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Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 14: The Real Estate Business
2 ©2012 Kaplan, Inc. 14The Real Estate Business Learning objectives –Identify various careers available in real estate, and professional organizations that support them –Describe five categories of real property –Explain operation of supply and demand in the real estate market –Explain economic, political, and social factors that influence supply and demand –Distinguish types of insurance and coverages –Define key terms
14The Real Estate Business A business of many specializations –Brokerage –Appraisal –Property management –Financing –Subdivision and development –Home inspection –Counseling –Education 3 ©2012 Kaplan, Inc.
14The Real Estate Business Professional organizations National Association of Realtors ® (NAR) –Affiliated institutes, societies, and councils National Association of Real Estate Brokers Other professional associations 4 ©2012 Kaplan, Inc.
14The Real Estate Business Types of real property –Residential –Commercial –Mixed-use –Industrial –Agricultural –Special purpose 5 ©2012 Kaplan, Inc.
14The Real Estate Business The real estate market –Supply and demand –Factors affecting supply Labor force and construction costs Government controls and fiscal policies –Factors affecting demand Population Demographics Employment and wage levels 6 ©2012 Kaplan, Inc.
Home Ownership A variety of housing types are available under the general heading of “home ownership,” including single-family, small multifamily residences, and highrise condos.
14 The Real Estate Business Types of housing –Single-family home –Apartment complex –Condominium –Cooperative –Planned unit development (PUD) –Converted-use properties –Retirement community –Factory-built homes 8 ©2012 Kaplan, Inc.
14 The Real Estate Business Types of housing –Highrise development –Converted-use property –Manufactured housing –Modular homes –Time-share 9 ©2012 Kaplan, Inc.
14 The Real Estate Business Housing affordability –Mortgage terms –Ownership expenses and ability to pay Housing costs: 28 percent of gross monthly income Total debt: 36 percent of gross monthly income –Investment considerations –Tax benefits Capital gains exclusion Tax deductions 10 ©2012 Kaplan, Inc.
14 The Real Estate Business Homeowners’ insurance –Coverage and claims –Broad-form policies –Liability –Coinsurance clause –Comprehensive Loss Underwriting Exchange (CLUE report) 11 ©2012 Kaplan, Inc.
14 The Real Estate Business Flood insurance –Administered by Federal Emergency Management Agency (FEMA) –Elevation certificate –Special Flood Hazard Areas (SFHAs) –What’s covered and what is not –Advance purchase required Mine subsidence insurance (MDI) 12 ©2012 Kaplan, Inc.
Chapter 3 Concepts of Home Ownership A variety of housing types are available under the general heading of home ownership: single family, small multifamily.
“Criticizing another’s garden doesn’t keep the weeds out of our own” Chapter 3 Concepts of Home Ownership.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 3: Concepts of Home Ownership ©2014 Kaplan, Inc.
Modern Real Estate Practice in Illinois Chapter 3: Concepts of Home Ownership.
Chapter 1 Introduction to the Real Estate Business The real estate business is more than just houses. As this chapter says, “Real estate is big business,”
Concepts of Home Ownership. Types of Housing Apartments Apartments Condominiums Condominiums Cooperative Cooperative PUD’s – Planned Unit Developments.
CHAPTER 3 Objectives Be able to discuss reasons for home ownership. List types of housing available Identify tax benefits of home ownership Identify.
Modern Real Estate Practice 18th Edition. Chapter 1 Introduction to the Real Estate Business The real estate business is more than just houses. As this.
©2014 Kaplan, Inc. Modern Real Estate Practice in Illinois Eighth Edition Chapter 1: Introduction to the Real Estate Business.
CHAPTER SEVEN SINGLE FAMILY HOUSING: PRICING, INVESTMENTS, AND TAX INVESTMENTS.
SINGLE FAMILY HOUSING: PRICING, INVESTMENTS, AND TAX INVESTMENTS OBJECTIVES Analysis of Investment Property Tax and Depreciation Effects Appraisals Income.
The real estate business is more than just houses. As this chapter says, “Real estate is big business,” and includes commercial properties, condominiums,
Name and describe the activities involved in at least seven areas of real estate specialization. Explain why there is specialization in the real estate.
©OnCourse Learning. All Rights Reserved.. Issues in Home Ownership ©OnCourse Learning. All Rights Reserved. Chapter 5.
Real Estate Investment Chapter 8 Single-Family Dwellings and Condominiums © 2011 Cengage Learning.
Chapter 1 Slide 1 Copyright – David A. McGowan All rights reserved. Revised REAL ESTATE TRANSACTIONS Pre-license 45 Hour Course.
Introduction to Business © Thomson South-Western ChapterChapter Savings and Investment Strategies Saving and investment planning Stock.
1.9.3.G1 © Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home Funded by a grant from Take Charge America,
© 2012 Cengage Learning. Residential Mortgage Lending: Principles and Practices, 6e Chapter 3 Role of Residential Mortgage Lending in the Economy.
Evaluating Housing Alternatives Section Understanding Business and Personal Law Evaluating Housing Alternatives Section 34.1 Buying a Home Section.
The Farm and Food System Chapter 2. Agriculture’s Role in US Economy What do you consider Agriculture? Agriculture includes: Family Farms Corporate Farms.
Chapter 22 Closing the Real Estate Transaction Some closings are face-to-face, and some are conducted through escrow. But in all cases, once again, it’s.
Chapter 17 Property Management A property manager is also a people manager and relationships are important. This manager may be checking a property’s plans.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 18: Property Management ©2014 Kaplan, Inc.
Financing Residential Real Estate Lesson 1: Finance and Investment.
Chapter 1 Role of Finance © 2000 John Wiley & Sons, Inc.
CHAPTER 15 HOME PURCHASE DECISIONS This chapter explores a variety of issues surrounding the decision to buy a house. In particular, we examine the rent.
Real Estate Principles and Practices Chapter 16 Investment and Tax Aspects of Ownership © 2010 by South-Western, Cengage Learning.
19-4. Selecting a house Real estate- Land and anything attached to it. Mobile home Cheaper than buying a house Usually in a park with other mobile.
Chapter 07: Single Family Housing: Pricing, Investment, and Tax Considerations McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All.
REAL ESTATE ECONOMICS AND VALUE Chapter 5. CHAPTER TERMS AND CONCEPTS Agents of production Amenities Demand Demography Economic forces Fiscal policy Gross.
Real Estate Principles and Practices Chapter 16 Investment and Tax Aspects of Ownership © 2014 OnCourse Learning.
Real Estate Economics & Value Basic Real Estate Appraisal: Principles & Procedures – 9 th Edition © 2015 OnCourse Learning Chapter 5.
Real Estate Principles and Practices Chapter 1 Real Estate and the Economy © 2014 OnCourse Learning.
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE Chapter 19 1 CHAPTER Saving and investment planning Stock investments.
Real Estate Principles and Practices Chapter 1 Real Estate and the Economy © 2010 by South-Western, Cengage Learning.
George Penfold Regional Innovation Chair Selkirk College.
© 2010 by Cengage Learning Chapter 27/ Chapter 25 ________________ Investing in Real Estate.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 1: Real Property and the Law 1.
© 2010 by Cengage Learning Chapter 26 _______________ Real Estate and the Economy.
© OnCourse Learning Chapter 27 : Investing in Real Estate.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 2: Land-Use Controls and Property Development.
Why Study Real Estate ? Many occupational opportunities Broker / Agent / Property Mgmt Banks / Mortgage Lender / Title Insurer Home Inspector / Appraiser.
Chapter 8 Forms of Real Estate Ownership Many people visualize single-family homes when they think of real estate ownership but the same issues apply to.
© 2005 The McGraw-Hill Companies, Inc., All Rights Reserved McGraw-Hill/Irwin Slide 1 CHAPTER EIGHT UNDERWRITING AND FINANCING RESIDENTIAL PROPERTIES.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 21: Appraising Real Estate.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 12: Principles of Real Estate Financing.
Paying Taxes © 2010 Pearson Education, Inc. All rights reserved Chapter 6.
UNDERWRITING AND FINANCING RESIDENTIAL PROPERTIES Chapter Objectives UNDERWRITING AND FINANCING RESIDENTIAL PROPERTIES Chapter Objectives Differentiate.
APPRAISING SPECIAL OWNERSHIPS AND INTERESTS Chapter 17.
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