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    Chapter 01 Outline

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    This chapter introduces the real estate business and its various specializations, including brokerage, appraisal, property management, financing, development, home inspection, counseling, and education. It discusses the major professional real estate organizations and the types of real property. It also provides an overview of the real estate market, noting that prices are determined by supply and demand which are influenced by factors such as population, demographics, employment, and government policies.

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    Chapter 01 Outline

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    myname1015
    89 views3 pages
    This chapter introduces the real estate business and its various specializations, including brokerage, appraisal, property management, financing, development, home inspection, counseling, and education. It discusses the major professional real estate organizations and the types of real property. It also provides an overview of the real estate market, noting that prices are determined by supply and demand which are influenced by factors such as population, demographics, employment, and government policies.

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    Modern Real Estate Practice, 18th Edition

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    This chapter introduces the real estate business and its various specializations, including brokerage, appraisal, property management, financing, development, home inspection, counseling, and education. It discusses the major professional real estate organizations and the types of real property. It also provides an overview of the real estate market, noting that prices are determined by supply and demand which are influenced by factors such as population, demographics, employment, and government policies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    89 views3 pages

    Chapter 01 Outline

    Uploaded by

    myname1015
    This chapter introduces the real estate business and its various specializations, including brokerage, appraisal, property management, financing, development, home inspection, counseling, and education. It discusses the major professional real estate organizations and the types of real property. It also provides an overview of the real estate market, noting that prices are determined by supply and demand which are influenced by factors such as population, demographics, employment, and government policies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 3

    Modern Real Estate Practice, 18th Edition

    Chapter 1 Introduction to the Real Estate Business


    LECTURE OUTLINE:
    I. The Real Estate BusinessA big business with complex transactions and millions of people involved Real Estate Specialization A. Brokeragethe business of bringing people together in a real estate transaction (discussed in detail in Chapter 5) Appraisalthe process of estimating the market value of real property (discussed in detail in Chapter 18) Property managementthe business of managing real estate to protect the owner's investment and maximize the owner's return (discussed in detail in Chapter 17) Financingthe business of arranging for or providing funds for real estate transactions (discussed in detail in Chapters 14 and 15) Subdivision and developmentthe activities of dividing a large parcel of real estate into smaller ones and constructing improvements on the land (discussed in detail in Chapter 19) Home inspectionthe activities involved in conducting a visual survey of a propertys site conditions, structure, and systems, and preparing an analytical report useful to both buyers and homeowners (discussed in detail in chapter 21) Counselingthe activity of providing clients with competent and independent information and advice to assist in their real estate investment decisions Educationthe provision of real estate education opportunities to both practitioners and consumers Otherssettings in which real estate expertise is required, such as the practice of law, corporations with extensive land holdings, and government agencies

    II.

    B.

    C.

    D.

    E.

    F.

    G.

    H.

    I.

    III.

    Professional Organizations A. National Association of REALTORS (NAR) Largest trade organization, comprises state, regional, and local associations

    2010 by Kaplan, Inc.

    Modern Real Estate Practice, 18th Edition

    B. C. D. E. F. G. H. I. J. IV.

    National Association of Real Estate Brokers (NAREB) American Society of Appraisers (ASA) National Association of Independent Fee Appraisers (NAIFA) Real Estate Educators Association (REEA) Real Estate Buyer's Agent Council (REBAC) National Association of Exclusive Buyer's Agents (NAEBA) Building Owners and Managers Association (BOMA) Certified Commercial Investment Managers (CCIM) American Society of Home Inspectors (ASHI)

    Types of Real Property A. Residentialsingle-family dwellings, duplexes and double houses, triplexes, fourplexes, apartments, townhouses, condominiums, mobile homes, manufactured housing, modular housing, and real estate used for specific residential purposes such as retirement homes, vacation property, and others common in different parts of the country Commercialoffice buildings, retail stores and shopping centers, and other specialized facilities such as marinas, air parks, and certain mixed-use properties Industrialfactories, industrial parks, warehouses, and power plants Mixed-usehighrise residential properties with stores on the lowest level or levels Agriculturalfarms, ranches, orchards, vineyards, feedlots, hatcheries, and timberland Special purposechurches, schools, cemeteries, government-owned property Markets for each type of property have three main functions 1. 2. Buyingwhere purchasers select from properties that are for sale Sellingwhere ownership is transferred from seller to buyer

    B.

    C. D.

    E.

    F. G.

    2010 by Kaplan, Inc.

    Modern Real Estate Practice, 18th Edition 3. Leasingwhere rights to occupy and enjoy a designated portion of the real estate are transferred from the landlord to the tenant for a certain period of time

    H. V.

    In Practice: Specialization within real estate firms

    The Real Estate Market A. B. Marketspecific place or economic system where goods are bought and sold Supply and demandthe economic forces that set prices for products. 1. Characteristics of real estate affecting supply and demand are a. uniqueness, b. immobility, and c. effect of natural disasters or changes in financial markets or local events. Prices will generally drop as supply increases relative to demand. Prices will generally rise as demand increases relative to supply.

    2. 3. C.

    Factors affecting supply: 1. 2. 3. 4. Labor force Construction and material costs Government controls at all levels Government financial policies

    D.

    Factors affecting demand: 1. 2. 3. Population Demographicsthe make-up of the population including mobility, financial stability, and size and nature of family unit Employment and wage levelswhere and how money is spent; perceived job security

    2010 by Kaplan, Inc.

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