components of total project costs - answer✔✔land purchase price
cost of construction (hard costs)
secondary cost (soft costs)
cash flow drivers - answer✔✔revenue
operating expenses
recurring capital expenditures
real estate's economic impact - answer✔✔25% of GDP
70% of local gov revenue through RE taxes
developed land is 6% of US land
RE value is $31 trillion, a slight more than stock market equity at $30 trillion
the term real estate - answer✔✔physical asset, rights from owning property, a profession and an
industry
formal definition of real estate - answer✔✔land, buildings, and structures permanently affixed to
the land
real property - answer✔✔real estate plus the bundle of rights
personal property - answer✔✔property that is not permanently affixed to buildings and have
limited value if removed
ownership rights - answer✔✔right to:
use/occupy/enter it
sell it
lease it
encumber it
right to do all
real estate characteristics - answer✔✔heterogeneous (no two properties are identical)
immobile (tangible, fixed in space)
private and equity capital markets - answer✔✔individuals, partnerships, firms & institutions
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