Urban Economics And Real Estate: Theory And Policy 2nd Edition John F. McDonald, Daniel P. McMillen - Solutions

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Explain whether the real estate brokerage industry operates in an economically efficient manner.
Discuss the economic structure of the real estate brokerage industry.Most real estate firms in the United States are small and legally organized as Scorporations. Market concentration levels across the country are low, indicating no tendency toward domination by a single large firm or group of
Explain what licensing requirements are needed to work in the real estate brokerage industry.All states and the District of Columbia require that agents and brokers be licensed in order to sell real estate. Among the basic licensing requirements are that candidates complete a minimum number of
Describe the major factors influencing employment and income in the real estate brokerage industry.Employment and income in the brokerage industry are highly dependent on conditions in the housing market. Rising housing sales and prices generate greater employment and income in the industry.
Discuss the level of employment and income in the real estate brokerage industry.Employment in the real estate sector of the economy totaled 1.5 million full- and part-time workers in 2011. Total National Association of Realtors (NAR) membership was about 1.0 million. Earnings in the industry
Discuss the circumstances under which a federally regulated lender can make a real estate loan without an appraisal.
Identify the party ultimately responsible for adherence to appraisal guidelines.
Explain the difference between construction quality and dwelling condition from an appraisal perspective.
Identify two key impediments to globalization of appraisal standards
Discuss the major difference between the Fannie Mae selling guide and the interagency appraisal guidelines.
Identify the advantages and disadvantages of direct infrastructure investment.
Explain why infrastructure should be considered as a separate asset class from property in terms of investment.
Discuss the investment risk factors of infrastructure.
Discuss the investment characteristics of infrastructure.
How is net revenue interest used to value the mineral rights in land?
Discuss the bundle of rights that a U.S. farmland holder has.
What is different about mineral rights ownership in the United States versus other countries?
What alternatives exist for selling off real estate?
Why has the rationale for operating businesses owning real estate changed?
Why did firms not in the real estate business own property?
How do firms not in real estate make their decisions to buy property and why are these decisions flawed?
What do regression findings from this case study suggest about the influence that retail concentration exerts on shopping center unit base rents?
Why was the Herfindahl index initially developed and how is it operationally defined here for measuring retail concentration in shopping centers?
What is the key concept underlying the existence and development of shopping centers and how does this concept apply to them?
For the same independent variables, odds ratios between big-box stores versus regional shopping centers can differ. How can these differences be explained and how do they relate to the independence of irrelevant alternatives (IIA) issue?
The origin-destination (OD) survey used to model shopping destination choices includes only weekdays (Monday to Friday) but stores are also open on weekends.What is the effect of such a data bias on the model reliability and how could it be handled?
When would someone want to use a behavioral real estate concept instead of relying on purely traditional transactions data?
Identify several misconceptions about behavioral real estate.
How can financial deregulation and pro-cyclical mortgage lending amplify housing price cycles?
What are the main contributing factors to the contagious housing price cycles from the real (or non-financial) side of the housing sector?
What are similarities and dissimilarities among the housing markets in the United States, Korea, and China?
What determines housing price movement in a particular country or geographical area?
What is the main green rating tool used for commercial buildings in the United States and what does it measure?
What factors or features in a building does the Australian Green Building Council consider to have the lowest cost but the highest sustainability benefit?
Discuss the extent to which buildings contribute to greenhouse gas emissions and its most common cause.
Define sustainable development.
List the main drivers for green buildings.
Explain whether the real estate brokerage industry operates in an economically efficient manner.
Discuss the economic structure of the real estate brokerage industry.
Explain what licensing requirements are needed to work in the real estate brokerage industry.
Describe the major factors influencing employment and income in the brokerage industry.
Discuss the level of employment and income in the real estate brokerage industry.
Discuss the circumstances under which a federally regulated lender can make a real estate loan without an appraisal.
Identify the party ultimately responsible for adherence to appraisal guidelines.
Explain the difference between construction quality and dwelling condition from an appraisal perspective.
Identify two key impediments to globalization of appraisal standards.
Discuss the major difference between the Fannie Mae selling guide and the interagency appraisal guidelines.
Identify the advantages and disadvantages of direct infrastructure investment.
Explain why infrastructure should be considered as a separate asset class from property in terms of investment.
Discuss the investment risk factors of infrastructure.
Discuss the investment characteristics of infrastructure.
Identify some specific risk factors in mineral rights.
How is net revenue interest used to value the mineral rights in land?
Discuss the bundle of rights that a U.S. farmland holder has.
What is different about mineral rights ownership in the United States versus other countries?
What alternatives exist for selling off real estate?
Why has the rationale for operating businesses owning real estate changed?
Why did firms not in the real estate business own property?
How do firms not in real estate make their decisions to buy property and why are these decisions flawed?
Discuss the locational differences in healthcare costs.
Explain how patients and physicians inflate the demand for real estate in healthcare in the United States.
Discuss how the U.S. healthcare system rewards facilities.
Identify two behavioral issues leading to increased demand for healthcare.
Identify the methods for managing the construction of hospitals and beds.
Identify the major issues regarding demand and pricing for healthcare facilities.
In the presence of price controls and regulation, discuss whether excess demand or supply for healthcare facilities would exist.
Discuss whether hospital and nursing home beds are rising or falling in the United States.
What do regression findings from this case study suggest about the influence of retail concentration on shopping center unit base rents?
Why was the Herfindahl index initially developed and how is it operationally defined here for measuring retail concentration in shopping centers?
What is the key concept underlying the existence and development of shopping centers and how does this concept apply to them?
For the same independent variables, odds ratios between big-box stores versus regional shopping centers can differ. How can these differences be explained and how do they relate to the IIA issue?
The OD survey used to model shopping destination choices includes only weekdays(Monday to Friday) but stores are also open on weekends. What is the effect of such a data bias on the model reliability and how could it be handled?
Identify the factors that affect per unit prices in multifamily
Explain what shifts rental rates, expenses, and returns.
Discuss the role of the natural vacancy rate in multifamily investment.
Identify the primary determinants of cap rates in the multifamily sector and indicate whether these rates are more or less known with certainty.
Explain why multifamily property may be a preferred investment for both institutional and small investors.
Identify fields from which behavioral real estate has borrowed ideas.
List several technologies being used in behavioral real estate research.
Provide several examples of how behavioral real estate has been used to answer real estate research questions.
When would someone want to use a behavioral real estate concept instead of purely traditional transactions data?
Identify several misconceptions about behavioral real estate.
Explain how financial deregulation and pro-cyclical mortgage lending amplify housing price cycles.
Identify the main contributing factors to the contagious housing price cycles from the real or non-financial side of the housing sector.
Compare and contrast the housing markets in the United States, Korea, and China.
Discuss the determinants of housing price movements in a particular country or geographical area.
List and describe the main property-type risk categories institutional investors might consider in their real estate portfolios.
Identify the major reasons institutional investors include real estate to their portfolios.
Explain the major players in the institutional real estate investment process and their functions.
Outline the major steps that institutional investors take in developing a real estate strategy.
Contact a public economic development agency that operates within an urban area of your choice. This agency might be a department of the central city government, for example. What are the primary goals and strategies of this agency, as nearly as you can determine? Arethey smokestack chasers? Dothey
Suppose that you are the economic development czar of your urban area. You have decidedtopursuethegoalofincreasingthepercapitaincome of residentsoftheurbanarea(without regard to income distribution), and your strategy is to support growth by selecting target industries.a. Select a package of
Assume that the nation and an urban area have the following employment figures in the base year.Industry A Industry B Industry C U.S. 1,000 2,000 500 Urban area 100 100 100 Assumenationalgrowth ratesofA (10%),B (5%),andC (30%),andassumelocal growth rates of A (5%), B (10%), and C (25%).a. Use
You conduct a study of a growth industryin a large number of urban areas and findthat ln ð Þ¼ E1 E0 0:44 þ 0:62 ln E0 þ 0:48 Pop þ ...whereE0 is employmentintheindustryinthe base year,E1 is employmentin a subsequent year, Pop is population of the urban area, and . . . stands for other
Suppose that the growth rate of an industry in an urban area has been found to be a function of:– The growth rate of labor, with a coefficient of 0.75– The growth rate of capital, with a coefficient of 0.4– The employment level in the industry– The rate of growth of employment in the urban
Find out if there are any books on the economic history of the urban area of your choice. Most of the older, large urban areas have rather extensive bibliographies.Select one of these books. Does the author of this book use a conceptual framework that resembles one of those covered in this chapter?
Return to the local economy depicted in Table 22.1. Suppose that exports double(manufactures increase to 40 and services increase to 20).a. Recalculate the entire table.b. Does the size of the local economy double?
Assume the following input-output table for a local economy:Purchasing Industry A B Final Demand Gross Output Producing A 10 50 40 100 Industry B 30 10 30 70 Value Added 60 10 Total Inputs 100 70 70 170 Assume that value added is entirely attributable to local labor and capital inputs.a. What are
Consider Muth’s famous ‘‘chicken or egg’’ model of urban growth. It is written that:dE ¼ aM M ¼ b dð Þþ E u;where E is employment in the urban area, dE is the change in employment, M is migration into the urban area, and u is an exogenous amount of in-migration.a. Why might migration
Suppose that the growth rate of gross urban product for an urban area is:y ¼ 0:25ð Þþ k 0:75ð Þþ e t k ¼ ð Þþ s=v j e ¼ n þ m;where y is the growth rate of GUP, k the growth rate of capital, l the growth rate of labor, t the rate of technical change, s the saving rate, v the

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Urban Economics And Real Estate: Theory And Policy 2nd Edition John F. McDonald, Daniel P. McMillen - Solutions

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