- Chapter 4: Government Controls and Real Estate Markets
- Chapter 7: Valuation Using the Sales Comparison and Cost Approach
- Chapter 8: Valuation Using the Income Approach
- Riddel, M. (2011). Are housing bubbles contagious? A case study of Las Vegas and Los Angeles home prices. Land Economics, 87(1), 126-144. Retrieved from EBSCOhost database.
- Wall Street Journal. (2011, October). California and the banks [Video file]. Retrieved from http://online.wsj.com/video/opinion-california-and-the-banks/24E3E2DA-EBA9-4BB1-95DA-ED2C09817BA9.html
- Wall Street Journal. (2011, June). Markets hub: Bad mortgages weigh on banks [Video file]. Retrieved from http://online.wsj.com/video/markets-hub-bad-mortgages-weigh-on-banks/431F472C-8299-4789-94EB-1F113526C4C8.html
- Seiler, M.J., Seiler, V. L., Harrison, D. M. and Luchtenberg, K. F. (2009). The role of profit, law and ethics in residential real estate investments. Journal of Real Estate Practice and Education, 12 (2), 157-171.
- Brinkmann, J. (2009). Putting ethics on the agenda for real estate agents. Journal of Business Ethics, 88, 65-82.
To participate in the following discussions, go to this week’s Discussion link in the left navigation.
- Property Tax
The property tax has been criticized as an unfair basis for financing public schools. Areas that have high property values are able to pay better schools than area having lower property values. Thus, there is an inequality of educational opportunities that tends to perpetuate educational and social disadvantages for those who live in low-income areas.
Do you agree or disagree?
How could school financing be modified to provide more equal funding among all regions of a state? Respond substantively to at least two of your classmates’ posts.
- Zoning & Property Value Discussion
The main argument traditionally advanced in the favor of zoning is that it protects property values. Do you believe this contention? If so, how does zoning protect property values? If you do not believe the contention, why not? Respond substantively to at least two of your classmates’ posts.
To complete the following quiz, go to this week’s Quiz link in the left navigation.
Week Two Quiz
This quiz consists of 10 questions. The amount of time the quiz will take to complete will vary by individual.
To complete the following assignment, go to this week’s Assignment link in the left navigation.
Read the case study: “Are Housing Bubbles Contagious? A Case Study of Las Vegas and Los Angeles Home Prices” and watch the supplemental videos:
In a three- to four-page paper (not including the title and reference pages), develop an analysis that includes:
- A summary of the case including the key players and background information.
- A description of the scope of real estate bubbles. (Are housing bubbles contagious?)
- An analysis of the real estate bubble issue and ethical considerations.
- At least one recommendation on how the real estate industry, homebuyers, and other stakeholders can help in avoiding real estate bubbles. Real estate principles must be used as support.
You are encouraged to incorporate course material and additional readings (i.e., journal articles, books, etc.) into your analysis to strengthen the content of your paper.
Your paper must be formatted according to APA style as outlined in the Ashford Writing Center and include at least two scholarly sources in addition to the textbook.
Nearby parks and recreation facilities
Quality neighborhood schools
Public assistance facilities such as homeless shelters.
Lack of adequate insulation
Deterioration of indoor carpets
Increased traffic flow due to more intensive use in the local area
Net operating income
Potential gross income
Value estimates are based on a multiple of expected first year net operating income.
Appraisers must make explicit forecasts of the property’s net operating income for each year of the expected holding period.
Appraisers must select the appropriate yield at which to discount future cash flows.
The forecast must include the net income produced by a sale of the property at the end of the expected holding period.
Self-contained appraisal report
Summary appraisal report
Restricted appraisal report
Oral appraisal report
The Silent Spring
Earnings before deductions for interest, depreciation, income taxes, and amortization (EBIDTA)
The monthly rent remains fixed over the entire lease term.
The lease establishes schedule of rental rate increases over the term of the lease.
Rental rate increases are indexed to the general rate of inflation.
Rental rates are a function of the sales of the tenant’s business.
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