Chapter 1 The Market for Real Estate Knowledge
- Slides: 8
Chapter 1 The Market for Real Estate Knowledge The real estate body of knowledge consists of four broad collections of concepts: � Legal analysis concepts �Market analysis concepts �Real estate service industry concepts �Financial and investment analysis concepts
Introduction to Real Estate Decision Making �An understanding of the dynamics of real estate leads to sound decision making. The objectives of this chapter are to convey the importance of real estate in the nation’s economy, to examine the characteristics of real estate that differentiate it from other investments, and to introduce the variety of careers available in in the real estate industry.
Role of real estate studies in business education: �Personal and business-related decisions �Organization of the book
Special Characteristics of Real Estate: �Fixed location �Uniqueness or heterogeniety �Interdependence of land use �Long life �Long-term commitment �Large transactions �Long gestation period
Economic Importance of Real Estate: �Land structures make up two-thirds of the nation’s wealth.
Real Estate Industry: Careers in the Private Sector: �Real Estate Brokerage �National Association of REALTORS �Brokerage Specialties � Owner occupied residential � Renter-occupied residential � Commercial � Industrial �Farm and other open land �Property management
(Careers in the Private Sector con’t) �Real estate finance �Real estate appraisal �Counseling �Development and construction �Asset management �Land-use planning
Real Estate Industry: Careers in the Public Sector �Acquisition of property �Real property taxation �Land-use planning �Land use and housing policy
