Chapter 1 The Market for Real Estate Knowledge.  The real estate body of knowledge consists of four broad collections of concepts: legal analysis concepts.

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Presentation transcript:

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. Real Estate - land and things attached to it

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

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

 real estate brokerage  real estate appraisal  property management Real estate service industry concepts include:

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

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

Figure 1.1

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.

Figure 1.2

Table 1.1

End of Chapter 1

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