Real Estate

ISBN-10: 0324143796

ISBN-13: 9780324143799

Edition: 13th 2002 (Revised)

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Description: This book is written and designed for anyone seeking a clear understanding of the many decisions involved in real estate. The intent is to create a mind set that will make it easier for the reader to understand the world of real estate, and how change and real estate values interact. The material is in four major parts covering important components of the decision-making process: value analysis; market dynamics and property development; finance; and law and brokerage. This edition makes Real Estate the longest continuously published book in real estate.

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Book details

List price: $174.95
Edition: 13th
Copyright year: 2002
Publisher: OnCourse Learning
Publication date: 6/5/2001
Binding: Hardcover
Pages: 732
Size: 8.75" wide x 10.75" long x 1.50" tall
Weight: 3.652
Language: English

Preface
Acknowledgments
Value Analysis
Introduction
Real Estate and the Economy
Real Property Characteristics
Topics Covered in This Book
Summary
Glossary
Questions for Review and Discussion
Investment Environment
The Decision-Making Cycle
Market Participants
Determinants of Real Estate Investment Spending
Micro Demand for Real Estate
Summary
Glossary
Questions for Review and Discussion
Problems
Basic Valuation Concepts
Measuring Cash Return on Investment
Analyzing Cash Returns
Measuring Cash Proceeds Due On Sale
Price Appreciation and Efficient Real Estate Markets: A Digression
Present Worth or Discounted Value
Future Property Values
Summary
Glossary
Questions for Review and Discussion
Problems
Risk and Return in Real Estate
Nature of the Problem
Specific Types of Risks
How Risk Affects Individual Properties
How Risky Is Real Estate?
Relationship Between Risk and Return
How Diversification Can Reduce Real Estate Risk
Summary
Glossary
Questions for Review and Discussion
Problems
Federal Taxes Affecting Real Estate
Tax Basics
Acquisition Phase
Administrative/Operations Phase
Summary
Glossary
Questions for Review and Discussion
Problems
Mechanics of Fixed-Rate Mortgage Financing
Loan Terminology and Basic Financial Concepts
Calculating Debt-Service Payments
Compounding or Discounting More Than Once a Year
Outstanding Loan Balance
Interest Calculations
Loan Amortization Schedule
Points and Fees
Borrowing Costs and Mortgage Choice
Summary
Glossary
Questions for Review and Discussion
Problems
Investment Analysis
Why Invest in Real Estate?
Rational Investor Versus Economic-Being Assumption
How Do Different Property Types Stack Up?
How Specific Investments Are Analyzed
Net Present Value Analysis for Douglas Manor Apartments--An Example
Process Used To Determine After-Tax Cash Flow and After-Tax Equity Reversion
Net Present Value
Internal Rate of Return
Negotiation and Rate of Return
A Caution About Being Too Optimistic
A Caution About Relying Too Heavily on Internal Rate of Return Analysis
Summary
Glossary
Questions for Review and Discussion
Problems
Administrative and Property Management Issues
Management Considerations
Management Requirements by Property Type
Property Tax Appeal
Hazard Insurance
Summary
Glossary
Questions for Review and Discussion
Problems
Disposition or Alienation Decisions
A Look at Ordinary Disposition Decisions
Other Disinvestment Strategies
Dealing with Distressed Properties
Summary
Glossary
Questions for Review and Discussion
Problems
Appraisal
Overview of the Appraisal Process
The Need for Market Value Estimates
The Nature of Value
The Appraisal Process
Making a Survey and Plan
Principles of Appraising
Organizing and Performing an Appraisal of a Regional Shopping Center--An Example
Summary
Glossary
Questions for Review and Discussion
Problems
Income-Property Analysis and Appraisal
How Income Properties Are Valued
Relationship Between Discount Rates and Capitalization Rates
Deriving the Capitalization Rate
Limitations of Direct Capitalization
Gross Income Multiplier Technique
Limitations of the GIM Technique
Summary
Glossary
Questions for Review and Discussion
Problems
Appraising for Single-Family Properties
Direct Sales-Comparison Approach
Cost Approach to Value
Reconciliation
Summary
Glossary
Questions for Review and Discussion
Problems
Advanced Appraisal Topics
The Concept of Highest-and-Best Use
Valuing Leasehold Interests
Summary
Glossary
Questions for Review and Discussion
Problems
Property Development
Property Development Process
History and Economics of Property Development
Stages of the Development Process
Role of the Lender
Development Policy Issues
Summary
Glossary
Questions for Review and Discussion
Analysis for Property Development
Site Selection and Analysis
Improvement Analysis
Analysis for Property Development
Risk Analysis
Summary
Glossary
Questions for Review and Discussion
Problems
Land Development
The Land Development Process
Site Analysis
Locational Obsolescence
A Site-Evaluation Checklist
What Is Plottage Value?
Land Development Financing
Summary
Glossary
Questions for Review and Discussion
Problems
Advanced Property Development Issues
Intensity-of-Use--The Case of an Office Building
The Building-Envelope Calculation
Analysis for Redevelopment or Modernization
Redevelopment Versus Renovation
Inherent Risks in Renovating a Property
Summary
Glossary
Questions for Review and Discussion
Problems
Spatial Economics
Spatial Economics and Urban Area Structure
Urban Area Structure
Why Do Urban Areas Grow?
Rent Theory and Urban Structure
Example: The Trade-Off Between Land Rent and Distance to the City
Summary
Glossary
Questions for Review and Discussion
Problems
More About Urban Area Structure and Real Estate Markets
Types of Real Estate Markets
Market Characteristics
Factors of Supply and Demand
Real Estate Market Functions
Real Estate Market Operations
Local Real Estate Market Indicators
Summary
Glossary
Questions for Review and Discussion
Real Estate Market and Feasibility Analysis
The Study Framework
Estimating Potential Market Demand for Retail Uses--An Example
Estimating Market Demand for Office Uses--A More Difficult Example
Projecting Population for Milwaukee County--A Third Example
Feasibility Analysis
Summary
Glossary
Questions for Review and Discussion
Problems
Real Estate Finance
Debt and Equity Financing of Real Estate
Equity Financing
Debt Financing
Land-Contract Financing
Financial Leverage
Measuring the Impact of Financial Leverage on the Internal Rate of Return
Summary
Glossary
Questions for Review and Discussion
Problems
Real Estate Investment Trusts
How REITs Operate
REIT Dividend Income
How REITs are Valued
Understanding Umbrella Partnership REITs
Down-REIT Structures
Paper Shares and Paper Clips
Wholly-Owned Subsidiaries
Factors that Influence REIT Value
Real Estate Operating Companies
Summary
Glossary
Questions for Review and Discussion
Problems
Financing Homeownership
Determining Housing Affordability
Federal Tax Laws and Homeownership
Rent or Buy?
How Houses Are Financed
Housing Affordability and Loan Repayment Plans
Summary
Glossary
Questions for Review and Discussion
Problems
Mortgage Underwriting
Applying for a Loan
Loan Documents
The Debt-Financing Process
Provisions of Mortgages and Trust Deeds
Lender Risks
Lender Procedures and Commitments
Federal Laws Affecting Lending
Summary
Glossary
Questions for Review and Discussion
Problems
Mortgage Securitization
Secondary Lenders
Mortgage-Backed Securities
Collateralized Mortgage Obligations
Securitization of Commercial Mortgages
Summary
Glossary
Questions for Review and Discussion
Problems
Law and Brokerage
Property Descriptions and Public Records
What Is Real Property?
Legal Descriptions of Real Property
Public Records
Summary
Glossary
Questions for Review and Discussion
Problems
Real Property Rights and Interests
Freehold Ownership Interests
Owning Real Estate by Business Organizations
Encumbrances to Ownership
Summary
Glossary
Questions for Review and Discussion
Problems
Leasing and Lease Analysis
Creating a Valid Lease
Typical Lease Clauses
Termination of Leases
Tenant Unions
Summary
Glossary
Questions for Review and Discussion
Problems
Governmental Limitations to Ownership
Police Power
Eminent Domain
Taxation and Special Assessments
Summary
Glossary
Questions for Review and Discussion
Problems
The Investor-Broker Relationship
The Law of Agency
Listing Agreements
Critical Issues in the Listing Arrangement
Selecting a Broker
Summary
Glossary
Questions for Review and Discussion
Problems
Brokerage Operations and Practices
The Brokerage Function
The Listing Process
Selling the Listed Property
Advertising Real Estate
Brokerage Trends
Summary
Glossary
Questions for Review and Discussion
Contracts for the Purchase and Sale of Real Estate
Essentials of a Valid Real Estate Contract
Types of Sales Contracts
Components of an Earnest Money Contract
Remedies for Nonperformance
Escrow Arrangements
Summary
Glossary
Questions for Review and Discussion
Problems
Title Assurances and Title Transfer
Methods of Transferring Title
Title Evidence
Deeds
Essentials of a Valid Deed
Summary
Glossary
Questions for Review and Discussion
Problems
Title Closing
Preliminaries for Closing
Elements of Closing Costs
Closing-Statement Entries and Prorations
Escrow Closing
Title Conveyance
Real Estate Settlement Procedures Act (RESPA)
Summary
Glossary
Questions for Review and Discussion
Problems
Time Value of Money
Compounding or Future Value
Discounting or Present Value
Time Value of Money Factors
Principal Recovery Factor
Time Value of Money Tables
Index
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