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119 Cards in this Set
- Front
- Back
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Natural boundaries often govern... |
where we draw the line. |
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LSU boundary is... |
the central business district and the river |
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The central business district is an example of... |
a neighborhood |
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Highland road draws a line between... |
multi-family and single-family units |
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If you try something, maybe the only reason it wasn't already there was... |
because no one wants it. |
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What is a neighborhood? |
A group of complementary land uses |
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Two points about neighborhoods |
often defined by boundaries often made up of numerous subdivisions |
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What is a district? |
A type of neighborhood characterized by homogenous land use |
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What is district also known as? |
area of influence |
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What is a market area? |
can include several districts and often includes more than one neighborhood |
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Segmentation and Delineation of Real Estate Markets (2) |
Property type Property features |
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Property Features (5) |
Occupancy customer base quality of construction design amenities |
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Defining characteristics of a submarket(3) |
Market Area Supply of substitute properties Proximity of complimentary products |
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Market Area (2) |
location boundaries |
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Proximity of complementary properties (2) |
Support facilities want to be near stuff that complements your product |
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Value influences in real estate markets (4) |
Social Economic Governmental Environmental |
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Social (1) |
demographics |
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Economic (2) |
employment supply and demand factors |
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Governmental (2)
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zoning Fiscal Policies |
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Environmental (1)
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climate |
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Characteristics of real estate districts (6) |
One-unit residential districts Multifamily districts Commercial districts Industrial Districts Agricultural Districts Specialty District |
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Commercial districts (3) |
Office districts Retail Districts CBDs |
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Industrial Districts (3) |
Flex space Warehouse and distribution centers Manufacturing districts |
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Specialty districts (5) |
Medical districts Research and development parks High-technology parks Education districts Historic districts |
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Within a township and range, we can carve it down into... |
sections |
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We need... |
some time of starting point |
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Legal descriptions of land (3) |
Metes and bounds system Rectangular Survey system Lot and block system |
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Metes and bounds system (2) |
point of beginning monuments |
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Rectangular survey system (3) |
Township and range lines Correction lines and guide meridians Sections |
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Metes and bounds descriptions... |
describe/develop properties into subdivisions |
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Metes and bounds starts from... |
a certain point |
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1 acre = |
43560 sq. feet |
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One section = |
640 acres |
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Nature can affect... |
how the boundaries are drawn |
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If I'm buying real estate, the thing I care the most about is... |
the area |
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Buy real estate because it has... |
utility or desire |
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Title and Record Data (3) |
Ownership information Zoning and land use information Assessment and Tax information |
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Ownership Information (5) |
History Leases in place Easements and right of way Deed or Plat restrictions Subsurface rights |
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History (3)
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sales listings options |
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What are the three most important physical characteristics of land? |
size, shape, and frontage |
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Physical Characteristics of Land (10) |
Size and shape Corner influence Plottage potential Excess land and surplus land Topography Utilities Site Improvements Accessibility Environment Special characteristics of rural, agricultural, or resource land |
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Topography (3) |
Geodetic survey program Soil analysis Floodplain and wetlands analysis |
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Soil analysis.... |
many different types of soil |
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Floodplains and wetlands analysis (1) |
wetlands are protected, can't destroy them |
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Jurisdictional wetlands (3) |
1. wetlands soil 2. wetlands plant life 3. Wetlands hydrology |
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Wetlands plant life (1) |
palmettos |
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Wetlands hydrology (1) |
must have standing water for a requisite number of days |
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Site improvements (5) |
On-site utilities Fences Driveways Landscaping Other growing assets |
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Environment (1) |
contamination and environmental risk issues |
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Appraisers are not... |
building inspectors |
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What's a site visit? |
go look at it. |
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Site Visit (2) |
Depends on nature of assignment Cause of litigation when the purpose of the appraiser's visit is misunderstood |
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Elements of a building description (3) |
use classification and building codes and ordinances size format |
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measuring building (3) |
Gross Living Area Gross Building Area Gross Leaseable Area |
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What is Gross Living Area? |
measures area in which you might live |
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How is stuff measured? |
from outside corner to corner |
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Gross living area (2) |
area enclosed heated and cooled |
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What is the gross leasable area? |
What you're able to charge rent on
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Measuring buildings gets tricky when...
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you have common areas |
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Net rentable area =
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common area factor * square feet |
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Exterior description (2) |
Substructure Superstructure |
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Substructure is... |
below |
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Superstructure is... |
above the ground |
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Superstructure (8) |
Framing Insulation Ventilation Exterior Walls and Doors Windows, storm windows, and screens Facade Roof and Drainage system Chimneys, stacks, and vents |
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What's important is... |
what supports the roof |
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Interior Description (6) |
Interior walls, partitions and doors Interior supports Stairs, ramps, elevators, escalators and hoists Painting, decorating, and finishing Protection against decay and insect damage Miscellaneous and special features |
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Interior supports (3) |
Beams, columns, and trusses Flooring system, ceilings |
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Equipment and Mechanical systems |
Plumbing system heating, ventilation, and air-conditioning systems electrical systems miscellaneous equipment |
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Heating ventilation and air-conditioning systems |
expensive to replace or repair |
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Just because you spend money to do something doesn't mean... |
it'll add value |
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Analysis of Architectural Style and Functional Utillity (2) |
Artchitectural style Functional utility |
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Architectural style (2)
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formal architecture
vernacular architecture |
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Design and functional utility by property type (6) |
Residential Commercial industrial Buildings on Agricultural properties Special-purpose buildings Mixed-use buildings |
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Quality and condition survey (3)
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Items in need of immediate repair short-lived items long-lived items |
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An example of extraordinary assumption would be... |
you assume a commercial property has no environmental problems when you really do not know whether it does or not. |
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Hierarchy of Data (4) |
Nominal Ordinal Interval Ratio |
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Appraisers can't get... |
the entire population |
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How many com parables do you need to have? |
no set number |
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Four things |
Population Sample Parameter Statistic |
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Sample (2) |
nope, it is sufficiently representative A lot of appraisers stop at 3, he likes 6 |
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Statistic (2) |
Descriptive statistics Inferential statistics |
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Three measures of central tendency |
Median Mean Mode |
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Mean is... |
the average, sum & divide |
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Mean (2) |
Arithmetic Mean Geometric mean |
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Mode: |
numbers that pop up most often |
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Outlier is... |
one that sticks out by itself |
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Measures of dispersion (4) |
standard deviation Variance coefficient of variation range |
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Standard deviation: |
tells you how much variability |
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Measures of shape (2) |
Box and whisker plots histograms |
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Confidence intervals (2) |
1. True value of population measure falls within the range of values provided 2. Degree of confidence in first assertion can be set at a desired level |
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Simple linear regression (2) |
coefficients t-values |
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Multiple linear regression (1) |
categorical variables |
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Statistical Applications (2) |
Automated Valuation models Custom valuation models |
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Automated Valuation models |
grab the unadjusted stats and say about what the mean would be |
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Demand factors (2) |
job growth population |
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Foundations of market analysis for real estate (5) |
Market definition and delineation Demand analysis Competitive supply Market equilibrium Trends in market activity |
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Demand analysis... |
want to predict future net demand |
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Competitive supply... |
Is there already a big wave of construction? |
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Market equilibrium |
perfect balance |
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Trends in market activity...
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could be an underserved market |
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Trends in market activity is one of the.. |
best forms of market analysis |
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General level of market analysis(2) |
market study Marketability study |
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Market study |
is there an imbalance in demand? |
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Marketability study:(2) |
focused on a particular aspect of a property focuses on a specific characteristic |
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the six step market analysis process |
1. Define the product 2. Market delineation 3. Demand Analysis 4. Supply Analysis 5. Analyze the interaction of supply and demand 6. Forecast subject capture |
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Define the product (2) |
Property Productivity analysis What are we actually talking about? |
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Market delineation... |
What market? |
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Demand analysis...
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Is there a need? |
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Supply analysis (2) |
IS there something to satisfy that need? Survey and forecast the competition |
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Analyze the interaction of supply and demand... |
Is there excess/insufficient supply? |
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Forecast subject capture (3) |
market penetration concepts what portion of that will our property capture could narrow it down to a specific use/price |
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Markets can be identified by...(5) |
Property type Property features Market area Substitute Properties Complementary properties |
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Complementary properties (2)
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warehouse support facilities |
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Capture rate analysis...
(2) |
of the total units, you're adding x% helps rationalize |
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Types of market analysis (2) |
Market studies and marketability studies Inferred analysis and fundamental analysis |
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Residential (4) |
Single-unit residential subdivision apartments Single-unit Two-to-four-unit |
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Commercial (3) |
Retail Office Hotels and Motels |
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Industrial (3) |
Manufacturing Warehousing Distribution |
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Five types of properties |
Residential Commercial Industrial Agricultural Special-Purpose Properties |
