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Chapter 1The Market for Real Estate Knowledge
The real estate body of knowledge consists of four broad collections of concepts:
Legal analysis conceptsMarket analysis conceptsReal estate service industry conceptsFinancial and investment analysis concepts
Introduction to Real Estate Decision MakingAn 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 decisionsOrganization of the book
Special Characteristics of Real Estate:Fixed locationUniqueness or heterogenietyInterdependence of land useLong lifeLong-term commitmentLarge transactionsLong gestation period
Economic Importance of Real Estate:Land and structures make up two-thirds of the
nation’s wealth.
Real Estate Industry: Careers in the Private Sector:Real Estate Brokerage
National Association of REALTORSBrokerage 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 financeReal estate appraisalCounseling Development and constructionAsset managementLand-use planning
Real Estate Industry: Careers in the Public SectorAcquisition of propertyReal property taxationLand-use planningLand use and housing policy