FRECI_19-1 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 19 – Lecture 1 The Real Estate Market Copyright, 2005 2 Lecture Preview What will you learn from this lecture? The character of real estate and the importance of “external” influences on value Copyright, 2005 3 Vocabulary Terms No vocabulary terms! Copyright, 2005 4 What Makes Real Estate Valuable? Many factors influence the value of real estate! Location Demand Supply Copyright, 2005 5 1. Immobile (fixed location) 2. Slow to respond to changes in supply and demand 3. Durable (indestructible) 4. Unique (one of a kind) 5. Subject to governmental regulation Characteristics of Real Estate Real estate is: Copyright, 2005 6 1. Immobility of Real Estate The market is “local” in nature A parcel cannot be “relocated” to a better location The immediate surroundings The local market Highest and best use Real estate value is influenced by:
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2 Copyright, 2005 7 Existing Use
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FRECI_19-1 - Lecture Preview Florida Real Estate Commission...

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