Synopsis
Text for a beginning real estate course approaches the study of real estate from four distinct but overlapping viewpoints business, legal, economic, and financial at an analytic level that is consistent with the scope, depth, rigor, and types of applications typically provided in other business and business related fields. Annotation copyright Book News, Inc. Portland, Or.
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From the Publisher
Exhibits have been updated throughout to illustrate current trends in Real Estate.
In Chapter 2, the authors have expanded the coverage of the Time Value of Money operation because this is one of the most challenging concepts in finance. The coverage of this important topic is patient and clear.
Chapter 3 includes more examples of valuation using direct capitalization to help students understand the most common type of Real estate valuation. Coverage of break-even ratio was dropped in an effort to simplify the chapter.
Chapter 3 includes more examples of valuation using direct capitalization to help students understand the most common type of Real estate valuation. Coverage of break-even ratio was dropped in an effort to simplify the chapter.
Chapter 5 provides a new section on the growing importance of public real estate markets and also added coverage of Real Estate Investment Trusts (REIT) valuation to make the Investment Perspective more comprehensive.The title for Chapter 9 has changed to 'Land Use, Planning, Zoning, Urban Problems and Environmental Hazards'. Coverage of Urban problems, such as 'The New Urbanism' and 'Reducing Crime, Congestion and Sprawl' have been added, as these important topics are now being discussed in cities and suburbs across the country.
In response to reviewer feedback, Chapter 19 (Mortgage Backed Securities) has been eliminated. However, there is a short section on Mortgage Backed Securities to supplement Chapter 16 (Sources of Funds for Residential Mortgages.) In addition, the previous Ch.Chapter 21, Real Estate Brokerage and Listing Contracts, now includes a new section on discrimination as well Internet marketing.Global Capital Markets are integrated to promote an understanding of the total investment process and how that process is applied to real estate.
Real World Emphasis and Real Estate Focus Boxes provide students with an appreciation for the actual practice of real estate.
Calculator Key Strokes are given so that students can solve problems on any standard financial calculator.
The Excel tutorial demonstrates how numerous real estate problems can be solved using Excel spreadsheets.
For pedagogical purposes, the text includes learning objectives, boxed readings, summary, key terms, test yourself questions, problems for thought and solution, case problems, and additional readings.
About the Author
Professor Jack Corgel has been a member of the Cornell Hotel School faculty for seven years. He served as the first Director of the Center of Hospitality Research from 1992-1994. After receiving undergraduate and Ph.D. (1979) degrees from the University of Georgia in real estate and corporate finance, he taught at the University of Florida, Georgia State University, and the University of Connecticut. During the academic year 1985-1986, he was a visiting scholar at the Federal Home Loan Bank Board in Washington, D.C. He is a fellow of the Homer Hoyt Institute. Professor Corgel has published over 50 articles in the most prestigious academic and professional journals, mainly on the subjects of real estate finance, investment, valuation, and hospitality real estate. David C. Ling (Ph.D, 1984, and MBA, 1977, The Ohio State University) is the William D. Hussey Professor of Real Estate and the Director of the Real Estate Research Center in the Warrington College of Business Adminstration and Graduate School of Business at the University of Florida. Professor Ling serves on numerous editorial boards including the Journal of Housing Economics, Real Estate Economics, The Journal of Real Estate Research, and Real Estate Finance. He has provided research and consulting services to several state and national organizations including the Federal National Mortgage Association, the National Association of Home Builders, the National Association of Realtors, and the Florida Association of Realtors. He is a Fellow of the Homer Hoyt Institute and board member of the Real Estate Research Institute. Halbert C. Smith is a professor in the Department of Finance, Insurance and Real Estate in the Warrington College of Business Administration and the Graduate School of Business at the University of Florida. He has also served as Chairman of the Department and was the founding Director of the Real Estate Research Center. He received his B.S. degree from Purdue University, his MBA from Indiana University, and his DBA from the University of Illinois. Professor Smith has served on the faculties of several U.S. universities, and in 1995 was named a Fellow of the International Center for Economic Research in Turin, Italy. Professor Smith is also a director and officer of the Homer Hoyt Insittute and affiliated organizations. He was a founding member of the American Real Estate and Urban Economics, and in 1970 he served as that organization's President. In addition to publishing numerous articles in professional and academic journals and several other books dealing with real estate subjects, he is Editor-in-Chief of Real Estate Issues.
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