Synopses & Reviews
Through a direct and practical approach, this text presents the current economic factors that affect the real estate market and cause real estate values to change. Case and Point features throughout provide thought-provoking application of concepts and help generate discussion. No formal background in economics is required for both salesperson and broker candidates to gain a solid understanding of economic and finance principles that are fundamental to achieving success in the real estate field.
Synopsis
Completely updated and one of the most direct and practical approaches to presenting the factors that cause real estate value to change, McKenzie and Betts have updated the fifth edition while adding graphics and coverage of contemporary topics. This text works well for individuals with little or no background in formal economics, providing current information needed for a successful course in real estate economics for real estate agents, appraisers, and investors.
About the Author
Dennis J. McKenzie, MBA, MA Economics, was an instructor in Real Estate and Economics, College of the Redwoods. He was formerly senior faculty in real estate, University of Southern California, College of Continuing Education. McKenzie was a REALTOR?, a GRI, and a faculty member of the REALTORS? Institute. He also served as an educational consultant for the California Department of Real Estate and was a past recipient of the Teacher of the Year award granted by the California Real Estate Educators Association.Richard M. Betts is a California Certified General Real Estate Appraiser and consultant in Oakland, California. He was educated at the University of California, Berkeley, where he earned B.S. and M.B.A. degrees in Business Administration, with emphasis in Real Estate. Mr. Betts has extensive experience as a fee appraiser and economist, including expert witness testimony before various superior courts, federal courts, tax court, arbitration panels, and assessment appeal boards. He has served as a member, and chair, of many arbitration panels on real estate issues. Mr. Betts holds the professional designations MAI, SRA, and ASA (Real Estate) and is a past president of both the Northern California Chapter 11 of AIREA and the East Bay Chapter 54 of SREA. For some years, Mr. Betts served on national committees of AIREA, including the National Editorial Board of The Appraisal Journal. Betts is the President of REAMUG, the appraisers' computer user group. He coauthored Basic Real Estate Appraisal, 7th edition, published by Cengage Learning in 2007.Carol A. Jensen, MBA, REALTOR?, is a real estate broker and instructor of real estate at City College of San Francisco and Cabrillo College. She teaches online, hybrid, and traditional classroom real estate courses as well as courses on small business management. Her experience includes developing academic, vocational, and continuing education course curriculum. Ms. Jensen serves as the current director of the California Community College Real Estate Educators Center, which is dedicated to advancing the quality of real estate instruction in California's community colleges. She also participates as a committee person in Academic Senate shared governance and is a member of the California Council for Adult Education. In addition, she has written several books and journal articles, and has contributed to online publications.
Table of Contents
PART I: Basic Economic Background for Real Estate Analysis. 1. Introduction to Real Estate Economics. 2. Review of the Economic Principles of Capitalism. 3. Government's Role in the Economy. 4. Money, Credit, and Real Estate. 5. Important Economic Features of Real Estate. PART II: Understanding Real Estate Markets. 6. Regional and Community Analysis. 7. Community Growth Patterns. 8. Neighborhoods: Clusters of Land Use and Value. 9. Housing Markets. 10. Commercial and Industrial Markets. 11. Rural and Recreational Real Estate Markets. PART III: Major Influences on Real Estate Development. 12. The Economics of Real Property Taxation. 13. Land-Use Controls. 14. Real Estate Development. 15. Required Government Reports. PART IV: Real Estate Investment: The Economics of the Parcel. 16. Summary of Real Estate Investment Principles. 17. Income Tax Aspects of Investment Real Estate. 18. Applied Real Estate Economics. 19. Anticipating Change. Answers to Reviewing Your Understanding Questions. Index.