IntroductionThe real estate market is of vital importance to market economies on both provisional rent and investment levels. For example, the housing market … Expand. We examine the impact of heterogeneous investors with asymmetric bargaining positions on transaction prices in private commercial real estate markets. Using a dataset that contains nearly , … Expand.
View 1 excerpt. Analyzing capital expenditure in commercial real estate assets. The ability of Commercial Real Estate to provide strong current income returns has long been one of its benefits of inclusion into a long-term portfolio.
Capital Expenditures can significantly hamper … Expand. Financial management techniques used by residential property developers. Real estate development can be one of the largest contributors of wealth in society; and it plays a key role in determining the level of economic prosperity of individuals, business firms and the … Expand.
The strong building: a case study in direct investment. Just Restrictedcompensationappraisal is the market report value of the property.
Physical deterioration Uniform Standards of Profes- TestThe power Problems Elements of of government comparison toProperty tax real property adjustments owners is a major c.
Presence of any sionalsource industry AppraisalofPractice economies of revenue for scale. Labor force characteristics. USPAP jurisdiction, local governments. External Answer theobsolescence The taxproblems: following multiple-choice is levied on the value Reconciliation of all property in e. Education system. HighestCommon and bestlaws useand regulations. Replacement cost a. They result from demand created by multiple industries.
Common market value. They create a readily available supply of highly special-. Test Problems c. Demand for access or proximity. Cost Test of land. Problems c. They tend to reduce risks in real estate. Answer 2. Spatialthe or following distancemultiple-choice relationships thatproblems: are important to a land c.
They d. Marketoccur in larger cities. Theare 1. All e. Indicated opinion of value. Because solving problems is so critical Key to a all Linkages. Which A new house ininfluences of these will decrease good condition that hasthe levelfloor a poor of a bid- plan Terms a. Final estimate of value. Faster a. Final adjusted sale price. Extraterritorial jurisdiction 74 Market value. Short-lived Public Higher use average wage 86rate.
Long-lived incurable physical deterioration. Affordable housing allocation 74e. Weighted Form-based price. Increased c. Regulatory Curable number ofobsolescence. Cities 3. Larger d. Smart number Incurable of households functional growth 75 bidding. None e. External obsolescence. In Board of adjustment 80 PhysicalImpact fee 81 9. Toareflect systemaof Special bid-rent curves,conditions assuming that households the dateare except assessments 92between a. Transportation b.
People obsolescence. Comprehensive plan 74 d. External c. There isInverse landcondemnation obsolescence. There and energy. In the 3. The salesJust is demand compensation comparison for economic goods. Tax a. Householdsassessor Conditions ofwith 91 number of commuting sale.
Tax base Market conditions. Households b. Dedicated property 79 Adjusted a. Mills price. Tax-exempt d. Households Financing properties with superior terms. Finalisolated adjustedfrom sale other price. Households d. None of the that arrive in the city last. Economic and environmental impact New urbanism 76 b. Less c. Tax raterequiring e. Households 90 more land. Less diversified. Toxic A large waste university 82 of what kind of economic is an example phenomenon? Effective tax rate 92 Performance 5.
The best example standard of a base economic 81 be a: activity would Urban service a. Convenience activity. Comparison activity. Eminent domain 86 Planned b. Department store. Industry economies 78of scale. Fire department. Exclusionary zoning 78 PUD 80 d. Large apartment complex. Secondary or local economic activity. Quality of life activity. Externalities 70 e. Unemployment rate. Business leadership.
Study Questions 1. List five major economic base activities for your city of 4. Identify at least five locational attributes that you believe are. Study Questions residence. Compare 2. Find the historical population figures for your community for notes with someone in the industry such as a local restaurant the 20th century. Create a chart with year intervals. Deter- manager or owner. Perfect Population Projections Inc. One source of the necessary population contract with the city of Popular, Pennsylvania, to project Each chapter contains 10—20 study questions numbers is the U.
Census home page, www. Look for QuickFacts, and select your state. At the top of the the future population of the city. In recent years, Popular has become a desirable place to live and work, as indicated by. The ratio of population to 3. On the U. Census website, use the approach shown in total employment is 2. Explore the Web next page to access the American Com- munity Survey.
For your county and for your state find the Your help is needed! Graph the distri- butions using percentage for each income interval. Which is higher, county or state? Leasehold interest.
Explain how rights differ from power or force, and from the opportunity to obtain her house for its use. She would permission. A developer of a subdivision wants to preserve the open to move and feels strongly about owning her own home. On space and natural habitat that runs along the back portion of the other hand, your friend knows that she will not be able to a series of large lots in the proposed subdivision. He is remain in the house many more years, and will be faced with debating whether to use restrictive covenants to accomplish moving and selling within a few years.
What options can. What you suggest as possible plans to explore? A friend has owned and operated a small recreational vehi- 3. Why are restrictive covenants a good idea for a subdivision? It is close to Can they have any detrimental effects on the subdivision or the ocean and close to the Daytona Speedway, home of the its residents? For example, are there any listed in the chapter Daytona and a host of other prominent races.
The occu- that might have questionable effects on the value of a pants are very loyal, making reservations far in advance, and residence? She is asking your thoughts on 4. Explain why this is an obsolete arrangement for lots.
What thoughts would you offer? In the United States the bundle of rights called real property 5. A friend has an elderly mother who lives in a house adjacent seems to have gotten smaller in recent decades. Explain to her church. The church is growing, and would welcome what has caused this. Why is it good? Why is it bad? For the two states you have chosen, compare and contrast the statutes on issues such as: Explore the Web 1. Timeshare laws.
Laws pertaining to property obtained during marriage. Laws regarding tenant—landlord relationships. These boxes contain Internet activities that 4. Rights are claims or demands that government is obligated to enforce, whereas claims that are obtained by threat or force are 2. The three components of property rights are exclusive pos- session, use enjoyment , and disposition.
Rights differ 3. A fixture is defined as an object that formerly was personal from permission in that rights are nonrevocable and permis- property but has converted to real property. Although there sion is revocable. Finally, rights are enduring. They do not end.
Most local government property appraisers or assessors have made their records and maps available today on the Internet. Find the website of your local property appraiser. Select a property of interest to you and see what informa- tion is available for it. Find the property description.
Does the site give the area of the parcel? Is there a map of the parcel? Does the site also provide aerial photos? Assume the market value of the subject site land only is respectively. You estimate that the cost to construct the in the comparable Solutions Three features 1. In addition, you estimate that accrued depreciation on 7.
Checks rable adjusted sale price for approach? Real property Comparables 1, 2,interests and 3? Ownership has a very long history. Two types of easements that are created without a deed, but c.
All real property is bounded by other properties, so with the knowledge of the grantor, are an implied easement Solutions description to errors Concept always matter. Checks and an easement by estoppel. In a normal contract all parties must be legally competent, 1.
Awhereas few examples in a of deedrealonly estatethedecisions grantorthatmustrequire be alegally formal 9. Real property can convey to a new owner without a deed, Thewithout 6. Alladjusted personssale areprice of thetocomparable presumed be informedis:of legal documents ways, or local tax officials determining the appropriate title. A potential undisclosed purchaser may place a higher value on the prop- encumbrances.
Quiet enjoyment, which individuals promises that havenodifferent superior expec- claim property interest are constructive notice and actual notice. The objective of a title search is to construct a chain of title. If the 1. The highest-quality deed is the Although general an investordeed. Although to relinquish willing, ambiguous distances. The oldest form of the three main land descriptions is metes When 3.
However, intestate or by descent. After subtracting the Thus, when using percentage adjustments, the order matters. The following 4. Under theserealcircumstances, estate law textsan offer excellentwould appraiser additional typically Jennings, subject. Real Estate Law, 10th ed. South-Western The reproduction Cengage cost ofLearning, a building Real building today, Estate Law, replicating it in11th exact ed. Real Estate Law, 9th ed. If included, ment cost is the money required to construct a building of Western Cengage an upward Learning, adjustment of the comparable sale price would likely be required, though such an adjust- equal utility.
The reproduction cost estimate is generally ment would be difficult to quantify. Although a similar property in the neighborhood sold Estimating accrued depreciation is generally the most diffi- recently, it is very difficult to measure the impact on value of cult step in the cost approach to valuation because it is very the condition that the property not be sold for three years.
Additional Readings If retained, an upward adjustment would need to be made to functional and external obsolescence. Additional Readings The following books contain expanded examples and discus- sions of real estate valuation and appraisal: Fanning, S. Market Analysis for Real Estate. Chicago: Appraisal Institute, The Appraisal of Real Estate, 14th ed. Chicago: Kane, M. Linne, and J.
Appraisal Institute. Betts, R. Basic Real Estate Appraisal, 6th ed. Florence, Ky: Institute, Lusht, Kenneth L. Real Estate Valuation: Principles and and articles to which interested students Applications. New York: McGraw-Hill, Cengage Learning, Inc. Carr, D. Lawson, and J. Schultz, Jr. Mastering Real Smith, H. Root, and J.
Real Estate can refer for additional information and Appraisal, 3rd ed. Hall, Connect empowers students by continually adapting to deliver precisely what they need, when they need it, and how they need it, so your class time is more engaging and effective. By presenting assignment, assessment, and topical performance results together with a time metric that is easily visible for aggregate or individual results, Connect Insight gives the user the ability to take a just-in-time approach Students can view to teaching and learning, which was never before available.
Over 8 billion questions have been answered, making McGraw-Hill Education products more intelligent, reliable, and precise. Supplements Instructor supplement files for this edition are available in Connect. Sections include: a chapter overview, a listing of chapter concepts, presentation strategies, and presentation outlines that reference the accompanying PowerPoint slides for easy classroom integration. Solutions Manual, prepared by Wayne R. Archer and David C. Ling, University of Florida This manual provides detailed answers to the end-of-chapter problems.
PowerPoint Presentation, prepared by Wayne R. Ling, University of Florida Prepared by the authors, more than full-color slides of images and tables from the text, lecture outlines, and additional examples are available with this product. Acknowledgments We take this opportunity to thank those individuals who helped us prepare this fifth edition of Real Estate Principles.
A special debt of gratitude goes to Dr. Professor Smith has been a long-time mentor and colleague to us both. His book Real Estate and Urban Development Irwin , coau- thored with Tschappat and Racster, significantly influenced our approach to the teaching of real estate principles over the last 30 years.
Many of the ideas first put forth in Real Estate and Urban Development can be found in this text. Our good friend and colleague, Dean Gatzlaff, was to have joined us in the creation of this book, but found it to be infeasible.
We are grateful to him for his substantial contribu- tion in providing initial drafts of Chapters 1, 4, 7 and 8. We would also like to thank Jay Hartzell University of Texas-Austin for providing some of the ideas and material for the revision of Chapter We are grateful to the following individuals for their thoughtful reviews and sugges- tions for this text:.
In addition to the helpful suggestions and detailed reviews we have received from the academic community, we are extremely grateful for the interest, help, and guidance we have received from dozens of industry professionals. Thanks also to the Gainesville, Alachua County Association of Realtors for providing the listing agree- ment in Chapter Wayne W. Wood, retired, for extremely valuable assistance with Jacksonville aerial photo information used in Chapter 5.
Special thanks go to Penny Archer for extensive Internet research leading to many of the photos and material used in the Industry Issues. We would also like to thank our gradu- ate and undergraduate students who provided numerous suggestions and corrections through the first two editions.
We would especially like to thank Dr. Kent Malone, University of Florida, contributed to previous versions of the test bank and has provided numerous help- ful suggestions for improving the content and readability of the text.
Parrish, Realtors all have made special contributions to Chapters 12 and 13 over various editions of the book. Jeff Siegel, local realtor and friend, also contributed to Chapters 12 and Nicholas Kastanias and Ben Scheick contributed significantly to the development of the glossary and to the solutions for the end-of-chapter problems.
We are confident that users of the book will find these ancillary materials to be first rate. The Nature of Real Estate and Real Estate Markets Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
Wealth developed land, federal land, forest land. Immobile Products Localized Markets 5 Discuss the primary ways that real estate Segmented Markets Privately Negotiated Transactions with High markets are different from the markets for Transaction Costs assets that trade in well-developed public markets.
Introduction Real estate is the single largest component of wealth in our society. Because of its magni- tude, it plays a key role in shaping the economic condition of individuals, families, and firms.
Changes in the value of real estate can dramatically affect the wealth of businesses and their capacity to grow. The adequacy of the housing stock, as well as the public infrastructure, including roads, bridges, dams, airports, schools, and parks, all affect the quality of life in a region.
It is not surprising that real estate has been at the center of many regional disputes. It has been, and continues to be, a vital resource. The prominence of real estate means that decisions about it also are important. For the individual, the firm, and the region, better decisions about the creation and use of real estate assets will bring greater productivity, greater wealth, and a better set of choices for life.
This book is about making informed decisions concerning real estate. These decisions, which we refer to as investment decisions, involve comparing the resulting value of an action with its immediate cost. If the value exceeds the cost, the action should be pursued. The breadth and impor- tance of these investment decisions in real estate are hard to overstate.
As a beginning, we first look at the different uses of the term real estate. The chapter finishes with a discussion of the real estate market, its participants, and the characteristics that make real estate assets unique.
Real Estate: Some Basic Definitions It is important at the outset that we define the term real estate, as well as some closely related terms used throughout this book. When people think of real estate, they often think of the homes in their community or the business of buying and selling houses. The success of qualified and professional resources, the development of new approaches and methodologies in the real estate have already provided positive results, in terms of better quality offer of the proprieties.
In a fully evolved market, in fact, the adherence by professionals to a specific code of conduct and the spread of shared procedures acknowledged as standards, represent a guarantee for quality. The experts must be able to compete on international markets in the field of technical and of economic management of existing buildings and urban environments.
The main scope of this text is to provide methods and tools to be used for technical-economic evaluation on purchase or managing and valorize of building and property.
In particular, it is addressed to those profiles in the real estate market and to the students that aim at a potential employment gravitating around the economic-financial management. This scope is achieved through formative procedures that include the description of the main processes and instruments that characterized the real estate operations worldwide. The main methodologies refer to the ones adopted by the operators of this sector and to the most common texts that include scientific publications, rule and codes widespread on a national and international scale.
This book presents a new way of thinking about, teaching, learning, and practicing real estate development. Real Estate Development Matrix describes the process in a two-dimensional model and presents seven Development Stages which form the horizontal axis, and eight sets of Development Tasks which form the vertical axis to define a cell matrix.
In each cell, money is spent and risks are taken to achieve certain tasks and thereby create or destroy value. This holistic process considers the entire life cycle of real estate from its "green field" inception to its "brown field" state. The book is written by a real estate developer and academic, and the presented material is conceptual, practical, and non-technical.
Jargon has been minimized as much as possible as the author introduces an entirely new model for real estate development that is both academically authoritative and developed in practice. It is aimed at a general professional audience participating in the development process, but equally the book is ideal for use as a textbook in undergraduate and graduate courses in real estate development, and an excellent supplemental text for business courses discussing real estate finance and investment.
It may also be used as a textbook for professional courses, workshops, or seminars in real estate development. This handbook equips academics, practitioners, and students with an understanding of the cutting-edge developments and applications of emerging blockchain technology.
Covering the basic concepts while showcasing practical applications in intricate real-world situations, readers benefit from a useful balance of detailed and user-friendly coverage. Whether the prospective buyer is a farmer or rancher looking to expand operations, a sportsman seeking to preserve habitat for wildlife, or a nature enthusiast trying to conserve native flora and fauna, acquiring rural land can be a rollercoaster of exciting and stressful experiences.
Gilliland demonstrates that buyers can and should arm themselves with knowledge—of the land-buying process, of the potential problems involved, and of the resources available to them—to ensure a successful and satisfying outcome.
In this practical guide, Gilliland outlines four phases of buying rural land: identifying what you want, in terms of both land and property rights; locating a suitable property; valuing the property; and completing the transaction. Incorporating real life examples from a career spent in land sales, Gilliland takes readers step-by-step through the process, also providing checklists, maps, professional tips, and information about how to tap additional sources of information and advice.
With the knowledge gained from Buying Rural Land in Texas, new landowners will find themselves not at the end of a journey but at the beginning, as they learn to manage their land and to deliver it intact to future generations.
Including innovative applications of advanced technologies, it offers a uniquely comprehensive, multidisciplinary and interdisciplinary overview of the latest developments in a broad range of technologies and methodologies, viewed through the prism of computing, networking, information technology, robotics, complex systems, communications, energy, mechanical engineering, economics and medicine, among others.
This book focuses on computational modeling and simulation research that advances the current state-of-the-art regarding human factors in this area. It reports on cutting-edge simulators such as virtual and augmented reality, on multisensory environments, and on modeling and simulation methods used in various applications, including surgery, military operations, occupational safety, sports training, education, transportation and robotics.
Based on the AHFE International Conference on Human Factors in Simulation and Modeling, held on July 21—25, , in Orlando, Florida, USA, the book serves as a timely reference guide for researchers and practitioners developing new modeling and simulation tools for analyzing or improving human performance. It also offers a unique resource for modelers seeking insights into human factors research and more feasible and reliable computational tools to foster advances in this exciting research field.
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