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When courts look to prior cases, either local or out of state, regarding any types of laws or previous decisions, what is that known as? - Precedent What is the highest law within the United States? - The U.S. Constitution. What is the order of priority in regards to the law? (Bottom to Top Pyram...

ad valorem taxes - tax base is on the value of the property, not the income generated amortization - refers to the separating of the principle of a payment from the interest portion of the payment annuity - you have the same set of cash flows every single month of the same amount (loan payments)...

Mortgage bankers are highly leveraged - Very sensitive to disruptions in the loan making and selling pipeline and can fail in days Alt-A loans - Conventional loans with less stringent underwriting requirements higher LVT lower credit scores reduced documentation of income or assets Somewhere i...

Value of a property or mortgage thus depends on: - 1. Magnitude 2. Timing 3. Riskiness of expected cash flows TVM timelines always starts with - - "Time Zero" Mortgage (debt) timelines normally - 30 years Most commercial property ownership - 3-7 years Amount at time "zero" - PV A single ...

all else equal, a higher discount rate will... - DECREASE the PV of future cash flows the feasibility of new construction is dependent on the relationship btwn current property prices + cost of new construction. the supply of properties will increase if... - the current property values are greate...

3 phases of 2007 collapse - 1. mortgage 2. financial crisis 3. recession 1. identify the tangible assets of land and buildings 2. denote the bundle of rights associated with the ownership of property 3. activities related to the acquisition, operation, disposition of physical assets - 3 ways to...

clustering - examples: apparel stores in a mall or any business where customers like to comparison-shop raw land - land that does NOT include structures or any improvements role of government in real estate - - local govt has the most influence - state govt has the least effect - national govt ...

property market equation - space market / capital market buildings built on air rights - MetLife Building, New York tangible property - Physical asset that can be owned Can be real or personal property EX: Real property, (land and other assets that are permanently attached to the land) buildings...