Real Estate Principles: A Value Approach

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. Wayne R. Archer is the William D. Hussey Professor at the Warrington College of Business, University of Florida. He is Executive Director of the Bergstrom Center for Real Estate Studies. He received a Masters in economics from Wichita State University (1968) and a Ph.D. in economics from Indiana University (1974). He has been a faculty member at the University of Florida since 1971. From 1979 through 1981, he served as a visiting researcher at the Federal Home Loan Bank Board and Federal Savings and Loan Insurance Corporation. His research publications include articles on office markets, house price indices, mortgage prepayment, mortgage pricing, and mortgage default risk. Professor Archer is a member of the American Real Estate and Urban Economics Association, where he has served on the board of directors, and also is a member of the American Real Estate Society. He served on the editorial board of Real Estate Economics. He is a Fellow of the Homer Hoyt Institute. Professor Archer has worked in industry education throughout his academic career, including service as the educational consultant to the Florida Real Estate Commission from 1985 to 1999. Among additional roles, he served as a regular faculty member in programs of the Mortgage Bankers Association of America, in the Institute of Financial Education affiliated with the U.S. League of Savings and Loan Associations, and, more recently, with Freddie Mac. In addition, he has provided consulting services to industry and government from time to time throughout his career. Additional information on Professor Archer is available at http://warrington.ufl.edu/departments/fire.

Part 1: Setting the Stage1.The Nature of Real Estate and Real Estate MarketsPart 2: Legal and Regulatory Determinants of Value2.Legal Foundations to Value3.Conveying Real Property Interests4.Government Controls and Real Estate MarketsPart 3: Market Valuation and Appraisal5.Market Determinants of Value6.Forecasting Ownership Benefits and Value: Market Research7.Valuation Using the Sales Comparison and Cost Approaches8.Valuation Using the Income ApproachPart 4: Financing Home Ownership9.Real Estate Finance: The Laws and Contracts10.Residential Mortgage Types and Borrower Decisions11.Sources of Funds for Residential MortgagesPart 5: Brokering and Closing the Transaction12.Real Estate Brokerage and Listing Contracts13.Contracts for Sale and ClosingPart 6: Time, Opportunity Cost, and Value Decisions14.The Effects of Time and Risk on Value15.Mortgage Calculations and DecisionsPart 7: Financing and Investing in Commercial Real Estate16.Commercial Mortgage Types and Decisions17.Sources of Commercial Debt and Equity Capital18.Investment Decisions: Ratios19.Investment Decisions: NPV and IRR20.Income Taxation and ValuePart 8: Creating and Maintaining Value21.Enhancing Value through Ongoing Management22.Leases and Property Types23.Development: The Dynamics of Creating ValueGlossaryPhoto CreditsIndex