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The real estate program,
administered by the Guthrie Center for Real Estate Research, is a comprehensive
program designed to ensure that students acquire a basic knowledge of knowledge
of finance, development, law and investment – as these topics apply to the real
estate profession.http://www.kellogg.northwestern.edu/academic/realestate/images/newsletter_200607.pdf.
In addition to classroom activities, students interact with real estate
professionals. Kellogg Real Estate Club students participate in an annual real
estate conference, competitions between leading business / real estate schools
around the country, class project competitions, project site visits, the Real
Return Newsletter, professional development and career networking programs, golf
outings, and a variety of other social The impact of real estate extends far
beyond bricks-and-mortar. The field offers diverse and promising opportunities,
whether students wish to form a startup development company or join a globally
integrated real estate firm. The objective of this course is to develop
students' understanding of real estate assets and the major drivers that affect
real estate values. The second part focuses on sources of capital for real
estate investments. This course examines why cities exist, where they are
located and grow, and how real estate values flowing from such urban development
are sustained or eroded. It explores economic base analysis,
multiplier/accelerator, leading indicators and other tools of high value in
local real estate market analysis. Taught by a developer of significant Chicago
real estate, the course introduces the This course is designed to familiarize
students with real estate equity investments and the tools used The Arizona State Retirement System has taken an important step toward adding real estate to its asset mix.http://www.wilshire.com/Company/Arizona_Marches_On_Into_Real_Estate.pdf. The system’s trustees have approved a new real estate investment policy, and dollars could begin flowing from Arizona SRS into various real estate vehicles by early next year. The plan is just one of several public pension funds that are moving into real estate, and experts say that trend will continue. The $21 billion system has set a target allocation of 6% for real estate. That means, when the allocation is fully funded in a few years, Arizona SRS will have more than $1 billion in real estate. The decision by Arizona SRS to move into real estate came last August, when the board accepted an asset allocation study that recommended a 6% real estate allocation. Trustees approved the real estate investment program at its July meeting. Dokes says the policy represents “a recognition of opportunities in real estate. We can add real estate and increase returns slightly, and reduce the volatility of the fund. “We are starting to see more interest in real estate,” says Dave Jack, a managing director of Wilshire Associates in Pittsburgh. Real estate first became popular among institutional investors in the 1970s, Jack says, and by the late 1980s, “most of the big ones would have had a meaningful exposure” to real estate. The sector’s horrible performance in the early 1990s led to “a complete halt of new commitments to real estate,” Jack says. McAllister says the real estate market is structured differently now than it was 20 years ago, with more stable financing and more public disclosure of financial information – both ecause of the unique nature of real estate transactions, involving multiple parties and financial interests, the U.http://www.state.il.us/iema/radon/pdf/radontestguidelineforrealestate.pdf.S. Environmental Protection Agency (U.S. EPA) designed special protocols for radon testing in real estate trans- The Illinois Emergency Management Agency(IEMA)-Division of Nuclear Safety has adapted these protocols to conform with its radon regulations. These options are listed in simplified form in the table below. Test Options for Real Estate Transactions If you reside in the home and may sell but are not currently in a real estate transaction, and you have at least a few months before you expect to be involved in a real estate transaction, you might want to consider home environment testing for radon. Test Conduct a short-term radon test in each of the lowest structural areas of the home. For example, if the house has one or more of the following foundation types, e.g., basement, crawl space, slab-on-grade, a test in each area is required for licensed professional measurements. Sequential Two short-term tests, 48 hours or longer, performed one right after the other. Single Test using electronic monitors One test, 48 hours or longer, per-formed with an active continuous monitor that integrates and records radon levels hourly. Detector Location Two detectors, four inches apart, in the lowest structural area suitable for occupancy. Tests between seven and 90 days are usually impractical for real estate transactions. Examples of short-term detectors used in real estate testing include: activated charcoal canisters, charcoal liquid scintillation vials, electret chambers and f you’ve owned your home or other real estate for a long time, no doubt it has increased in value significantly.. However, this opportunity to avoid capital gains tax doesn’t apply if the property is a vacation home, land or any real estate other than your primary residence. Plus, there’s the cost of marketing and selling real estate, which also takes time and effort, even if you use professional assistance. Before you sell real estate, consider a new option. Tax Benefits of an Outright Gift When you make an outright gift of real property held for more than a year, you obtain an income tax charitable contribution deduction equal to the property’s full fair market value. Furthermore, the transfer isn’t subject to gift tax, and the gift reduces your taxable estate. Your deduction for a gift of appreciated real estate in any year is generally limited to 30 percent of your adjusted gross income, with a five-year carryover of the unused deduction. For real estate you’ve held only short-term, your charitable deduction is limited to the property’s cost basis, but there’s still no tax on the appreciation. The amount of your deduction for a gift of real estate (if it is more than $5,000) must be substantiated by a qualified appraisal of its fair market value. Give Your Home But Enjoy Life Use Let’s assume you like the tax advantages a charitable gift of real estate would offer, but you want to continue living in your personal residence for your lifetime. Obtain a Life Income From Your Gift Instead of making an outright gift of real property or establishing a retained life estate, you can use unmortgaged property to fund a qualified REAL ESTATE REAL 102 Real Estate Law* T 4 REAL 111 Real Estate Finance* T 2 REAL 112 Real Estate Appraisal* T 2 IS/11/17/04/REAL/Real Estate REAL 270 Real Estate Investing T 3 REAL 202 Real Estate Commercial Investments REAL 213 Advanced Real Estate Investment Analysis REAL 214 Marketing Investment Analysis for Real Estate REAL 233 Marketing Investment Analysis for Real Estate REAL 281 Real Estate Today - Seminar I* REAL 282 Real Estate Today - Seminar II* REAL 283 Real Estate Today - Seminar III* * Must be second year Real Estate student or completed a minimum 30 credits of the Real Estate Technology program.http://www.cscc.edu/docs/PlanofStudy2004/RealEstatePlan.pdf. Post-Licensure Courses - (Not available as Technical Elective) Must be currently licensed - not part of real estate degree program REAL 290 Post Licensure Sales Course REAL 291 Post Licensure Brokers Course Thinking of selling your home? The first step is finding a real estate agent with whom you can work effectively.http://www.princeton.edu/hr/worklife/eaptopics/realestate.pdf. Use stringent standards when selecting an agent just as you would when selecting a physician or an attorney. Understand the designations of real estate agent, realtor and broker. They are frequently used interchangeably but have different meanings. Ask friends, co-workers or acquaintances for recommendations. Develop a list of three to five candidates to interview. Ask each person the same questions, choosing from the list below: How long have you been in the real estate profession? There is a benefit to experience, but new agents working under appropriate supervision may be particularly responsive to your needs and eager to find buyers. What is your official title, and what training have you had? What designations do you have? How do you keep current with the profession? In what geographic areas and price ranges do you specialize? How many homes in my neighborhood have you listed in the last six months? It is imperative that you choose a real estate professional who is attuned to your needs and is someone you feel you can trust. To repeal sections 339.http://www.senate.state.mo.us/03info/pdf-bill/tat/sb327.pdf.517 and 339.537, RSMo, and to enact in lieu thereof two new sections Be it enacted by the General Assembly of the State of Missouri, as follows: Section A. Sections 339.517 and 339.537, RSMo, are repealed and two new sections enacted in lieu thereof, to be known as sections 339.517 and 339.537, to read as follows: 339.517. 1. or certification as a real estate appraiser shall be required to pass an examination to demonstrate his or her competence. The commission shall, also, make such investigation as is required to verify such qualifications. If the results of the investigation are satisfactory to the commission and the applicant is otherwise qualified, then the commission shall issue to the applicant a license or certificate authorizing the applicant to act as a state-licensed real estate appraiser or a state-certified real estate appraiser in Missouri. If the results of the investigation are unsatisfactory, action on the application may be deferred pending a hearing before the real estate 2. The commission shall promulgate and adopt regulations which prescribe and define the subjects related to real estate appraisal and the experience in real estate appraisal that will satisfy the qualification requirements for licensure or certification. The commission may approve courses of instruction in an accredited college or university relating to the appraisal of real estate and related disciplines including, but not limited to, economics, finance, statistics, principles of capitalization, real estate and such other areas deemed relevant by the commission. EXPLANATION--Matter enclosed in bold-faced Highlights Instruction by trained, working real estate professionals Preparation for State of California real estate license examinations Training in one of the most lucrative careers in today's world A lab with tutorial assistance APPLICANTS FOR THE REAL ESTATE SALESPERSON EXAM To qualify to take an examination for a Real Estate Salesperson License, an applicant must submit evidence (transcripts) of having completed a college-level course in Real Estate Principles.http://www.flc.losrios.edu/college_catalog/catalog_2006-07/Real_Estate.pdf. In addition to Real Estate Principles the applicant must also (either when qualifying for the examination, when applying for the original license or within eighteen months after license issuance) submit evidence of having completed TWO additional basic real estate courses from the following FLC course offerings (it is recommended that Real Estate Practice be one Hours: 54 hours LEC This course is a study of California real estate laws. Topics include: the sources of law and the judicial system; agency; duties and responsibilities of licensees; contracts and their application to real estate; property ownership and management; real estate security devices; property rights, liens and homesteads; landlord-tenant law, land use controls, and title insurance and escrow. RE 120 REAL ESTATE PRACTICE 3 UNITS Hours: 54 hours LEC This course covers practices and techniques of residential real estate brokerage and sales. Successful completion of this course applies toward California Department of Real Estate Education requirement for the broker’s examination. Hours: 54 hours LEC This course is an analysis of real estate financing, including lending policies and problems in a la carte real estate services Professional real estate services that are rendered one transaction at a time instead of the conventional full-service, commission-based brokerage relationship.http://www.bvrealestate.com/glossary.pdf. A-frame design An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters. abstract of judgment The summary of a court judgment that creates a lien against a property when filed with the county recorder. abstract or title search The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold. May also refer to a levy against property for a special purpose, such as a street lighting or sewer assessment. A real estate broker is licensed to handle property transactions and operate a brokerage firm. Real estate brokerages are firms or companies that are licensed to conduct real estate transactions. listing broker A real estate broker responsible for the listing of the property and representing the interest of the seller. Districts issue bonds to finance improvements such as sidewalks and sewer systems, then levy assessments on real estate in the affected area to repay funds. NAR (National Association of Realtors) A trade organization for real estate agents and brokers who become members by agreeing to abide by the organization's code of ethics. National Association of Realtors (NAR) A trade organization for real estate agents and brokers who become members • Broad experience in the full range of property types and stakeholder interests FTI offers a unique combination of financial, operational, forensic and dispute resolution experience that provides owners, lenders and operators with unparalleled support for developing and implementing optimal real estate strategies.http://www.fticonsulting.com/media/1651/Real_Estate_Services.pdf. FTI’s Real Estate Services group advises real property owners, developers, lenders and users in the design and execution of strategies and tactics related to the acquisition, financing, ownership, development, operation and/or restructuring of real estate and real estate secured debt. Our services address all aspects of the employment of, or investment in real estate, real estate-secured debt or mortgage-backed securities. With experienced professionals in primary business centers in the US, we are able to manage complex issues transactions over multiple jurisdictions, effectively and efficiently mobilizing resources to respond to client needs. Our capabilities include: • Litigation support and expert witness testimony We deliver these capabilities in the following practice areas: Due diligence investigation, analytics and transaction support services FTI lends financial and operational expertise to the due diligence process for financial and strategic investors in business ventures, individual properties or entire real estate or real estate secured loan portfolios. Our forensic experts provide transaction investigation, analysis and reconstruction, as well as audit services for systems, controls and fraud prevention procedures. FTI HAS THE FOLLOWING SPECIALIZED PROPERTY EXPERTISE: Restructuring Lawyer fees in real estate transactions Question: Must a lawyer’s fees in a real estate closing, which fees would be one of the disbursements from the closing proceeds, be held in trust for five business days, as required by the Marine Rule, SCR 20:1.http://www.wicourts.gov/services/attorney/docs/trustrealestate.pdf.15(g)? Answer: No, provided that the fees have been earned at the time of the closing, they should not be deposited into the trust account. Fees that have been earned belong to the lawyer, and under SCR 20:1.15(b)(3), funds belonging to the lawyer may not be deposited in the trust account. In addition, under the circumstances described in SCR 20:1.15(e)(5)b., a lawyer may disburse the proceeds of a real estate transaction from funds that have been received but have not yet cleared. This provision for real estate transactions allows a disbursement to the lawyer from closing proceeds to be treated as other closing disbursements, and OLR would consider the disbursement of such fees at the time of the closing as allowable, under the real estate exception. However, any fees that have been advanced prior to the real estate closing and deposited in the trust account prior to the closing, would be subject to the notification and disbursement requirements of the Marine rule, SCR 20:1.15(g). Supporting documentation is required to substantiate your qualifications.http://www.re.state.az.us/EDU/Forms/Form_ED-101_Application_For_Real_Estate_Instructor_Approval.pdf. When the Applicant has completed this form, an authorized administrator of the real estate school that will present the course must sign it. If the Applicant has been previously approved to teach Arizona real estate courses and has demonstrated qualification to teach the course content, the Applicant may use Expedited Instructor Approval form in lieu of this application. the School must receive approval from the Department before an Instructor may teach a real estate course for pre-licensure or continuing education credit. Basis for applicant's qualifications as real estate course instructor (A.A.C. R4-28-404 C): Note: an Instructor who does not hold an Arizona real estate license or who holds an Arizona real estate salesperson's license must provide additional documentation and justification sufficient to demonstrate a strong real estate 1. Bachelor's or advanced degree in an area traditionally associated with real estate, specifically a Degree in from in 2. Award of a generally recognized professional real estate designation and have two years of postsecondary education from an accredited institution. 3. Experience in real estate and a bachelor's (or higher) degree in education with a valid teaching certificate issued within the preceding 15 years. Attach a detailed resume to substantiate real estate experience. 4. Real estate salesperson's license or real estate broker's license and employee or former employee of a regulatory agency. I have reviewed the statutory and rule requirements for a Real Estate Instructor. I will abide by the provisions The Fair Housing Partners of Washington have created this guidebook to address the most common questions and quandaries about fair housing as it applies to residential real estate transactions.http://www.seattle.gov/civilrights/documents/100Qs-real_estate-cover-intro-TOC.pdf. Most of the questions in this book came from real estate professionals and mortgage lenders who sat down with us in a series of meetings in late 2004. Thank you to everyone who met, called or e-mailed us with suggestions and comments. Without your help, this volume would have far fewer pages! We have tried to present a wide variety of topics and situations – but of course, no guidebook can cover everything. I’ve heard there are lots of “secret shoppers” scouting open houses trying to catch real estate agents in a fair housing violation. Real estate professionals are used to dealing with the paper-driven environment of contractual agreements. As the manager of a real estate office, can I honor that type of request? Time and again, I find people of certain ethnicities are a real hassle to work with. I’m both a real estate agent and a mortgage broker. I’ve learned that a real estate broker knowingly steers his clients to mortgage lenders that I regard as predatory. I know a real estate agent who referred his client to a mortgage lender who I think is predatory. I’d like to join my local real estate association, but I keep getting put off. What are my rights? 48 Can violating fair housing laws affect my real estate license? 49 Should I keep all buyers’ offers on file? What is my general liability regarding fair housing? 49 Is a real estate brokerage firm in violation of fair housing laws if one of its employees or agents unlawfully Consumers should be aware that rules and laws pertaining to real estate are subject to change at any time.http://www.tucsonrealtors.org/documents/adreconsumerguide.pdf. You may want to know what qualities to look for in a real estate Broker and Agent before you retain their services on your behalf. All purchasers or sellers of real estate should seek professional advice if questions arise during the course of a real estate transaction. The Commissioner must have prior real estate experience, but cannot hold an active real estate license while serving as Commissioner. The Licensing and Education Division reviews ap-plications for a license to determine their suitability for a real estate license, reviews a potential licensee’s decla-rations of prior criminal convictions or evaluates cases where fingerprints reveal criminal histories or a convic-tion record not disclosed by the applicant. The Recovery Fund serves as a “last resort” for indi-viduals who feel they have been harmed by a real estate salesperson or broker. Remember, there is only one designated broker for a real estate company -- no matter how big that company is or how many hundreds of licensed salespeople it has. At the other end of the spectrum are the small real estate companies with only a handful of salespeople. Commissions -- One of the most common topics in a real estate transaction concerns the commission paid to a licensed real estate professional. As indicated previously, persons holding a valid license to engage in the practice of real estate in Arizona have responsibility and authority greater than their colleagues in many other states. But, there are several things you can do even before selecting your real The new real estate exchange is expected to facilitate the sale of over $100 billion dollars of real estate annually.http://www.scaor.org/archives/nl-02.06.pdf. We are trying to create a brand new real estate information exchange for the next 20 years, and we wanted to start with a blank sheet of paper to design it properly.” They identify and take steps, through enforce-ment of this Code of Ethics and by as-sisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profes-sion. Turn yourself into your boss’s right hand with the comprehensive two-day certifi cate course Real Estate Professional Assistantsm. All successful real estate brokers and agents know how important a good assistant is to their success. The Real Estate Professional Assistantsm (REPAsm) course is a comprehensive two-day certifi cate program that provides an intensive introduction to the real estate business and to the specifi c ways support staff can become valuable assets to their employers. Ronnie has been working in real estate in the Santa Cruz in northern California, the MLS participants have agreed to standardize on a single set of business rules and regulations and a common database structure. Shelly has been a member of the real estate lending community since 1992, and holds both real estate and notary licenses. Coastal Homes is now part of America’s largest network of real estate magazines. As used in Article 10 “real estate em-ployment practices” relates to employees and independent contractors providing real estate-related services and the ad-ministrative and clerical staff directly Over the last 15 years, the commercial real estate sector has undergone a massive capital structure transformation – “equitization” – moving from private debt to both public and private market equity as a primary source of growth capital.http://www.naidirect.com/docs/RealEstatePricing.pdf. In fact, not until REITs were added to the S&P 500 in 2001 did global equity seriously begin to understand how to price real estate. The good news is that, as an asset class, commercial real estate is finally correctly priced. Throughout the era of real estate equitization, the ownership of real estate has been substantially under-priced. In fact, from 1990 through 2002, the cash flow cap rate for real estate (the income return ignoring any expected appreciation) exceeded the total expected return for stocks. Real estate cash flow cap rates for high quality public and private real estate fluctuated between 8-10% from 1993 through the end of 2001. However, cap rates have massively declined since then, and for the first time in over 15 years, real estate is not massively under-priced. September 1997 and December 2000, expected real estate returns rose by 217 basis points, even as real estate operating fundamentals were improving. As a result, between December 2000 and June 2003, real estate expected return rates fell by 232 basis points, while 10-year Treasury yields fell by 211 basis points, leaving real estate pricing still substantially out of alignment with the risk. Due to the longevity of real estate leases, and the differential supply and demand dynamics of real estate relative to other sectors of the economy, long-term real estate betas are 0.4-0.5. Since real | ||
