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Chapter 1

Chapter 1. The Market for Real Estate Knowledge. Real Estate - land and things attached to it. The real estate body of knowledge consists of four broad collections of concepts: legal analysis concepts market analysis concepts real estate service industry concepts

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Chapter 1

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  1. Chapter 1 The Market for Real Estate Knowledge

  2. Real Estate - land and things attached to it • 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.

  3. Legal analysis concepts include: • property rights • restrictions on property rights (public and private) • deeds • leases • contracts • title transfer issues

  4. Market analysis concepts include: • real estate market dynamics • real estate space market • real estate asset market • real estate development industry • urban growth models

  5. Real estate service industry concepts include: • real estate brokerage • real estate appraisal • property management

  6. Financial and investment analysis concepts include: • financing methods • time value of money concepts • mortgage mechanics • investment property analysis • development project analysis

  7. Market Model for Real Estate Knowledge • What is a market? • What is demand? • What is supply? • Where do supply and demand come from? • How do supply and demand interact? • Principle of supply and demand applied to the market for real estate knowledge

  8. Figure 1.1

  9. Industry Trends and Statistics • Figure 1.2 on page 7 shows number of individuals employed in the real estate industry from 1972 though 2001 • Table 1.1 on page 8 shows typical earnings for brokers, salespersons, appraisers, title examiners, and property managers in 1998 and 1999.

  10. Figure 1.2

  11. Table 1.1

  12. End of Chapter 1

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