REAL ESTATE PART 2

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Author:
phamli
ID:
175817
Filename:
REAL ESTATE PART 2
Updated:
2012-10-06 01:25:48
Tags:
fin 351 real estate len lin urban economics
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Made from Prof Len Lin PPT slides
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  1. Knowledge about the Real Estate Asset Market
    Financial Economics
  2. Knowledge about Cities and Real Estate Space Market
    Urban Economics
  3. ______ of US land is in urban areas, but ____ of real estate value is in urban areas.  
    5%; 90%
  4. To understand real estate, you need to understand _____.  That is why you need to study __________.
    cities; urban economics
  5. Real estate is essentially an _________ phenomenon.
    urban
  6. True or False?

    Cities are an isolated phenomena.
    False.  Cities are not isolated phenomena. Each city is part of a "system" of cities.  Each city has a place and role as an element it this system.
  7. What are the two fundamental characteristcs of cities?
    Size and Location
  8. What is Zipf's Law? What's the formula?
    The "Rank/Size Rule" or (Zipf's Law) states that if there are N cities in the system of cities, the population of the nth city should follow:

  9. What causes the rank/size rule?
    • Suppose all cities....
    • grow at random rates over time
    • tend to grow at the same average rate
    • have the same "volatiility" in their growth rates
    • ...then "Zipf's Law" rank/size pattern will result.
  10. What model explains the reason why land value is higher when closer to Central Business District?
    The Alonso's Bid Rent Model

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