Real Estate FAQ

You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents (IEA). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.

Most residential real estate offers come with the contingency of getting satisfactory inspections. This remains true even with "as-is" real estate deals.

Throughout the process of showing clients houses, the agent discusses not many things about the property itself. Because the agent must be aware of the neighborhood the property is in, they often use their knowledge of the landscape to further convince clients as to why they should make the investment. Some main points discussed are, distance from the nearest shopping, size of the rooms, and various features of the house. Such things as, the fireplace, pools, the size of the garage and even the gardens are discussed when overviewing the

As seen in Chapter 15 of Real Estate Principles by Charles J. Jacobus, property tax is a large source of income for local governments. When property taxes are not paid, a lien is placed on the property. If property taxes are not paid, this gives the government the right to seize the property. This is currently happening to Bill Davies, a developer from Chicago, Illinois.

(3) How would you evaluate the Revere Street property? What are the risks and rewards, financials, and renovation issues;

A closer scrutiny of the market was done by pulling three sales of homes closely comparable to the subject in terms of overall quality grade and the size of above grade living area (see County sales grid). The comps were sold in the range of $770,000 to $900,000. The subject is relatively inferior to comp #1 in terms of size of above grade living area and superior to comp #2 in terms of overall quality grade.

For this assignment, I selected a property located in Kill Devil Hills, NC. Built in 1996, this one-story building is used for commercial purposes for a rental and cleaning company, and it combines the functions of an office and a storage-warehouse. The types of office activities carried out in the building include organizing and scheduling deliveries and pickups, preparing reports, ordering supplies, answering the phones and communication with customers. The storage-warehouse operations include organizing the cleaning supplies and rental products and

Supply and demand play a major role in the value of real estate. The forces behind supply and demand include physical, economic, political, sociological, and location issues. The location of the subject property within St. Johns provides many positives with respect to value. First, the proximity to local highways not only provides for ingress and egress, but gives the subject neighborhood exposure to potential tenants or clients. It provides a quick means of transportation for employees or customers. Second, the location of St. Johns in proximity to Lansing and the rest of Michigan is an advantage. This proximity provides additional workforce, complementary businesses, and suppliers.

The real estate division was estimated to have a fair value of $13,890,000. This was determined by totaling the number of lots expected to sell within the next four years and multiplying it by the price per lot of $180,000. After determining total lot sales, a 20% discount rate was applied as suggested by current market conditions. Given the unique nature of the real estate development, it is not believed that there are any comparable developments to find a market multiple.

The cited comparables are similar in overall quality of constriction. They are newer homes, no age adjustment was required due to the extensive renovation of the subject property; the effective age of the subject and the comparables is similar. Comparables #1 and #2 are are most similar in overall condition, like the subject property, they had interior renovations. Comparable #3 is located in Whispering Pines neighborehood. Some floor converings and light fixtures have been replaced in comparable #3; however, this home is still inferior in overall condition. Comparables #1 and #2 are located in competing neighborhoods. Comparable #1 like the subject has a driveway only. This home has an open patio. Comparable #2 has a covered and an open deck,

With the permission of the seller, Broker A submits a listing to MLS inviting cooperating brokers to help find a buyer. This is an offer of:

So how would you locate the right property that you're searching for? Booking your vacation ought to be a pleasurable affair yet there are innumerable entrances that at first look require some kind of degree to contract down your pursuit criteria, then once you have found the forested areas for the trees,

as well as the mechanics of commercial real estate leasing. The asset types we will consider

A difficult characteristic to understand about the housing market is how a price is given for a particular house. That price will be designated to that particular house alone. All houses have various pricing, so I can’t always assume that one will cost more or less than any other. The pricing for houses vary based on their characteristics. Each characteristic must be analyzed to determine its contribution or detraction toward the price. I have taken some of these characteristics and modeled the relationship between them and the price of real estate for a specific area.

“Marketing is not a function; it is a way of doing business . . . marketing has to be all pervasive, part of everyone's job description, from the receptionist to the board of directors.”