1. 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

2. 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.

3. Role of real estate studies in business education: Personal and business-related decisions Organization of the book

4. Special Characteristics of Real Estate: Fixed location Uniqueness or heterogeniety Interdependence of land use Long life Long-term commitment Large transactions Long gestation period

5. Economic Importance of Real Estate: Land and structures make up two-thirds of the nation’s wealth.

6. 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

7. (Careers in the Private Sector con’t) Real estate finance Real estate appraisal Counseling Development and construction Asset management Land-use planning

8. Real Estate Industry: Careers in the Public Sector Acquisition of property Real property taxation Land-use planning Land use and housing policy