40% The 2015 National Association of REALTOR Member Profile

55 BUSINESS ACTIVITY OF REALTORS Exhibit 2-23 BUSINESS THROUGH REFERRALS FROM PAST CONSUMERS AND CLIENTS, BY SPECIALTY, 2014 PRIMARY REAL ESTATE SPECIALTY APPRAISAL BROKERAGE PROPERTY MANAGEMENT Residential Commercial Residential Commercial Residential Commercial None 15% 22% * 13% 21% 11% * Less than 10% * Up to 25% * Up to 50% * More than 50% * Median PRIMARY REAL ESTATE SPECIALTY APPRAISAL BROKERAGE PROPERTY MANAGEMENT In 2014 In 2013 Residential Commercial Residential Commercial Residential Commercial None 14% 14% 13% 12% 14% 10% 13% 11% Less than 10% Up to 25% Up to 50% More than 50% Median 20% 21% 14% 22% 21% 19% 18% 14% The 2015 National Association of REALTOR Member Profile

56 BUSINESS ACTIVITY OF REALTORS Exhibit 2-24 BUSINESS THROUGH REFERRALS FROM PAST CONSUMERS AND CLIENTS, BY EXPERIENCE, 2014 ALL REALTORS REAL ESTATE EXPERIENCE 2 or 6 to 15 less 3 to 5 16 or more None 15% 44% 16% 8% 6% Less than 10% Up to 25% Up to 50% More than 50% Median 18% 4% 10% 19% 23% ALL REALTORS REAL ESTATE EXPERIENCE 2 or 6 to 15 less 3 to 5 16 or more None 14% 49% 11% 8% 7% Less than 10% Up to 25% Up to 50% More than 50% Median 20% 2% 17% 22% 24% The 2015 National Association of REALTOR Member Profile

57 BUSINESS ACTIVITY OF REALTORS Exhibit 2-25 BUSINESS ORIGINATED FROM AN OPEN HOUSE, BY SPECIALTY, 2014 ALL REALTORS RESIDENTIAL SPECIALISTS / All None 70% 64% 63% 64% Less than 10% Up to 25% Up to 50% More than 50% Median * * * * ALL REALTORS RESIDENTIAL SPECIALISTS / All None 64% 59% 62% 56% Less than 10% Up to 25% Up to 50% More than 50% Median * * * * The 2015 National Association of REALTOR Member Profile

58 BUSINESS ACTIVITY OF REALTORS Exhibit 2-26 BUSINESS ORIGINATED FROM AN OPEN HOUSE, BY EXPERIENCE, 2014 ALL REALTORS REAL ESTATE EXPERIENCE 2 or 6 to 15 less 3 to 5 16 or more None 70% 69% 64% 72% 69% Less than 10% Up to 25% Up to 50% More than 50% * 1 Median * * * * * ALL REALTORS REAL ESTATE EXPERIENCE 2 or 6 to 15 less 3 to 5 16 or more None 64% 63% 65% 64% 67% Less than 10% Up to 25% Up to 50% More than 50% Median * * * * * The 2015 National Association of REALTOR Member Profile

59 BUSINESS ACTIVITY OF REALTORS Exhibit 2-27 CUSTOMERS AND CLIENTS WHOSE PRIMARY LANGUAGE IS NOT ENGLISH, 2014 REALTOR IS Fluent in a language Fluent in English other than English only None 30% 9% 38% Less than 10% Up to 25% Up to 50% More than 50% Median 6% 45% 4% In 2014 In 2013 REALTOR IS: Fluent in a language Fluent in English other than English only None 41% 38% 14% 46% Less than 10% Up to 25% Up to 50% More than 50% Median 3% 4% 23% 2% The 2015 National Association of REALTOR Member Profile

60 BUSINESS ACTIVITY OF REALTORS Exhibit 2-28 CUSTOMERS AND CLIENTS WHO WERE FOREIGN NATIONALS, 2014 ALL REALTORS None 45% Less than 10% 33 Up to 25% 9 Up to 50% 6 More than 50% 5 In 2014 In 2013 None 65% 63% Less than 10% Up to 25% 5 5 Up to 50% 2 2 More than 50% 1 2 The 2015 National Association of REALTOR Member Profile

61 BUSINESS ACTIVITY OF REALTORS Exhibit 2-29 EXPENDITURES TO MAINTAIN REALTOR WEB SITE, 2014 LICENSED AS: / - out - MAIN FUNCTION IN FIRM out sellling) None 26% 14% 31% 29% 6% 14% 25% 9% 30% Less than $ $100 to $ * $500 to $ $1,000 or more * 9 8 Median $130 $340 $80 $750 $560 $280 $100 $300 $80 In 2014 In 2013 LICENSED AS: / - out - MAIN FUNCTION IN FIRM out sellling) None 27% 25% 18% 33% 18% 8% 22% 65% 17% 32% Less than $ $100 to $ $500 to $ $1,000 or more Median $130 $200 $280 $80 $370 $450 $200 * $270 $260 The 2015 National Association of REALTOR Member Profile

62 BUSINESS ACTIVITY OF REALTORS Exhibit 2-30 CUSTOMER INQUIRIES GENERATED FROM WEB SITE, 2014 / - out - out sellling) None 27% 19% 31% 43% 17% 19% * * 42% 1 to 5 inquiries to 10 inquiries * * to 20 inquiries * to 50 inquiries * * 4 51 to 100 inquiries * * 4 More than 100 inquiries * 4 4 * * 5 Median (inquiries) * 9 2 LICENSED AS: MAIN FUNCTION IN FIRM In 2014 In 2013 LICENSED AS: / - out - MAIN FUNCTION IN FIRM out sellling) None 32% 28% 25% 38% 18% 24% 27% 35% 22% 36% 1 to 5 inquiries to 10 inquiries to 20 inquiries to 50 inquiries to 100 inquiries * 3 2 More than 100 inquiries Median (inquiries) The 2015 National Association of REALTOR Member Profile

63 BUSINESS ACTIVITY OF REALTORS Exhibit 2-31 CUSTOMER INQUIRIES GENERATED FROM WEB SITE BY AMOUNT SPENT TO MAINTAIN, 2014 None AMOUNT SPENT TO MAINTAIN THE WEB SITE: Less than $100 $100 to $499 $500 to $999 $1,000 or more None 27% 47% 31% 23% 7% 14% 1 to 5 inquiries to 10 inquiries to 20 inquiries to 50 inquiries to 100 inquiries 3 1 * More than 100 inquiries Median (inquiries) None AMOUNT SPENT TO MAINTAIN THE WEB SITE: Less than $100 $100 to $499 $500 to $999 $1,000 or more None 32% 49% 37% 27% 22% 14% 1 to 5 inquiries to 10 inquiries to 20 inquiries to 50 inquiries to 100 inquiries More than 100 inquiries Median (inquiries) The 2015 National Association of REALTOR Member Profile

64 BUSINESS ACTIVITY OF REALTORS Exhibit 2-32 BUSINESS GENERATED FROM REALTOR WEB SITE, 2014 / - out - out sellling) None 36% 24% 42% 38% 13% 18% * 30% 42% 1% to 5% * % to 10% * 14 11% to 25% * % to 50% * 7 11 * 40 4 More than 50% * * * 4 Median (percent of business) All REALTORS LICENSED AS: MAIN FUNCTION IN FIRM 3% 4% 2% 3% 7% 5% 10% 19% 2% In 2014 In 2013 / - out - out sellling) None 40% 35% 32% 47% 20% 28% 36% 53% 27% 46% 1% to 5% % to 10% % to 25% % to 50% More than 50% Median (percent of business) All REALTORS LICENSED AS: MAIN FUNCTION IN FIRM 2% 3% 3% 1% 9% 4% 3% * 4% 4% The 2015 National Association of REALTOR Member Profile

65 BUSINESS ACTIVITY OF REALTORS Exhibit 2-33 BUSINESS GENERATED FROM REALTOR WEB SITE, BY AMOUNT SPENT TO MAINTAIN, 2014 None Less than $100 $100 to $499 $500 to $999 $1,000 or more None 36% 61% 43% 33% 6% 14% 1% to 5% % to 10% % to 25% % to 50% More than 50% Median (percent of business) 290% * 2% 3% 8% 9% AMOUNT SPENT TO MAINTAIN THE WEB SITE: None AMOUNT SPENT TO MAINTAIN THE WEB SITE: Less than $100 $100 to $499 $500 to $999 $1,000 or more None 40% 63% 45% 35% 25% 15% 1% to 5% % to 10% % to 25% % to 50% More than 50% Median (percent of business) 2% * 2% 3% 5% 8% The 2015 National Association of REALTOR Member Profile

66 INCOME AND EXPENSES OF REALTORS Exhibit 3-1 COMPENSATION STRUCTURES FOR REALTORS Exhibit 3-2 COMPENSATION STRUCTURES FOR REALTORS, BY EXPERIENCE Exhibit 3-3 COMPENSATION STRUCTURES FOR REALTORS, BY GROSS PERSONAL INCOME Exhibit 3-4 TOTAL REAL ESTATE BUSINESS EXPENSES, 2014 Exhibit 3-5 TOTAL REAL ESTATE EXPENSES, BY GROSS PERSONAL INCOME, 2014 Exhibit 3-6 ADMINISTRATIVE EXPENSES, 2014 Exhibit 3-7 AFFINITY/REFERRAL RELATIONSHIP EXPENSES, 2014 Exhibit 3-8 MARKETING OF SERVICES EXPENSES, 2014 Exhibit 3-9 OFFICE LEASE/BUILDING EXPENSES, 2014 Exhibit 3-10 PROFESSIONAL DEVELOPMENT EXPENSES, 2014 Exhibit 3-11 BUSINESS PROMOTION EXPENSE, 2014 Exhibit 3-12 TECHNOLOGY PRODUCTS AND SERVICES EXPENSES, 2014 Exhibit 3-13 BUSINESS USE OF VEHICLE EXPENSE, 2014 Exhibit 3-14 ANNUAL INCOME OF REALTORS, 2014 Exhibit 3-15 ANNUAL INCOME OF REALTORS, BY MAIN FUNCTION, 2014 Exhibit 3-16 ANNUAL INCOME OF REALTORS, BY EXPERIENCE, 2014 Exhibit 3-17 ANNUAL INCOME OF REALTORS, BY HOURS WORKED, 2014 Exhibit 3-18 BUSINESS CHARACTERISTICS AND ACTIVITY OF REALTORS, BY GROSS PERSONAL The 2015 National Association of REALTOR Member Profile

67 INCOME AND EXPENSES OF REALTORS Exhibit 3-1 COMPENSATION STRUCTURES FOR REALTORS LICENSED AS / Percentage commission split 70% 53% 79% 100% Commission Commission plus share of profits Salary only 1 2 * Salary plus share of profits/production bonus Share of profits only 2 5 * Other Survey 2014 Survey LICENSED AS / Percentage commission split 69% 68% 57% 78% 100% commission Commission plus share of profits 4 4 Salary plus share of profits/production bonus Salary only Share of profits only * Other The 2015 National Association of REALTOR Member Profile

68 INCOME AND EXPENSES OF REALTORS Exhibit 3-2 COMPENSATION STRUCTURES FOR REALTORS, BY EXPERIENCE ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Percentage commission split 70% 85% 81% 70% 59% 100% Commission Commission plus share of profits Salary only 1 * Salary plus share of profits/production bonus Share of profits only 2 1 * 2 3 Other ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Percentage commission split 69% 82% 86% 70% 60% 100% commission Commission plus share of profits 4 Salary plus share of profits/production bonus 3 Salary only Share of profits only 1 * * 1 2 Other The 2015 National Association of REALTOR Member Profile

69 INCOME AND EXPENSES OF REALTORS Exhibit 3-3 COMPENSATION STRUCTURES FOR REALTORS, BY GROSS PERSONAL INCOME ALL REALTORS Less than $10,000 $10,000 to $24,999 GROSS PERSONAL INCOME $25,000 to $49,999 $50,000 to $99,999 $100,000 to $149,999 $150,000 or more Percentage commission split 70% 82% 69% 71% 59% 72% 75% 100% Commission Commission plus share of profits * Salary only 1 1 * 3 * 1 * Salary plus share of 3 * profits/production bonus Share of profits only * 4 Other * ALL REALTORS Less than $10,000 $10,000 to $24,999 GROSS PERSONAL INCOME $25,000 to $49,999 $50,000 to $99,999 $100,000 to $149,999 $150,000 or more Percentage commission split 69% 77% 75% 72% 68% 59% 53% 100% commission Commission plus share of profits Salary plus share of profits/production bonus Salary only * 2 Share of profits only Other The 2015 National Association of REALTOR Member Profile

70 INCOME AND EXPENSES OF REALTORS Exhibit 3-4 TOTAL REAL ESTATE BUSINESS EXPENSES, 2014 / - out - out sellling) None 4% 4% 4% 10% 9% * 17% * 3% Less than $ * 2 * * * 3 $500 to $ $1,000 to $2, $2,500 to $4, * * * 20 $5,000 to $9, * 9 25 * $10,000 to $19, * $20,000 to $29, * * 7 $30,000 to $49, * * 13 5 $50,000 to $99, * 1 * * * 1 $100,000 or more * 13 1 Median $5,970 $8,690 $4,950 $25,000 $13,450 $9,100 $1,500 $14,960 $4,990 LICENSED AS MAIN FUNCTION IN FIRM In 2014 In 2013 / - out - out sellling) None 5% 5% 5% 4% 8% 7% 4% 6% 4% 9% Less than $ $500 to $ $1,000 to $2, $2,500 to $4, $5,000 to $9, $10,000 to $19, $20,000 to $29, $30,000 to $49, $50,000 to $99, $100,000 or more Median $6,710 $6,560 $9,160 $5,000 $15,000 $12,990 $7,770 $7,550 $5,720 $10,510 LICENSED AS MAIN FUNCTION IN FIRM The 2015 National Association of REALTOR Member Profile

71 INCOME AND EXPENSES OF REALTORS Exhibit 3-5 TOTAL REAL ESTATE EXPENSES, BY GROSS PERSONAL INCOME, 2014 ALL REALTORS Less than $10,000 $10,000 to $24,999 $25,000 to $34,999 GROSS PERSONAL INCOME $35,000 $50,000 to to $49,999 $74,999 $75,000 to $99,999 $100,000 to $149,999 $150,000 or more None 4% 9% 2% * 1% 1% 3% 5% 8% Less than $ * * $500 to $ $1,000 to $2, $2,500 to $4, $5,000 to $9, $10,000 to $19, $20,000 to $29,999 8 * $30,000 to $49, * $50,000 to $99,999 1 * * * * $100,000 or more 2 * * * * * * 2 14 Median $5,970 $1,960 $3,360 $5,520 $6,720 $8,630 $13,700 $21,610 $24,970 ALL REALTORS Less than $10,000 $10,000 to $24,999 $25,000 to $34,999 GROSS PERSONAL INCOME $35,000 $50,000 to to $49,999 $74,999 $75,000 to $99,999 $100,000 to $149,999 $150,000 or more None 5% 9% 1% 1% 1% 2% 3% 5% 13% Less than $ * $500 to $ $1,000 to $2, $2,500 to $4, $5,000 to $9, $10,000 to $19, $20,000 to $29, $30,000 to $49,999 7 * * $50,000 to $99,999 1 * * * * $100,000 or more 2 * * * * * 1 * 13 Median $6,710 $1,990 $3,580 $4,740 $7,240 $8,440 $13,550 $20,830 $26,260 The 2015 National Association of REALTOR Member Profile

72 INCOME AND EXPENSES OF REALTORS Exhibit 3-6 ADMINISTRATIVE EXPENSES, 2014 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 23% 28% 20% 44% 32% 13% 33% 23% 20% Less than $ * $500 to $ * $1,000 to $1, * 7 20 * 8 11 $1,500 to $2, * 8 9 $2,500 to $4, * 8 9 $5,000 to $9, * 3 * * 15 2 $10,000 to $14, * 7 * * 15 0 $15,000 or more * 1 Median $610 $700 $580 $750 $620 $1,060 $170 $1,250 $580 In 2014 In 2013 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 20% 20% 20% 20% 41% 21% 16% 54% 19% 19% Less than $ $500 to $ $1,000 to $1, $1,500 to $2, $2,500 to $4, * 9 8 $5,000 to $9, * 6 5 * 7 3 $10,000 to $14, * 2 1 $15,000 or more Median $740 $760 $910 $620 $500 $1,080 $940 * $870 $930 The 2015 National Association of REALTOR Member Profile

73 INCOME AND EXPENSES OF REALTORS Exhibit 3-7 AFFINITY/REFERRAL RELATIONSHIP EXPENSES, 2014 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 58% 57% 58% 56% 61% 44% 83% 46% 57% Less than $ * $500 to $ * 9 8 * * 5 $1,000 to $1, * 8 5 $1,500 to $2, * 1 6 * 8 4 $2,500 to $4, * 4 * * 8 4 $5,000 to $9, * 1 3 * 8 3 $10,000 to $14,999 2 * 2 * * 3 * * 2 $15,000 or more * 3 17 * 0 Median * * * * * $150 * $80 * In 2014 In 2013 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 58% 55% 55% 59% 62% 57% 51% 82% 55% 57% Less than $ $500 to $ * 8 6 $1,000 to $1, $1,500 to $2, $2,500 to $4, * 5 4 $5,000 to $9, * 5 3 $10,000 to $14, * 1 3 * 4 2 $15,000 or more Median * * * * * * * * * * The 2015 National Association of REALTOR Member Profile

74 INCOME AND EXPENSES OF REALTORS Exhibit 3-8 MARKETING OF SERVICES EXPENSES, 2014 / - out - out sellling) None 28% 32% 26% 33% 44% 13% 83% 15% 25% Less than $ * * $500 to $ * 8 16 $1,000 to $1, * 8 10 $1,500 to $2, * 23 7 $2,500 to $4, * 15 6 $5,000 to $9, * 8 4 $10,000 to $14, * 6 3 * * 2 $15,000 or more Median $420 $540 $410 $1,250 $180 $950 * $1,660 $420 Median percent spent on online marketing and promotion LICENSED AS MAIN FUNCTION IN FIRM 5% 5% 5% 25% 10% 5% 4% 9% 5% In 2014 In 2013 / - out - out sellling) None 24% 19% 23% 23% 50% 26% 16% 76% 16% 21% Less than $ $500 to $ $1,000 to $1, $1,500 to $2, $2,500 to $4, * 12 8 $5,000 to $9, * 7 4 $10,000 to $14, * 1 1 $15,000 or more Median $520 $620 $720 $460 $20 $760 $810 * $880 $1,170 Median percent spent on online marketing and promotion LICENSED AS MAIN FUNCTION IN FIRM 5% 5% 5% 5% 6% 5% 5% 2% 5% 5% The 2015 National Association of REALTOR Member Profile

75 INCOME AND EXPENSES OF REALTORS Exhibit 3-9 OFFICE LEASE/BUILDING EXPENSES, 2014 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 73% 64% 76% 56% 55% 57% 67% 46% 79% Less than $ * $500 to $ * 8 3 $1,000 to $1, * 8 2 $1,500 to $2, * 4 3 * 8 2 $2,500 to $4, * 6 6 * * 2 $5,000 to $9, * 9 3 * 8 1 $10,000 to $14, * 3 3 * 8 1 $15,000 or more * 1 Median * * * * * * * $120 * In 2014 In 2013 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 72% 70% 67% 75% 52% 55% 73% 92% 71% 75% Less than $ $500 to $ $1,000 to $1, * 4 4 $1,500 to $2, $2,500 to $4, * 3 2 $5,000 to $9, * 5 2 $10,000 to $14, * 3 1 $15,000 or more Median * * * * * * * * * * The 2015 National Association of REALTOR Member Profile

76 INCOME AND EXPENSES OF REALTORS Exhibit 3-10 PROFESSIONAL DEVELOPMENT EXPENSES, 2014 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 19% 25% 15% 33% 33% 11% 33% 29% 15% Less than $ $500 to $ * $1,000 to $1, $1,500 to $2, $2,500 to $4, * 1 3 * 14 4 $5,000 to $9, * 1 * * * 1 $10,000 to $14,999 * * * * * * * * * $15,000 or more 1 2 * * * * Median $550 $450 $600 $750 $280 $790 $250 $620 $600 In 2014 In 2013 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 15% 9% 15% 14% 36% 19% 10% 35% 12% 13% Less than $ $500 to $ $1,000 to $1, $1,500 to $2, $2,500 to $4, $5,000 to $9, $10,000 to $14,999 * * 1 * * 1 1 * * * $15,000 or more 1 * 1 * * * * Median $670 $710 $730 $620 $650 $730 $770 $300 $590 $490 The 2015 National Association of REALTOR Member Profile

77 INCOME AND EXPENSES OF REALTORS Exhibit 3-11 BUSINESS PROMOTION EXPENSE, 2014 / - out - out sellling) None 22% 28% 19% 44% 35% 8% 50% 15% 19% Less than $ $500 to $ * * 16 $1,000 to $1, * 4 21 * * 7 $1,500 to $2, * $2,500 to $4, * 8 16 * 31 7 $5,000 to $9, * 15 5 $10,000 to $14, * * 1 $15,000 or more Median $550 $540 $460 $250 $420 $1,060 * $2,810 $470 Median percent spent on online marketing and promotion LICENSED AS MAIN FUNCTION IN FIRM 5% 5% 5% 25% 10% 5% 4% 9% 5% In 2014 In 2013 / - out - out sellling) None 21% 20% 21% 20% 47% 25% 14% 71% 18% 18% Less than $ $500 to $ $1,000 to $1, * 7 10 $1,500 to $2, $2,500 to $4, $5,000 to $9, * 6 4 $10,000 to $14, * 2 1 $15,000 or more Median $550 $590 $720 $700 $120 $630 $800 * $880 $580 Median percent spent on online marketing and promotion LICENSED AS MAIN FUNCTION IN FIRM 5% 5% 5% 5% 6% 5% 5% 2% 5% 5% The 2015 National Association of REALTOR Member Profile

78 INCOME AND EXPENSES OF REALTORS Exhibit 3-12 TECHNOLOGY PRODUCTS AND SERVICES EXPENSES, 2014 / - out - out sellling) None 13% 17% 12% 25% 24% 3% 75% 15% 11% Less than $ * * $500 to $ * $1,000 to $1, * 8 21 * * 15 $1,500 to $2, * * $2,500 to $4, * 15 5 $5,000 to $9, * 8 1 $10,000 to $14, * 5 * * 8 * $15,000 or more 1 4 * * * Median $680 $720 $650 $1,000 $590 $950 * $1,660 $670 LICENSED AS MAIN FUNCTION IN FIRM In 2014 In 2013 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 14% 13% 13% 14% 28% 14% 11% 47% 10% 12% Less than $ $500 to $ $1,000 to $1, $1,500 to $2, $2,500 to $4, $5,000 to $9, $10,000 to $14, * * 1 1 * 1 * $15,000 or more 1 * 1 * 8 2 * 2 1 * Median $740 $760 $900 $630 $1,170 $1,090 $850 $70 $990 $960 The 2015 National Association of REALTOR Member Profile

79 INCOME AND EXPENSES OF REALTORS Exhibit 3-13 BUSINESS USE OF VEHICLE EXPENSE, 2014 / - out - out sellling) None 12% 13% 11% 25% 20% 3% 25% 15% 10% Less than $ * 14 $500 to $ * * 8 16 $1,000 to $1, * $1,500 to $2, * 8 24 * 8 14 $2,500 to $4, * $5,000 to $9, * * $10,000 to $14, * * * 3 $15,000 or more * * 3 Median $1,450 $1,470 $1,420 $1,500 $1,460 $2,000 $170 $3,120 $1,400 LICENSED AS MAIN FUNCTION IN FIRM In 2014 In 2013 LICENSED AS / - out - MAIN FUNCTION IN FIRM out sellling) None 9% 9% 21% 20% 47% 25% 14% 71% 18% 18% Less than $ $500 to $ $1,000 to $1, * 7 10 $1,500 to $2, $2,500 to $4, $5,000 to $9, * 6 4 $10,000 to $14, * 2 1 $15,000 or more Median $1,770 $1,860 $680 $500 $130 $630 $800 * $880 $2,040 The 2015 National Association of REALTOR Member Profile

80 INCOME AND EXPENSES OF REALTORS Exhibit 3-14 ANNUAL INCOME OF REALTORS, 2014 Gross Income: Before taxes and expenses LICENSED AS / Less than $10,000 21% 9% 26% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more Median $40,200 $62,000 $31,400 Net Income: After taxes and expenses Less than $10,000 30% 19% * $10,000 to $24, * $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, * $150,000 to $199, $200,000 to $249, $250,000 or more Median $26,300 $38,300 $87,500 LICENSED AS Gross Income: Before taxes and expenses In 2014 In 2013 / Less than $10,000 19% 18% 13% 24% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more Median $45,800 $47,700 $65,300 $33,900 Net Income: After taxes and expenses Less than $10,000 28% 26% 19% 34% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more Median $29,100 $29,900 $39,600 $22,000 The 2015 National Association of REALTOR Member Profile

81 INCOME AND EXPENSES OF REALTORS Exhibit 3-15 ANNUAL INCOME OF REALTORS, BY MAIN FUNCTION, 2014 Gross Income: Before taxes and expenses ALL REALTORS - out - MAIN FUNCTION IN FIRM out sellling) Appraiser Less than $10,000 21% * 9% 5% * 6% 26% * $10,000 to $24, * 8 18 * $25,000 to $34, * * 11 * $35,000 to $49, * * 10 * $50,000 to $74, $75,000 to $99, $100,000 to $149, * $150,000 to $199,999 4 * 8 7 * * 4 * $200,000 to $249, * 6 2 * $250,000 or more * Median $40,200 $125,000 $66,100 $53,600 $87,500 $99,800 $31,700 $81,300 Net Income: After taxes and expenses Less than $10,000 30% * 18% 15% * 6% 36% 13% $10,000 to $24, $25,000 to $34, * * * 11 * $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149,999 4 * 9 10 * 31 3 * $150,000 to $199, * * * 2 13 $200,000 to $249,999 1 * 3 * * * 0 * $250,000 or more * * 1 13 Median $26,300 $75,000 $39,300 $36,300 $74,900 $74,800 $20,800 $50,000 Gross Income: Before taxes and expenses ALL REALTORS - out - MAIN FUNCTION IN FIRM out sellling) Appraiser Less than $10,000 19% 6% 11% 15% 7% 6% 23% 1% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more Median $45,800 $144,000 $79,000 $52,200 $92,400 $84,300 $36,500 $69,000 Net Income: After taxes and expenses Less than $10,000 28% 8% 18% 24% 9% 9% 33% 9% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more Median $29,100 $96,200 $45,500 $32,300 $73,400 $58,300 $23,300 $46,200 The 2015 National Association of REALTOR Member Profile

82 INCOME AND EXPENSES OF REALTORS Exhibit 3-16 ANNUAL INCOME OF REALTORS, BY EXPERIENCE, 2014 Gross Income: Before taxes and expenses ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Less than $10,000 21% 54% 21% 12% 10% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199,999 4 * $200,000 to $249,999 3 * $250,000 or more 3 1 * 4 4 Median $40,200 $9,300 $37,800 $53,200 $54,300 Net Income: After taxes and expenses Less than $10,000 30% 58% 38% 22% 20% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99,999 9 * $100,000 to $149, $150,000 to $199, * 2 3 $200,000 to $249,999 1 * * 1 1 $250,000 or more 1 * * 1 3 Median $26,300 $8,600 $26,200 $33,600 $32,900 Gross Income: Before taxes and expenses ALL REALTORS 2 or less REAL ESTATE EXPERIENCE 3 to 5 6 to or more Less than $10,000 19% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more 5 * Median $45,800 $9,100 $37,400 $49,600 $68,800 Net Income: After taxes and expenses Less than $10,000 28% 65% 32% 21% 16% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249,999 1 * $250,000 or more 2 0 * 2 3 Median $29,100 $7,800 $23,300 $32,100 $42,000 The 2015 National Association of REALTOR Member Profile

83 INCOME AND EXPENSES OF REALTORS Exhibit 3-17 ANNUAL INCOME OF REALTORS, BY HOURS WORKED, 2014 Gross Income: Before taxes and expenses HOURS PER WEEK Less than 20 hours 20 to 39 hours 40 to 59 hours 60 hours or more Less than $10,000 21% 54% 23% 14% 6% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more Median $40,200 $9,200 $25,800 $55,400 $79,900 Net Income: After taxes and expenses Less than $10,000 30% 56% 37% 22% 14% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149,999 4 * $150,000 to $199, $200,000 to $249,999 1 * $250,000 or more 1 * Median $26,300 $8,900 $17,000 $37,400 $49,100 Gross Income: Before taxes and expenses HOURS PER WEEK Less than 20 hours 20 to 39 hours 40 to 59 hours 60 hours or more Less than $10,000 19% 52% 26% 11% 7% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199, $200,000 to $249, $250,000 or more 5 * Median $45,800 $9,700 $27,700 $63,800 $94,200 Net Income: After taxes and expenses Less than $10,000 28% 62% 38% 17% 13% $10,000 to $24, $25,000 to $34, $35,000 to $49, $50,000 to $74, $75,000 to $99, $100,000 to $149, $150,000 to $199,999 3 * $200,000 to $249,999 1 * $250,000 or more 2 * Median $29,100 $8,100 $17,600 $40,100 $56,600 The 2015 National Association of REALTOR Member Profile

84 INCOME AND EXPENSES OF REALTORS Exhibit 3-18 BUSINESS CHARACTERISTICS AND ACTIVITY OF REALTORS, BY GROSS PERSONAL INCOME ALL REALTORS Less than $10,000 $10,000 to $24,999 GROSS PERSONAL INCOME $25,000 $50,000 to to $49,999 $99,999 $100,000 to $149,999 $150,000 or more Percent of REALTORS in the category 100% 19% 14% 20% 23% 10% 13% REAL ESTATE EXPERIENCE 2 or less 16% 47% 22% 13% 6% 2% 2% 3 to to or more Have a Website 66% 54% 57% 64% 72% 76% 82% WILL REMAIN ACTIVE AS A REAL ESTATE PROFESSIONAL DURING THE NEXT TWO YEARS Very certain 84% 75% 74% 82% 90% 89% 93% Somewhat certain Not certain BUSINESS ACTIVITY age: Median number of transactions* age: Median sales volume (millions) $1.7 $0.3 $0.3 $1.3 $0.3 $4.6 $8.5 Median hours worked per week Percent of repeat business from past 20% * 13% 21% 27% 30% 36% consumers and clients (median) Percent of business through referrals from 20% 3% 17% 21% 23% 24% 29% past consumers and clients (median) AFFILIATION WITH FIRM Independent Contractor 83% 89% 90% 84% 81% 79% 69% Employee Other Tenure at firm (median ) DEMOGRAPHICS Age 39 or younger 11% 18% 12% 11% 10% 7% 8% 40 to or older Median age Education: bachelor's degree or higher 51% 51% 47% 50% 47% 56% 58% Real estate is only occupation 77% 52% 63% 80% 88% 92% 93% Gross household income (median) $106,800 $66,300 $69,700 $80,600 $110,100 $160,600 $254,000 Real estate is primary source of income for 49% 17% 24% 42% 64% 74% 85% household Homeownership rate 85% 79% 81% 84% 88% 90% 95% Voted in the last national election 91% 87% 88% 92% 93% 95% 96% * Both residential and commercial The 2015 National Association of REALTOR Member Profile

85 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-1 FIRM AFFILIATION, BY LICENSE TYPE AND FUNCTION Exhibit 4-2 FIRM AFFILIATION, BY SPECIALTY Exhibit 4-3 REALTOR AFFILIATION WITH FIRMS Exhibit 4-4 NUMBER OF OFFICES Exhibit 4-5 TENURE OF REALTORS AT THEIR PRESENT FIRM Exhibit 4-6 BROKER OWNERSHIP INTEREST, 2014 Exhibit 4-7 BENEFITS RECEIVED THROUGH FIRM, FAMILY, OR, PAYS OUT OF POCKET Exhibit 4-8 WORKED FOR A FIRM THAT WAS BOUGHT OR MERGED Exhibit 4-9 REALTORS CHANGING FIRMS DUE TO CONSOLIDATION Exhibit 4-10 CHANGE IN COMPENSATION RESULTING FROM MERGER The 2015 National Association of REALTORS Member Profile Chapter 4, Page 1 o

86 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-1 FIRM AFFILIATION, BY LICENSE TYPE AND FUNCTION / - out - out sellling) ppraiser Firm Description Other Independent company 65% 75% 60% 70% 93% 51% 17% 56% 60% 100% 70% Franchised company * 25 Other * 6 3 * 5 LICENSED AS MAIN FUNCTION IN FIRM Firm Description ALL REALTORS / - out - Associat e out sellling) Appraiser Other Independent company 59% 64% 54% 67% 86% 50% 30% 59% 53% 85% 71% Franchised company Other LICENSED AS MAIN FUNCTION IN FIRM The 2015 National Association of REALTORS Member Profile Chapter 4, Page 2 o

87 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-2 FIRM AFFILIATION, BY SPECIALTY ALL BROKERAGE PROPERTY MANAGEMENT Firm Description REALTORS Appraisal Residential Commercial Residential Commercial 65% 92% 62% 50% 67% 100% Independent company Franchised company 32 * * Other * 3 * PRIMARY REAL ESTATE SPECIALTY PRIMARY REAL ESTATE SPECIALTY ALL BROKERAGE PROPERTY MANAGEMENT Firm Description REALTORS Appraisal Residential Commercial Residential Commercial 59% 82% 55% 64% 86% 84% Independent company Franchised company Other The 2015 National Association of REALTORS Member Profile Chapter 4, Page 3 o

88 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-3 REALTOR AFFILIATION WITH FIRMS Independent Contractor 83% Employee 5% Other 12% REALTOR AFFILIATION WITH FIRMS Other, 12% Employee, 5% Independent Contractor, 83% Independent Contractor 83% Employee 5% Other 12% Employee, 5% REALTOR AFFILIATION WITH FIRMS Other, 12% Independent Contractor, 83% The 2015 National Association of REALTORS Member Profile Chapter 4, Page 4 o

89 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-4 NUMBER OF OFFICES LICENSED AS / - (no - MAIN FUNCTION IN FIRM out sellling) Appraiser 1 office 52% 69% 42% 78% 88% 47% * 57% 41% 100% 2 to 4 offices * * 5 to 9 offices * 3 6 * 7 11 * 10 to 99 offices * * 15 * * 100 or more offices * * 3 * * 3 * Median * Survey 2014 Survey LICENSED AS / - (no - MAIN FUNCTION IN FIRM out sellling) Appraiser 1 office 51% 52% 60% 42% 66% 88% 44% 25% 47% 39% 91% 2 to 4 offices to 9 offices to 99 offices or more offices * * Median The 2015 National Association of REALTORS Member Profile Chapter 4, Page 5 o

90 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-5 TENURE OF REALTORS AT THEIR PRESENT FIRM LICENSED AS: / - (no - MAIN FUNCTION IN FIRM out sellling) All REALTORS Appraiser 1 year or less 38% 20% 46% 11% 13% 23% * 27% 46% * * 4 17 * * 11 * * * 4 6 * * 5 * * * 5 17 * * 5 * * * 8 9 * * 3 * 6 to * * * or more * * Median () 3 6 * * All REALTORS 2015 Survey 2014 Survey LICENSED AS: / - (no - MAIN FUNCTION IN FIRM out sellling) Appraiser 1 year or less 30% 18% 19% 39% 11% 13% 26% 28% 15% 37% 7% to or more Median () The 2015 National Association of REALTORS Member Profile Chapter 4, Page 6 o

91 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-6 BROKER OWNERSHIP INTEREST, 2014 ALL BROKERS Independent company FIRM AFFILIATION Franchised company Other Sole ownership 50% 54% * 67% Partner in a partnership * Stockholder and/or corporate office * No ownership interest * Other 2 2 * * ALL BROKERS FIRM AFFILIATION 2015 Survey 2014 Survey Independent company Franchised company Other Sole ownership 42% 42% 51% 10% 37% Partner in a partnership Stockholder and/or corporate office No ownership interest Other The 2015 National Association of REALTORS Member Profile Chapter 4, Page 7 o

92 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-7 BENEFITS RECEIVED THROUGH FIRM, FAMILY, OR, PAYS OUT OF POCKET (Percent of Respondents) Provided by Firm Provided by Partner/ Spouse/ Family Pays for out of pocket Do not receive Errors & Omissions insurance 38% * 36% 25% Health insurance Pension/SEP/401(K) Paid vacation/sick days Dental insurance Life insurance Vision care Disability insurance (long-term care) Other 1 * 8 72 Provided by Firm Provided by Partner/ Spouse/ Family Pays for out of pocket Do not receive Errors and omissions (liability insurance) 36% 1% 46% 18% Health insurance Paid vacation/sick days Pension/SEP/401(K) Life insurance Dental insurance Disability insurance (long-term care) Vision care Other The 2015 National Association of REALTORS Member Profile Chapter 4, Page 8 o

93 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-8 WORKED FOR A FIRM THAT WAS BOUGHT OR MERGED Yes 10% No 90% WORKED FOR A FIRM THAT WAS BOUGHT OR MERGED Yes, 10% No, 90% Yes 11% No 89% WORKED FOR A FIRM THAT WAS BOUGHT OR MERGED Yes, 11% No, 89% The 2015 National Association of REALTORS Member Profile Chapter 4, Page 9 o

94 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-9 REALTORS CHANGING FIRMS DUE TO CONSOLIDATION REALTOR changed firms as a result of a merger: Yes, voluntarily 31% Yes, involuntarily 5 No 64 REALTOR changed firms as a result of a merger: 2015 Survey 2014 Survey Yes, voluntarily 26% 28% Yes, involuntarily 6 7 No The 2015 National Association of REALTORS Member Profile Chapter 4, Page 10 o

95 OFFICE AND FIRM AFFILIATION OF REALTORS Exhibit 4-10 CHANGE IN COMPENSATION RESULTING FROM MERGER Among all who worked for a firm Among those who that was bought or merged changed firms as a result of merger It increased 11% 27% It stayed the same It decreased SURVEY 2014 SURVEY Among all who worked for a firm Among those who that was bought or changed firms as merged a result of merger Among all who worked for a firm that was bought or merged Among those who changed firms as a result of merger It increased 13% 23% 11% 15% It stayed the same It decreased The 2015 National Association of REALTORS Member Profile Chapter 4, Page 11 o

96 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-1 GENDER OF REALTORS, BY AGE Exhibit 5-2 GENDER OF REALTORS, BY EXPERIENCE Exhibit 5-3 GENDER OF REALTORS, BY FUNCTION Exhibit 5-4 AGE OF REALTORS, Exhibit 5-5 AGE OF REALTORS, BY FUNCTION Exhibit 5-6 AGE OF REALTORS, BY REAL ESTATE EXPERIENCE Exhibit 5-7 FORMAL EDUCATION OF REALTORS Exhibit 5-8 PRIOR FULL-TIME CAREERS OF REALTORS Exhibit 5-9 PRIOR FULL-TIME CAREER OF REALTORS, BY REAL ESTATE EXPERIENCE Exhibit 5-10 REAL ESTATE IS ONLY OCCUPATION Exhibit 5-11 MARITAL STATUS OF REALTORS Exhibit 5-12 SIZE OF REALTOR HOUSEHOLDS Exhibit 5-13 RACIAL AND ETHNIC DISTRIBUTION OF REALTORS, BY REAL ESTATE EXPERIENCE Exhibit 5-14 RACIAL AND ETHNIC DISTRIBUTION OF REALTORS, BY AGE Exhibit 5-15 GROSS HOUSEHOLD INCOME OF REALTORS, BY REAL ESTATE EXPERIENCE, 2014 Exhibit 5-16 REAL ESTATE IS PRIMARY SOURCE OF INCOME FOR HOUSEHOLD Exhibit 5-17 HOMEOWNERSHIP OF REALTORS, BY AGE Exhibit 5-18 REAL ESTATE INVESTMENTS OF REALTORS Exhibit 5-19 VOTING PATTERN OF REALTORS Exhibit 5-20 VOLUNTEERS IN COMMUNITY Exhibit 5-21 LANGUAGE FLUENCY OF REALTORS Exhibit 5-22 COUNTRY OF BIRTH OF REALTORS The 2015 National Association of REALTORS Member Profile

97 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-1 GENDER OF REALTORS, BY AGE All REALTORS 39 or younger 40 to to or older Male 40% 31% 36% 33% 50% Female Age All REALTORS 39 or younger 40 to to or older Male 42% 43% 35% 37% 48% Female Age The 2015 National Association of REALTORS Member Profile

98 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-2 GENDER OF REALTORS, BY EXPERIENCE Real estate experience All REALTORS 2 or less 3 to 5 6 to or more All REALTORS Male 40% 40% 54% 38% 38% Female s/ s Male 41% * 40% 48% 39% Female s: Work 40+ hours Male 43% 43% 63% 40% 35% Female s: Work less than 40 hours Male 34% 39% 45% 23% 33% Female Real estate experience All REALTORS 2 or less 3 to 5 6 to or more All REALTORS Male 42% 39% 39% 40% 46% Female s/ s Male Female s: Work 40+ hours Male Female s: Work less than 40 hours Male Female The 2015 National Association of REALTORS Member Profile

99 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-3 GENDER OF REALTORS, BY FUNCTION All REALTORS Licensed as s/ s s - out - Main Function in Firm out sellling) Appraiser Male 40% 41% 38% 40% 51% 48% 33% 38% 36% 80% Female All REALTORS Licensed as s/ s s - out - Main Function in Firm out sellling) Appraiser Male 42% 47% 37% 73% 56% 40% 35% 50% 38% 73% Female The 2015 National Association of REALTORS Member Profile

100 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-4 AGE OF REALTORS, Under 30 1% 30 to to to to to to to and over 26 Median age Under 30 4% 5% 5% 5% 5% 4% 4% 3% 2% 2% 3% 2% 30 to to to to to to to and over Median age The 2015 National Association of REALTORS Member Profile

101 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-5 AGE OF REALTORS, BY FUNCTION All REALTORS s/ s s - out - out sellling) Appraiser Under 30 1% * 2% * * * * * 1% * 30 to * 1 * * * to * to * 6 7 * * 8 * 45 to * * 50 to to to * and over * Median age * Less than one percent Licensed as Main Function in Firm All REALTORS s/ s s - out - out sellling) Appraiser Under 30 2% 1% 3% * 1% 2% 5% 2% 3% * 30 to to to to to to to and over Median age * Less than one percent Licensed as Main Function in Firm The 2015 National Association of REALTORS Member Profile

102 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-6 AGE OF REALTORS, BY REAL ESTATE EXPERIENCE All REALTORS 2 or less Real estate experience 3 to 5 6 to or more Under 30 1% 4% 2% * * 30 to * 35 to * 40 to to to to to and over Median age * Less than one percent NA- Not Applicable All REALTORS 2 or less Real estate experience 3 to 5 6 to or more Under 30 2% 10% 6% 1% NA 30 to NA 35 to NA 40 to to to to to and over Median age NA- Not Applicable The 2015 National Association of REALTORS Member Profile

103 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-7 FORMAL EDUCATION OF REALTORS All REALTORS High School Graduate 9% Some College 28% 's Degree 11% Bachelor's Degree 31% Some Graduate School 7% Graduate Degree 14% Some Graduate School, 7% FORMAL EDUCATION OF REALTORS Graduate Degree, 14% High School Graduate, 9% Some College, 28% Bachelor's Degree, 31% 's Degree, 11% All REALTORS High School Graduate 7% Some College 31% 's Degree 11% Bachelor's Degree 30% Some Graduate School 8% Graduate Degree 12% Some Graduate School, 8% FORMAL EDUCATION OF REALTORS Graduate Degree, 12% High School Graduate, 7% Some College, 31% Bachelor's Degree, 30% 's Degree, 11% The 2015 National Association of REALTORS Member Profile

104 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-8 PRIOR FULL-TIME CAREERS OF REALTORS Management/Business/Financial 22% /Retail 17 Office/Admin support 8 Education 6 None, real estate is first career 5 Homemaker 3 Healthcare 3 Construction 3 Computer/Mathematical 3 Manufacturing/Production * Government/Protective services 2 Architecture/Engineering 3 Legal 2 Transportation 2 Military 1 Personal care/other services Community/Social services 0 Life/Physical/Social sciences * Other 17 Management/Business/Financial /Retail Office/Admin support Education None, real estate is first career Homemaker Healthcare Construction Computer/Mathematical Manufacturing/Production Government/Protective services Architecture/Engineering Legal Transportation Military Personal care/other services PRIOR FULL-TIME CAREERS OF REALTORS % Community/Social services Life/Physical/Social sciences Other % 5% 10% 15% 20% 25% * Less than one percent Management/Business/Financial 19% /Retail 16 Office/Admin support 9 Education 6 None, real estate is first career 5 Healthcare 5 Homemaker 5 Construction 4 Computer/Mathematical 3 Government/Protective services 3 Manufacturing/Production 2 Architecture/Engineering 2 Legal 2 Transportation 2 Military 1 Personal care/other services 1 Community/Social services 1 Life/Physical/Social sciences * Other 15 * Less than one percent Management/Business/Financial /Retail Office/Admin support Education None, real estate is first career Healthcare Homemaker Construction Computer/Mathematical Government/Protective services Manufacturing/Production Architecture/Engineering Legal Transportation Military Personal care/other services Community/Social services Life/Physical/Social sciences Other PRIOR FULL-TIME CAREERS OF REALTORS 3% 3% 2% 2% 2% 2% 1% 1% 1% 0% 6% 5% 5% 5% 4% 9% 15% 16% 19% 0% 5% 10% 15% 20% 25% The 2015 National Association of REALTORS Member Profile

105 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-9 PRIOR FULL-TIME CAREER OF REALTORS, BY REAL ESTATE EXPERIENCE All REALTORS 2 or less Real estate experience 3 to 5 6 to or more Management/Business/Financial 22% 15% 25% 25% 23% /Retail Office/Admin support Education None, real estate is first career Homemaker Healthcare Construction Computer/Mathematical Manufacturing/Production Government/Protective services 2 4 * 1 2 Architecture/Engineering Legal Transportation Military 1 2 * 2 Personal care/other services Community/Social services 0 1 * * 0 Life/Physical/Social sciences 0 * * 0 * Other * Less than one percent All REALTORS 2 or less Real estate experience 3 to 5 6 to or more Management/Business/Financial 19% 22% 21% 21% 17% /Retail Office/Admin support Education None, real estate is first career Homemaker Healthcare Construction Government/Protective services Computer/Mathematical Manufacturing/Production Architecture/Engineering Legal Transportation Military Personal care/other services Community/Social services Life/Physical/Social sciences * 1 * * * Other * Less than one percent The 2015 National Association of REALTORS Member Profile

106 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-10 REAL ESTATE IS ONLY OCCUPATION (Percent "Yes") Real estate is the only occupation at the present time All REALTORS 2 or less Real estate experience 3 to 5 6 to or more 78% 59% 74% 83% 85% REAL ESTATE IS ONLY OCCUPATION 100% 80% 78% 74% 83% 85% 60% 59% 40% 20% 0% All REALTORS 2 or less 3 to 5 6 to or more Years of Experience in Real Estate Real estate is the only occupation at the present time All REALTORS 2 or less Real estate experience 3 to 5 6 to or more 77% 61% 75% 77% 85% REAL ESTATE IS ONLY OCCUPATION 100% 80% 77% 75% 77% 85% 60% 61% 40% 20% 0% All REALTORS 2 or less 3 to 5 6 to or more Years of Experience in Real Estate The 2015 National Association of REALTORS Member Profile

107 DEMOGRAPHIC CHARACTERISTICS OF REALTORS Exhibit 5-11 MARITAL STATUS OF REALTORS All REALTORS Married 63% Divorced 21 Single-never married 7 Widowed 6 Other 3 Single-never married, 7 MARITAL STATUS OF REALTORS Widowed, 6 Other, 3 Divorced, 21 Married, 63% All REALTORS Married 71% Divorced 16% Single-never married 7% Widowed 4% Other 2% Single-never married, 7% MARITAL STATUS OF REALTORS Widowed, 4% Other, 2% Divorced, 16% Married, 71% The 2015 National Association of REALTORS Member Profile