The Use of Geographic Information Systems in Real Estate Appraisal Abstract Appraisers need to show the reasoning behind their value opinions by discussing important spatial relationships and their likely effect on value. Geographic information systems (GIS) can be used to analyze these relationships and to show why a client should select an appraiser who has this level of information. Gilbert Castle has noted that real estate is essentially a game of information arbitrage. The likely
Recent empirical studies imply that most appraisal error is nonrandom, which suggests that strategies that advocate portfolio assembly over individual property selection may be defective. Each step of the appraisal process involves an unknown amount of estimation error. The combination of these errors is unlikely to produce a perfect, error-free estimate of value. Thus, appraisal error is virtually unavoidable. Investors need reasonable estimates of value when buying, selling, or retaining commercial
Contaminated land in the UK is now defined as: “Land which appears to the authority to be in such a condition by reason of substances in, on or under the land that: Significant harm is being caused, or there is significant possibility of significant harm being cause, or Pollution of controlled waters is being, or is likely to be, caused”. (Environment Act 1995) Why is contaminated land of concern? Contaminated land is an anxiety if it presents a threat to the environment or if it poses risks
Introduction Cruickshank, Garth & Romano is a new real estate appraisal and consulting firm. Richard Romano, a principle of the firm, had just completed a preliminary evaluation of a property for a new client, Watson & Musico. However, his client refuses to accept the appraisal and requested the value be increased by $4.5 million or else they would take their business elsewhere. Richard's decision on his client's estimate could have great impact on Cruickshank, Garth & Romano's success and its ability
and just as many ended up in foreclosure. It became very clear early on that something was not right with many of the new home transactions involving a company called Rain Tree Homes, and so the Y-Rent scam slowly unfolded. Rain Tree Homes was a real estate construction company located in Mount Pocono, Pennsylvania. After September 11, 2001, Rain Tree Homes and Y-Rent began advertising heavily to the New York/New Jersey lower income market. Enticing advertisements claimed you could purchase “a new
Introduction Valuation of real estates or properties basically, refers to appraising a property or a real estate to form an opinion about the value of the property. This value is normally the properties’ market value. Properties are heterogeneous in nature; meaning they are not all identical or alike and thus, they have different values. However, it is possible to get a range for the values. There are some obvious factors like physical location of a property that automatically makes the market value
aggressive team that will be both competitive and motivated to carry out the objectives set forth. Not only is it important to understand how these individuals will effect the organization but also the importance of obtaining effective hiring practices. Real Estate human resources vary from agency to agency, but for larger companies, still has a strong presence in the company. Human resource management is truly the backbone for all organizations as it relates to the overall picture. Additionally, human resource
As a new real estate investor, you may be wondering how long to close on a real estate deal. In the world of investing, the landscape is constantly changing, and the time it takes to close a deal also changes. There is no universal time frame for a transaction to close, and several factors affect how long you can expect for your deal to finalize. Here is a closer look at some of the factors that affect a real estate closing. Factors That Affect Closing Some real estate deals could take as long
The real estate industry is an industry that has been growing in the modern times today as trends are consistently shifting in the market and as people realize the importance it plays in the success of a business. Real estate is a principle that deals with property which has now been a source for many job prospects. Among a few of these jobs that have been influenced from real estate would be a property manager, property appraiser, and a real estate agent. These three careers will be further analyzed
is a procedure that takes a lot of time and patience. There are a few steps and procedures that are included in buying home. It includes getting pre-qualified by a loan agent to determine the maximum dollar amount of mortgage you can truly afford (real important step in the process), seeking a realtor, searching for homes, making offers, hiring a title company, an appraiser, home inspector, termite company and opening and closing escrow and other various services that benefit both buyer and seller
What are the benefits to "Rent to Own" real estate? What is "Rent to Own"? Who qualifies? How does it work? In my opinion, I have heard about this option in the home buyers' term and I believe you pay the land/ house payment per month to the owner until it is paid off. Sometimes you would have to pay the irrigation payments with it as well. As always, you would also pay for water, sewer, garbage, and other utilities, but this is not in the "Rent to Own" contract with the original owner. "Rent
Career in Real Estate Development One of the biggest decisions one will ever have to make is what career to pursue after graduation. Believe it or not but this decision is not one to take lightly for it is what one will doing for the rest of their life. There are thousands of careers to choose from and a frequently asked question is "how do I choose what I want to be." The answer is simple, choose something that grabs your interest, particularly something you do well or have experience with.
Valley residents will start receiving their property assessed value notice beginning March 1, 2007. Most folks are shocked to find out that assessed values are not appraisals. Assessed values for homes are usually based on the sales prices of other homes in the area, the size of the home and the quality of construction. Typically, unless you invite the assessor into your home, they are basing their valuation only on what they can see and measure from the outside. They don’t have the benefit
REAL ESTATE MANAGEMENT: 1990s AND BEYOND TABLE OF CONTENTS Introduction Expansion and Diversity Human Resources Management Conclusion References REAL ESTATE MANAGEMENT: 1990s AND BEYOND BY Clark Jones INTRODUCTION The Journal of Property Management (1998) reports that real estate has been freed up by certain laws in the 1990s, most importantly, the relaxation of the Glass-Steagall Act of 1933, allowing market access to real estate by banking institutions; the Taxpayer
2.1 Real Estate Market 2.1.1 Basic terminology Absolute title: 1. the right ownership of a mortgage deed, which gives the right, in certain specific circumstances, to demand repayment in full, of the outstanding debt than the due date. 2. A clause in a deed or contract which provides for an early termination of an exciting interest in land, in certain specific circumstances, thereby advancing the future interest. Alternative-for lease/sale: a contract to enter into lease (or sale), which in order
Geographic Technology in Real Estate: A Technology Assessment Report Introduction Real estate is defined by the Barron’s Dictionary of Real Estate Terms as the “land and everything more or less attached to it. Ownership below to the center of the earth and above to the heavens.” This definition clearly conveys the geographically fixed nature of real estate and the inherent risk associated with this characteristic that is not found in other financial assets such as stocks and bonds. It is
In order to for me to be successful with such investment Capital and as investor I would have to formulate goals I would like to accomplish, implement plan (vehicle) to reach goal, maximize profits, reduce risk, use creative financing, increase my exposure to opportunities and protecting my asset(s). When I find property(s) that meet my investment objective, I would tie it up and negotiate to win, take action and control it. If the property does not meet my objective I wouldn’t buy, or alternatively
Despite the widely available access to real estate listings, many believe that MLS databases continue to offer the most complete and accurate source of real estate information. Most MLSs now distribute content to other Web sites (primarily operated by real estate agents). An excellent starting point for MLS originated content is the national NAR Web site, realtor.com, which is also the most popular web site for searching real estate listings. Virtually all local and regional MLSs have an agreement
Assignment: Is Perception Reality? A few years ago I moved to Arizona. I was to be the office manager of a Real Estate Appraisal firm. Unbeknown to me the Company owed back taxes to Internal Revenue Service. The IRS came in and seized all of the Companies bank accounts and assets. All of a sudden I had to scramble to find a new job. I did not immediately find work as an appraiser but took a job with the Arizona Department of Corrections. What I thought to be true and what the reality was; were two
Seller assist is part of a real estate selling agreement, where the buyer asks the seller for assistance with the transactions’ closing costs. The normal terms and conditions remain intact allowing the seller and buyer to create financial arrangements for completing the sale of the property. It can be confusing as a benefit for the seller and the buyer, but the mechanics actually work in the right situation. The seller only agrees to the arrangement, there are no additional costs for the seller