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real estate principles

Questions and Answers of Real Estate Principles

List and briefly describe the typical items included in a commercial mortgage loan submission package.
What is the difference in the present value of these two loan alternatives? Assume the appropriate discount rate is 6 percent.
You are considering the purchase of an industrial warehouse. a. Calculate the overall rate of return (or “cap rate”)b. Calculate the debt coverage ratio.c. What is the largest loan that you
Distinguish among land acquisitions loans, land development loans, and construction loans. How would you rank these three with respect to lender risk?
Discuss the potential advantages of a miniperm loan from the prospective of the developer/investor, relative to the separate financing of each stage of the development.
For what debt in a general partnership is each of the general partners liable?
What are the potential advantages of investing in commercial real estate through intermediaries instead of direct investment? What are the potential disadvantages?
Approximately 88 percent of private commercial real estate equity (on a value- weighted basis) is owned by “noninstitutional” investors. Who are these investors?
Discuss the role life insurance companies play in financing commercial real estate.
If you purchase a parcel of land today for $25,000 and you expect it to appreciate 10 percent per year in value, how much will your land be worth 10 years from now assuming annual compounding?
If you deposit $1 at the end of each of the next ten years and these deposits earn interest at 10 percent compounded annually, what will the series of deposits be worth at the end of the 10th year?
If you deposit $50 per month in a bank account at 10 percent annual interest (compounded monthly), how much will you have in your account at the end of the 12th year?
If your parents purchased an endowment policy of $10,000 for you and the policy will mature in 12 years, how much is it worth today, discounted at 15 percent annually?
A family trust will convey property to you in 15 years. If the property is expected to be worth $50,000 when you receive it, what is the present value of your interest, discounted at 10 percent
If someone pays you $1 a year for 20 years, what is the present value of the series of future payments discounted at 10 percent annually?
You are at retirement age and one of your benefit options is to accept an annual annuity of $75,000 for 15 years. The first payment would be received one year from today. What lump sum settlement, if
List three “clienteles” for subprime home mortgage loans.
You have just signed a contract to purchase your dream house. The price is $120,000 and you have applied for a $100,000, 30-year, 5.5 percent loan. Annual property taxes are expected to be $2,000.
Contrast automated underwriting with the traditional “Three Cs” approach
Ted Richardson owns a large industrial building in your city that he wishes to sell. As a real estate broker, you would be delighted to obtain the listing on this property. You have worked with
You are a real estate salesperson working for Good Earth, Realtors, Inc. You receive 50 percent of all commissions received by the firm (net of MLS fees) for which you were either the listing agent
If you owned your own real estate brokerage firm, how could you establish a niche in the market for your firm? In other words, how could you set your firm apart from other brokerage firms, and how
Explain why there occurred numerous experimental or innovative approaches to residential real estate brokerage in the United States in the years following 2000.
A friend of yours, Cindy Malvern, is moving to your town to begin a new job. Cindy has decided to buy a condominium, and because you are taking a real estate course, she asks you how to proceed.You
You decide to open a real estate office in your community, but you know you would face stiff competition from established firms. You believe that one method of drawing attention to your firm and
Describe the mechanics of warehouse financing in mortgage banking..
What went wrong with mortgage brokerage? Is it being fixed?
Explain what “pipeline risk” is in mortgage banking and why it is such a dominating risk to mortgage banking.
What is the primary purpose of the risk-based capital requirements that Congress enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)?
Eight years ago you borrowed $200,000 to finance the purchase of a $240,000 house. The interest rate on the old mortgage is 6%. Payment terms are being made monthly to amortize the loan over 30
Assume an elderly couple owns a $140,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a $100,000 RAM. The loan term is 12 years, the contract is
Explain the maturity imbalance problem faced by savings and loan associations that hold fixed-payment mortgages as assets.
Discuss the role and importance of private mortgage insurance in the residential mortgage market.
Distinguish between conforming and nonconforming residential mortgage loans and explain the importance of the difference.
Explain why a home equity mortgage loan can be a better source of funds for household needs than other types of consumer debt.
On an adjustable rate mortgage, do borrowers always prefer smaller (i.e. tighter) rate caps that limit the amount the contract interest rate can increase in any given year or over the life if the
Home mortgage lending is heavily regulated by federal laws. Is this a result of Congressional pandering to consumer groups, or are there good reasons why home mortgage lending should be regulated
Most lenders making adjustable rate mortgage loans offer a “teaser rate.” Is this a good policy or is it misrepresentation?
The Congress has adopted changes in bankruptcy law that would make Chapter 7 bankruptcy more difficult for households, requiring greater use of Chapter 13, thus providing greater protection to
Estimate the market value of the following small office building. The property has 10,500 square feet of leasable space that was leased to a single tenant on January 1, four years ago. Terms of the
Describe the conditions under which the use of effective gross income multipliers to value the subject property is appropriate.
You are estimating the value of a small office building. Suppose the estimated NOI for the first year of operations is $100,000.a. If you expect that NOI will remain constant at $100,000 over the
Given the following owner’s income and expense estimates for an apartment property, formulate a reconstructed operating statement. The building consists of 10 units that could rent for $550 per
Use the following property data:Cash flow from operationsa. Assuming the going-in capitalization rate is 8.00 percent, compute a value for the property using direct capitalization.b. Assuming the
Data for five comparable income properties that sold recently are shown below:What is the indicated overall rate (RO)? Property NOI Sale Price Overall Rate $ 57,800 S 566,600 496,900 630,000 538,500
Assume the market value of the subject site (land only) is $120,000. You estimate that the cost to replicate the improvements to the subject property would be $428,000 today. In addition, you
You are appraising a single-family residence located in the Huntington neighborhood at 4632 NW 56th Drive. The property is being acquired by a mortgage applicant and you have been asked to appraise
A comparable property sold recently for $250,000. The comparable contained an estimated $3,000 in non-reality items. In addition, the appraiser estimates that market values (conditions) have
In the sales comparison approach, if the comparable property is superior to the subject property in some way, is an upward or downward adjustment to the sale price of the comparable required? Explain.
How would you define the highest and best use of a property?
How would you go about estimating the current market value of a publically-traded common stock? Would this take more or less time than most real estate appraisals?
What is the difference between market value and investment value?
What is a self-contained appraisal report?
Why is an estimate of the developer’s fair market profit included in the costs estimate?
University City is a town of more than 200,000 persons, with over 50,000 university and community college students. It has over 30,000 apartment units which, with one or two exceptions, are garden
If you were looking for an apartment at this time, what are six non-locational requirements that you would consider important?
On the U.S. Census web site, use the approach shown in Explore the Web, Chapter 5, to access the latest American Community Survey. For your county, find the distribution of reported house values for
Perfect Population Projections Inc. (PPP) has entered into a contract with the city of Popular, Pennsylvania, to project the future population of the city. Popular has become a popular place in
On the U.S. Census web site, use the approach shown in the chapter in Explore the Web to access the American Community Survey. For your county, and for your state find the distribution of income for
A local businessman has applied for a permit to construct a bar that will feature “adult dancing” in a commercially zoned area across the street from your residential subdivision. As an owner of
Describe the shaded property by government rectangular survey.
How much of the wealth of a typical U.S. household is tied up in housing? How does this compare to the role that assets and investments play in the portfolios of U.S. households?
A friend has an elderly mother who lives in a house adjacent to her church. The church is growing, and would welcome the opportunity to obtain her house for its use. She would like to support the
The traditional common law concept of landlord-tenant relationship was that the landlord’s obligation was simply to stay off the property and the tenant’s obligation was to pay the rent. Explain

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