| Preface |
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viii | |
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1 | (17) |
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1 The Nature of Real Estate and Real Estate Markets |
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1 | (17) |
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1 | (1) |
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Real Estate: Some Basic Definitions |
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2 | (3) |
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Real Estate: A Tangible Asset |
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2 | (2) |
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Real Estate: A Bundle of Rights |
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4 | (1) |
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Real Estate: An Industry and Profession |
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5 | (1) |
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Real Estate and the Economy |
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5 | (2) |
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Land Use in the United States |
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6 | (1) |
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Real Estate and U.S. Wealth |
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6 | (1) |
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Real Estate Markets and Participants |
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7 | (6) |
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User, Capital, and Property Markets |
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9 | (1) |
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10 | (1) |
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The Interaction of Three Value-Determining Sectors |
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11 | (1) |
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The Production of Real Estate Assets |
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11 | (2) |
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Characteristics of Real Estate Markets |
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13 | (2) |
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13 | (1) |
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13 | (1) |
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13 | (1) |
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14 | (1) |
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Privately Negotiated Transactions with High Transaction Costs |
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14 | (1) |
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15 | (3) |
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Part 2 LEGAL AND REGULATORY DETERMINANTS OF VALUE |
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18 | (81) |
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2 Legal Foundations to Value |
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18 | (27) |
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19 | (1) |
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19 | (4) |
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19 | (3) |
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Real Property and Personal Property: The Problem of Fixtures |
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22 | (1) |
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The Real Property Bundle of Rights |
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23 | (9) |
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Possessory Interests (Estates) |
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24 | |
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21 | (11) |
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32 | (7) |
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Indirect Co-Ownership through a Single Entity |
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33 | (1) |
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33 | (5) |
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38 | (1) |
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39 | (2) |
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Rights to Oil, Gas, and Minerals |
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41 | (1) |
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41 | (4) |
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Web Appendix: Property Rights Relating to Water |
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3 Conveying Real Property Interests |
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45 | (24) |
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46 | (1) |
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46 | (4) |
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47 | (2) |
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49 | (1) |
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Modes of Conveyance of Real Property |
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50 | (4) |
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Voluntary Conveyance by a Deed |
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51 | (1) |
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Involuntary Conveyance by a Deed |
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51 | (1) |
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Voluntary Conveyance without a Deed |
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52 | (1) |
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Involuntary Conveyance without a Deed |
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53 | (1) |
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Real Property Complexity and Public Records |
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54 | (5) |
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The Doctrine of Constructive Notice |
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54 | (1) |
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54 | (1) |
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54 | (1) |
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55 | (1) |
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55 | (1) |
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Title Search, Title Abstract, and Chain of Title |
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56 | (1) |
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57 | (2) |
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59 | (6) |
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59 | (2) |
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Subdivision Plat Lot and Block Number |
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61 | (1) |
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Government Rectangular Survey |
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61 | (4) |
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65 | (4) |
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4 Government Controls and Real Estate Markets |
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69 | (30) |
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70 | (1) |
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The Power of Government to Regulate Land Use |
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70 | (3) |
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Monopolies, Externalities, and Other Market Distortions |
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70 | (3) |
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Public Planning for Land Use Control |
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73 | (3) |
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74 | (1) |
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Challenges in Public Land Use Planning |
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75 | (1) |
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Zoning and Other Tools of Public Land Use Control |
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76 | (6) |
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77 | (1) |
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77 | (2) |
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79 | (1) |
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Zoning and Planning Administration |
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79 | (1) |
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Modern Tools of Land Use Control |
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80 | (2) |
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82 | (4) |
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Types of Hazardous Materials |
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82 | (3) |
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Implications for Real Estate Investors |
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85 | (1) |
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The Government's Power of Eminent Domain |
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86 | (3) |
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86 | (2) |
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88 | (1) |
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Inverse Condemnation and Regulatory Takings |
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88 | (1) |
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The Power of Government to Tax Real Property |
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89 | (1) |
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Mechanics of the Property Tax |
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90 | (3) |
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Determining a Jurisdiction's Budget and Tax Rate |
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90 | (1) |
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91 | (1) |
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Homestead and Other Exemptions |
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91 | (1) |
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Calculating Tax Liability |
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91 | (1) |
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92 | (1) |
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Nonpayment of Property Taxes |
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93 | (1) |
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Criticisms of the Property Tax |
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93 | (2) |
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95 | (4) |
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Part 3 MARKET VALUATION AND APPRAISAL |
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99 | (118) |
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5 Market Determinants of Value |
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99 | (30) |
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99 | (2) |
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Market Misjudgments in Real Estate |
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100 | (1) |
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100 | (1) |
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The Creation, Growth, and Decline of Cities |
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101 | (7) |
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101 | (1) |
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The Economic Base of a City |
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102 | (4) |
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Resources of a City: The Supply Side of Urban Growth |
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106 | (2) |
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108 | (12) |
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Demand for Proximity and Bid-Rent Curves |
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108 | (5) |
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Bid-Rent Curves, Urban Land Uses, and Land Value Contours |
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113 | (1) |
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Changing Transportation, Changing Technology, and Changing Urban Form |
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113 | (7) |
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Differing Location Patterns of Urban Land Uses |
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120 | (3) |
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Convenience "Goods" and Central Place Patterns |
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120 | (1) |
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Comparison Goods and Clustering |
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121 | (1) |
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Industry Economies of Scale and Clustering |
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121 | (2) |
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The Role of Urban Analysis in Real Estate Decisions |
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123 | (1) |
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124 | (5) |
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6 Forecasting Ownership Benefits and Value: Market Research |
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129 | (31) |
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130 | (1) |
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Market Research: Slipperiest Step in Real Estate Valuation |
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130 | (2) |
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131 | (1) |
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Real Estate Market Research as Storytelling |
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132 | (2) |
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The Beginning Point: A Market-Defining Story |
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132 | (1) |
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Initial Collection of Data |
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133 | (1) |
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133 | (1) |
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133 | (1) |
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A Reverse to Conventional Market Research |
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134 | (1) |
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Three Examples of Market Research |
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134 | (16) |
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Market Research Example 1 Elysian Forest, a Planned Unit Development |
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134 | (6) |
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Market Research Example 2 Palm Grove Office Complex |
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140 | (2) |
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Market Research Example 3 Plane Vista Apartments |
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142 | (8) |
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Some Final Notes on the Process of Market Research |
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150 | (1) |
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Improving One's Capacity in Real Estate Market Research |
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150 | (1) |
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Market Projections and Real Estate Cycles |
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151 | (2) |
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Some Tools of Market Research |
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153 | (3) |
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Geographical Information Systems (GIS) |
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153 | (1) |
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154 | (2) |
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156 | (1) |
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156 | (4) |
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7 Valuation Using the Sales Comparison and Cost Approaches |
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160 | (31) |
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161 | (1) |
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Market Value, Investment Value, and Transaction Prices |
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162 | (1) |
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163 | (5) |
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164 | (1) |
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Determine the Scope of Work |
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164 | (1) |
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Collect Data and Describe Property |
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164 | (1) |
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164 | (2) |
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166 | (1) |
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Apply Conventional Approaches to Estimate Market Value |
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166 | (2) |
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Reconcile Indicated Values from Three Approaches |
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168 | (1) |
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Report Final Value Estimate |
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168 | (1) |
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Traditional Sales Comparison Approach |
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168 | (10) |
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169 | (1) |
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170 | (1) |
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Adjustments to Comparable Property Transaction Prices |
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170 | (4) |
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174 | (1) |
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174 | (4) |
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A Note on the Selection of Comparables and Adjustments |
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178 | (1) |
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Reconciliation to an Indicated Value Estimate |
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178 | (1) |
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178 | (4) |
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179 | (1) |
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180 | (2) |
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182 | (4) |
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186 | (5) |
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Web Appendix: Multivariate Regression Analysis |
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8 Valuation Using the Income Approach |
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191 | (26) |
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191 | (2) |
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Direct Capitalization versus Discounted Cash Flow |
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192 | (1) |
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Estimating Net Operating Income |
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193 | (6) |
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194 | (1) |
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195 | (2) |
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197 | (1) |
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198 | (1) |
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199 | (1) |
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Using Direct Capitalization for Valuation |
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199 | (6) |
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Abstracting Cap Rates from the Market |
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200 | (2) |
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Understanding Capitalization Rates |
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202 | (1) |
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203 | (2) |
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Using Discounted Cash Flow Analysis for Valuation |
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205 | (3) |
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206 | (1) |
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Estimating Future Sale Proceeds |
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206 | (1) |
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Valuing Future Cash Flows |
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207 | (1) |
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208 | (1) |
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208 | (1) |
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Valuing Partial and Other Interests |
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209 | (1) |
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210 | (4) |
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Appendix: Other Methods of Estimating Cap Rates |
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214 | (3) |
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Part 4 FINANCING HOME OWNERSHIP |
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217 | (89) |
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9 Real Estate Finance: The Laws and Contracts |
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217 | (27) |
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218 | (1) |
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218 | (6) |
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Interest Rate and Interest Charges |
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218 | (1) |
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219 | (2) |
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221 | (1) |
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222 | (1) |
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222 | (1) |
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223 | (1) |
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223 | (1) |
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223 | (1) |
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224 | (1) |
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Inclusion of Mortgage Covenants by Reference |
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224 | (1) |
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The Mortgage or Deed of Trust |
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224 | (3) |
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Description of the Property |
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225 | (1) |
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225 | (1) |
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225 | (1) |
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226 | (1) |
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226 | (1) |
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Hazardous Substances Clause and Preservation and Maintenance Clause |
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226 | (1) |
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226 | (1) |
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227 | (6) |
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221 | (7) |
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Nonforeclosure Responses to Default |
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228 | (1) |
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229 | (1) |
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230 | (1) |
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Judicial Foreclosure versus Power of Sale |
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230 | (1) |
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Bankruptcy and Foreclosure |
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231 | (2) |
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Acquiring a Property with an Existing Debt |
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233 | (1) |
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Real Estate Debt without a Mortgage |
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233 | (2) |
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Regulation of Home Mortgage Lending |
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235 | (4) |
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Equal Credit Opportunity Act |
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236 | (1) |
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236 | (1) |
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Real Estate Settlement Procedures Act |
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237 | (1) |
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Home Ownership and Equity Protection Act |
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237 | (1) |
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The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 |
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238 | (1) |
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Other Laws Regulating Discrimination in Home Mortgage Lending |
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239 | (1) |
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239 | (5) |
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10 Residential Mortgage Types and Borrower Decisions |
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244 | (30) |
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245 | (1) |
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The Primary and Secondary Mortgage Markets |
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245 | (1) |
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Prime Conventional Mortgage Loans |
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246 | (4) |
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Forms of Prime Conventional Mortgages |
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246 | (2) |
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Adjustable Rate Mortgages |
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248 | (1) |
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Private Mortgage Insurance |
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248 | (2) |
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Government-Sponsored Mortgage Programs |
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250 | (5) |
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251 | (2) |
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253 | (2) |
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Other Mortgage Types and Uses |
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255 | (3) |
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255 | (1) |
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256 | (1) |
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257 | (1) |
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258 | (4) |
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Interest-Only (I-O) and Balloon Mortgages |
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259 | (1) |
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260 | (1) |
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261 | (1) |
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262 | (1) |
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262 | (1) |
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262 | (1) |
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The Borrower's Mortgage Loan Decisions |
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262 | (7) |
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263 | (1) |
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264 | (1) |
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264 | (4) |
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268 | (1) |
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269 | (5) |
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Web Appendix: Refinancing as a Problem of Net Present Value |
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11 Sources of Funds for Residential Mortgages |
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274 | (32) |
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275 | (1) |
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The Market for Home Mortgage Loans |
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275 | (1) |
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The Revolution in Home Mortgage Finance |
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276 | (4) |
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The Demise of the Thrifts |
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277 | (2) |
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The Transformation of Commercial Banks |
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279 | (1) |
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Mortgage Banking and Mortgage Brokerage |
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280 | (6) |
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281 | (4) |
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285 | (1) |
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The Secondary Market for Residential Mortgages |
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286 | (1) |
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Mortgage-Backed Securities |
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287 | (1) |
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Purchasers of Residential Mortgages in the Secondary Market |
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288 | (5) |
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289 | (1) |
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290 | (1) |
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290 | (1) |
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The Importance and Status of Fannie Mae and Freddie Mac |
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291 | (2) |
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293 | (1) |
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293 | (1) |
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Other Secondary Market Purchasers |
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293 | (1) |
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The Big Picture of Home Mortgage Lending: Four Different Channels |
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293 | (2) |
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Where Does a Borrower Find a Home Loan? |
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295 | (1) |
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The Lender's Mortgage Loan Decisions |
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296 | (4) |
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Traditional Home Mortgage Underwriting |
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297 | (1) |
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Modern Home Mortgage Underwriting |
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298 | (1) |
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Cash Down Payment Requirement |
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299 | (1) |
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Recent Underwriting Failures |
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299 | (1) |
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Qualified Mortgages and Qualified Residential Mortgages |
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300 | (1) |
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Home Financing for Marginal Borrowers |
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300 | (2) |
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301 | (1) |
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301 | (1) |
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302 | (4) |
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Part 5 BROKERING AND CLOSING THE TRANSACTION |
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306 | (75) |
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12 Real Estate Brokerage and Listing Contracts |
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306 | (35) |
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Introduction: Brokerage---The Best-Known Type of Real Estate Business |
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307 | (2) |
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Real Estate Brokers as Market Facilitators |
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307 | (1) |
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Economic Rationale for Employing a Broker |
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307 | (2) |
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309 | (5) |
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309 | (1) |
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Fiduciary Responsibilities |
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309 | (1) |
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310 | (2) |
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Problems in Real Estate Agency Relationships and Disclosures |
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312 | (2) |
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314 | (1) |
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Licensing of Real Estate Brokers and Salespersons |
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314 | (3) |
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Brokerage Licensing Administration |
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315 | (1) |
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How to Obtain a Real Estate License |
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316 | (1) |
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317 | (1) |
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Designations in Sales and Brokerage |
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317 | (1) |
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317 | (6) |
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Market Segmentation and Specialization and Service |
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317 | (1) |
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318 | (1) |
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319 | (3) |
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International Aspects of Brokerage |
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322 | (1) |
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323 | (1) |
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Types of Listing Contracts |
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324 | (1) |
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324 | (1) |
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325 | (1) |
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Exclusive Right of Sale Listing |
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325 | (1) |
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325 | (2) |
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325 | (1) |
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New Listing Services and "Discount" Brokerage |
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326 | (1) |
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Listing Contract Provisions |
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327 | (9) |
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Termination of a Listing Contract |
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327 | (1) |
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327 | (9) |
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336 | (5) |
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13 Contracts for Sale and Closing |
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341 | (40) |
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Introduction: The Most Important Document in Real Estate |
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341 | (1) |
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Rights and Obligations of Sellers and Buyers |
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342 | (1) |
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Requirements of a Contract for Sale |
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342 | (3) |
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Competency of the Parties to Act |
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343 | (1) |
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Lawful Intent of the Parties |
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343 | (1) |
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An Offer and an Acceptance |
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343 | (1) |
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344 | (1) |
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No Defects to Mutual Assent |
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344 | (1) |
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A Written Real Estate Contract |
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344 | (1) |
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Proper Description of the Property |
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345 | (1) |
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Legal Title versus Equitable Title |
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345 | (1) |
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The Form of the Contract for Sale |
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346 | (15) |
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346 | (1) |
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346 | (2) |
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Components of a Form Contract |
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348 | (13) |
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Contracts with Contingencies |
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361 | (1) |
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361 | (1) |
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Remedies for Nonperformance |
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362 | (1) |
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362 | (1) |
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Closing and Closing Statements |
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363 | (4) |
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363 | (1) |
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363 | (1) |
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Real Estate Settlement Procedures Act |
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364 | (1) |
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Preparation of Closing Statements |
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365 | (2) |
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The Continuing Story of a Sale |
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367 | (11) |
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Good-Faith Estimate of Closing Costs |
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368 | (4) |
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372 | (1) |
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373 | (5) |
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378 | (3) |
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Part 6 TIME, OPPORTUNITY COST, AND VALUE DECISIONS |
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381 | (47) |
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14 The Effects of Time and Risk on Value |
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381 | (26) |
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381 | (1) |
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382 | (15) |
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383 | (1) |
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384 | (1) |
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Equations, Calculators, and Spreadsheets |
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384 | (1) |
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385 | (5) |
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390 | (6) |
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Yields and Internal Rates of Return |
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396 | (1) |
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397 | (2) |
|
Determining Required Returns |
|
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399 | (2) |
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Comparing Investment Values to Acquisition Costs |
|
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401 | (1) |
|
|
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402 | (5) |
|
Web Appendix: Solving Time Value of Money Problems Using Excel |
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15 Mortgage Calculations and Decisions |
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407 | (21) |
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407 | (1) |
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408 | (7) |
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408 | (1) |
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409 | (1) |
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410 | (1) |
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Effective Borrowing Cost (EBC) |
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411 | (2) |
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Up-front Costs, Holding Period, and Effective Borrowing Cost |
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413 | (2) |
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415 | (3) |
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Level-Payment, Fully Amortized Mortgages |
|
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415 | (1) |
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The Choice of Loan-Term: A Question of Present Value |
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415 | (2) |
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Alternative Amortization Schedules |
|
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417 | (1) |
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Adjustable Rate Mortgages |
|
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418 | (5) |
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The Mechanics of Adjustable Rate Mortgages |
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418 | (2) |
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Initial Adjustment Periods |
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420 | (1) |
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420 | (2) |
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422 | (1) |
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423 | (5) |
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Part 7 FINANCING AND INVESTING IN COMMERCIAL REAL ESTATE |
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428 | (126) |
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16 Commercial Mortgage Types and Decisions |
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428 | (25) |
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428 | (1) |
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Loan Documents and Provisions |
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429 | (2) |
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429 | (1) |
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|
430 | (1) |
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Common Types of Permanent Mortgages |
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431 | (3) |
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431 | (2) |
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Restrictions on Prepayments |
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433 | (1) |
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Alternative Financing Arrangements |
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434 | (4) |
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434 | (1) |
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434 | (1) |
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435 | (1) |
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Second Mortgages and Mezzanine Financing |
|
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436 | (1) |
|
Government-Sponsored Programs |
|
|
437 | (1) |
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The Borrower's Decision-Making Process |
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438 | (4) |
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438 | (2) |
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440 | (1) |
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441 | (1) |
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Increased Variability of Equity Returns from Leverage |
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|
441 | (1) |
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The Prepayment and Default Decisions |
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|
441 | (1) |
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The Permanent Loan Application and Approval Process |
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442 | (6) |
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Loan Submission Package and Application |
|
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442 | (2) |
|
From Loan Application to Closing |
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444 | (1) |
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445 | (3) |
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Land Acquisition, Development, and Construction Financing |
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448 | (1) |
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448 | (5) |
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17 Sources of Commercial Debt and Equity Capital |
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453 | (28) |
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453 | (2) |
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How Large Is the U.S. Commercial Real Estate Market? |
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454 | (1) |
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Forms of Ownership for Pooled Equity Investments |
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455 | (5) |
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456 | (1) |
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456 | (1) |
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457 | (1) |
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458 | (1) |
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Limited Liability Company |
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458 | (1) |
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459 | (1) |
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|
459 | (1) |
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Ultimate Equity Investors in Commercial Real Estate |
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460 | (8) |
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Direct Investment in Commercial Real Estate |
|
|
460 | (2) |
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Investment in Commercial Real Estate through Intermediaries |
|
|
462 | (4) |
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Institutional versus Noninstitutional Equity Investors |
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466 | (1) |
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Real Estate Investment Trusts |
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466 | (2) |
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Sources of Commercial Real Estate Debt |
|
|
468 | (3) |
|
Development and Construction Lending |
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470 | (1) |
|
A Closer Look at Real Estate Investment Trusts |
|
|
471 | (1) |
|
The Importance of Public Real Estate Markets |
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471 | (5) |
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472 | (2) |
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474 | (1) |
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474 | (2) |
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REIT Investment Performance |
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476 | (1) |
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|
476 | (5) |
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18 Investment Decisions: Ratios |
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|
481 | (20) |
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481 | (1) |
|
Investment Decision Making |
|
|
482 | (2) |
|
Centre Point Office Building Example |
|
|
482 | (1) |
|
Treatment of Capital Expenditures |
|
|
483 | (1) |
|
Effects of Debt Financing on Cash Flows |
|
|
484 | (2) |
|
|
|
484 | (1) |
|
Effect on Initial Equity Investment |
|
|
485 | (1) |
|
Effect on Cash Flows from Operations |
|
|
485 | (1) |
|
Evaluating the Cash Flow Estimates |
|
|
486 | (2) |
|
Partnerships and Other Direct Forms of Ownership |
|
|
488 | (1) |
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|
488 | (2) |
|
Single-Year Investment Criteria |
|
|
490 | (2) |
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|
490 | (2) |
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492 | (1) |
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492 | (3) |
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492 | (1) |
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|
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493 | (1) |
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|
|
493 | (1) |
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|
|
493 | (2) |
|
Limitations of Ratio Analysis |
|
|
495 | (1) |
|
|
|
496 | (5) |
|
19 Investment Decisions: NPV and IRR |
|
|
501 | (21) |
|
|
|
501 | (1) |
|
Investment Valuation versus Market Valuation |
|
|
502 | (1) |
|
Investment Valuation Using Discounted Cash Flow Models |
|
|
503 | (6) |
|
Centre Point Office Building Example |
|
|
503 | (1) |
|
Levered versus Unlevered Cash Flows |
|
|
504 | (1) |
|
Effect of Leverage on Cash Flow from Sale |
|
|
505 | (1) |
|
|
|
506 | (2) |
|
|
|
508 | (1) |
|
Comparing Net Present Value and the Internal Rate of Return |
|
|
508 | (1) |
|
The Impact of Leverage on Expected Returns |
|
|
509 | (1) |
|
The Impact of Leverage on Risk |
|
|
510 | (3) |
|
Income Taxes and Investor Cash Flows |
|
|
513 | (2) |
|
Effect of Taxes on Discount Rates |
|
|
513 | (1) |
|
Effect of Taxes on Net Present Value and the Internal Rate of Return |
|
|
514 | (1) |
|
More Detailed Cash Flow Projections |
|
|
515 | (1) |
|
|
|
515 | (2) |
|
|
|
517 | (5) |
|
20 Income Taxation and Value |
|
|
522 | (32) |
|
|
|
522 | (1) |
|
Objectives and Implementation of United States Tax Law |
|
|
523 | (1) |
|
Comparing the Taxation of Individuals and Corporations |
|
|
523 | (1) |
|
Four Classes of Real Property |
|
|
523 | (2) |
|
Income Subject to Taxation |
|
|
525 | (1) |
|
|
|
526 | (1) |
|
Estimating Tax Liabilities from Operations |
|
|
527 | (11) |
|
Cash Calculation versus Tax Calculation |
|
|
528 | (1) |
|
Operating Expenses versus Capital Improvements |
|
|
528 | (1) |
|
Costs of Mortgage Financing |
|
|
529 | (1) |
|
|
|
529 | (5) |
|
|
|
534 | (1) |
|
Centre Point Office Building: Taxes from Operations |
|
|
535 | (2) |
|
|
|
537 | (1) |
|
Estimating Tax Liabilities from Sale |
|
|
538 | (9) |
|
|
|
538 | (4) |
|
Centre Point Office Building: Taxes Due on Sale |
|
|
542 | (2) |
|
Net Benefits of Tax Depreciation |
|
|
544 | (1) |
|
Effect of Taxes on Values and Returns |
|
|
545 | (1) |
|
Complications Caused by Alternative Ownership Forms |
|
|
546 | (1) |
|
|
|
547 | (1) |
|
Tax Factors Affecting Homeowners |
|
|
547 | (2) |
|
|
|
549 | (5) |
|
Part 8 CREATING AND MAINTAINING VALUE |
|
|
554 | (81) |
|
21 Enhancing Value through Ongoing Management |
|
|
554 | (26) |
|
|
|
554 | (2) |
|
|
|
555 | (1) |
|
Functions of a Property Manager |
|
|
556 | (9) |
|
|
|
556 | (2) |
|
|
|
558 | (1) |
|
|
|
559 | (2) |
|
|
|
561 | (1) |
|
Complying with Landlord-Tenant Laws |
|
|
561 | (1) |
|
Maintaining Tenant Relations |
|
|
562 | (1) |
|
Communicating with Owners |
|
|
562 | (1) |
|
Repairing and Maintaining the Premises |
|
|
562 | (3) |
|
Property Management Agreements |
|
|
565 | (3) |
|
|
|
567 | (1) |
|
Professional Associations and Designations |
|
|
568 | (1) |
|
|
|
568 | (6) |
|
The Development of a Profession |
|
|
569 | (2) |
|
Asset Management Functions |
|
|
571 | (1) |
|
Performance Evaluation and Compensation |
|
|
571 | (1) |
|
A Closer Look at the Decision to Improve or Alter a Property |
|
|
572 | (1) |
|
Abandonment, Demolition, and Reuse |
|
|
573 | (1) |
|
Managing Corporate Real Estate Assets |
|
|
574 | (2) |
|
|
|
576 | (4) |
|
22 Leases and Property Types |
|
|
580 | (26) |
|
|
|
580 | (1) |
|
Essential Elements of a Lease |
|
|
581 | (1) |
|
Negotiated Lease Provisions |
|
|
581 | (8) |
|
|
|
582 | (1) |
|
|
|
582 | (1) |
|
|
|
583 | (1) |
|
Responsibility for Operating Expenses |
|
|
584 | (2) |
|
|
|
586 | (1) |
|
Alterations and Improvements |
|
|
586 | (1) |
|
Assignment and Subletting |
|
|
587 | (1) |
|
|
|
587 | (1) |
|
|
|
588 | (1) |
|
|
|
589 | (3) |
|
Broader Lease Considerations |
|
|
590 | (2) |
|
Residential Rental Properties and Leases |
|
|
592 | (1) |
|
Common Lease Provisions of Residential Rental Properties |
|
|
592 | (1) |
|
Office Properties and Leases |
|
|
593 | (4) |
|
Defining Rentable Space in Office Properties |
|
|
594 | (1) |
|
Common Lease Provisions of Office Properties |
|
|
595 | (2) |
|
Retail Properties and Leases |
|
|
597 | (3) |
|
Defining Leasable Area in Retail Properties |
|
|
598 | (1) |
|
Common Lease Provisions of Retail Properties |
|
|
598 | (2) |
|
Industrial Properties and Leases |
|
|
600 | (2) |
|
Common Lease Provisions of Industrial Properties |
|
|
601 | (1) |
|
|
|
602 | (1) |
|
|
|
602 | (4) |
|
23 Development: The Dynamics of Creating Value |
|
|
606 | (29) |
|
|
|
606 | (1) |
|
The Process of Development |
|
|
607 | (18) |
|
Establishing Site Control |
|
|
608 | (1) |
|
Feasibility Analysis, Refinement, and Testing |
|
|
609 | (2) |
|
|
|
611 | (2) |
|
|
|
613 | (4) |
|
|
|
617 | (3) |
|
|
|
620 | (3) |
|
|
|
623 | (1) |
|
|
|
624 | (1) |
|
The "Numbers" of Development |
|
|
625 | (3) |
|
What Is It Like to Be a Developer? |
|
|
628 | (1) |
|
What Does It Take to Enter Development? |
|
|
629 | (1) |
|
|
|
630 | (5) |
| Glossary |
|
635 | (16) |
| Photo Credits |
|
651 | (2) |
| Index |
|
653 | |
