第 5 章，共 5 章18% 占考试比重
Real Estate Practice: Appraisal, Property Management, and Math
This chapter brings together the applied skills of a working salesperson: estimating value through appraisal, managing property for owners, understanding leasehold estates, and performing everyday real estate math. Practice the calculations for area, commissions, and returns, since these appear often. Remember that agents should recommend professionals for tasks outside their expertise, such as inspections and formal appraisals.
The Three Approaches to Value
Appraisers estimate market value using three recognized approaches and then reconcile the results into a final opinion. Each approach fits certain property types best.
Sales comparison uses comparable sales
It adjusts recently sold similar properties and suits single-family homes.
Cost approach adds land to depreciated improvements
It fits new, unique, or special-purpose properties.
Income approach capitalizes net operating income
It suits income-producing properties like apartment buildings.
Reconciliation weighs the approaches
The appraiser gives most weight to the most reliable approach, not a simple average.
Making Adjustments and Reading Value
In the sales comparison approach, adjustments are always made to the comparable properties, never the subject. Depreciation and quick tools like the gross rent multiplier also inform value.
Adjust the comparable, not the subject
Subtract for features the comparable has that the subject lacks, add for the reverse.
Superior features are subtracted
If a comparable has an extra bathroom worth $10,000, subtract $10,000 from its price.
Gross rent multiplier gives a quick estimate
Value equals gross rent times the GRM; $30,000 rent times 9 is $270,000.
Depreciation reduces improvement value
It can be physical, functional, or external, and some forms are incurable.
Property Management and Leasehold Estates
Property managers act as general agents for owners, working to maximize returns while preserving value. Leasehold estates define a tenant's right to possess property for a period.
A property manager is a general agent
The role covers ongoing duties like leasing, maintenance, and reporting.
The manager maximizes return and preserves value
This includes budgeting, marketing, and protecting the owner's investment.
Estate for years has a definite term
It ends automatically on the stated date without notice.
Periodic estate renews until notice
It continues for successive periods until proper notice is given.
Tenancy at sufferance is a holdover
A tenant staying past the lease without consent has the least protection.
Real Estate Math
Everyday practice requires comfort with basic calculations. Focus on area, acreage conversions, commissions, and investment returns, which are the most common problem types.
Area of a rectangle is length times width
A 200-by-300-foot lot contains 60,000 square feet.
One acre equals 43,560 square feet
87,120 square feet divided by 43,560 equals 2 acres.
Commission equals price times rate
A $320,000 sale at 6% yields a $19,200 total commission before splits.
Return equals investment times desired rate
A 12% return on a $250,000 investment requires $30,000 of net income.
Professional Practice and Disclosure
Working agents must know their limits and follow laws that protect consumers, including accessibility and honest disclosure of conditions. Referring clients to qualified experts reduces risk.
Recommend inspections for possible defects
Advise clients to hire qualified inspectors rather than opining beyond your expertise.
Never conceal known material defects
Honesty to third parties applies even when representing the seller.
The ADA requires accessible public accommodations
Barriers must be removed where readily achievable in commercial and public spaces.
Operating budgets guide financial decisions
They project income and expenses so managers can plan and measure performance.
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