About This Chapter
Principles & Theories in Real Estate - Chapter Summary
Use this self-paced real estate chapter to review the foundational principles and theories in the field. Taught by expert real estate instructors, this chapter contains short and simple lessons that define topics such as functional obsolescence, the substitution principle, assemblage and much more. Be sure to take the lesson quizzes and chapter exam to make sure you take away the most important real estate concepts. The chapter can be accessed on any device that has an Internet connection, and when you're finished with the chapter, you should be able to:
- Define functional and economic obsolescence in real estate
- Explain the principles of progression, substitution and anticipation in real estate
- Understand the concept of assemblage
1. Functional Obsolescence in Real Estate: Definition & Example
Functional obsolescence creates the loss in value of a property due to lack of improvements, outdated amenities, and/or poor architectural design, failing to meet today's living standards desired by consumers.
2. Economic Obsolescence in Real Estate: Definition & Example
In this lesson we will look at what economic obsolescence is and go over a few examples of those factors which unavoidably cause a drop in a property's value.
3. The Principle of Progression in Real Estate: Definition & Example
This lesson will define the principle of progression in real estate, and compare it to the principle of regression in real estate. Examples of the principle of progression will be provided to give the reader a strong grasp of this concept.
4. Principle of Substitution in Real Estate
This lesson will define the principle of substitution in real estate. Further, examples of this principle will be provided to give the reader a firm grasp of the subject.
5. Principle of Anticipation in Real Estate
In this lesson, the principle of anticipation in real estate will be defined. Upon completion, the reader should have a firm grasp of this term and how it relates to the real estate field.
6. Assemblage in Real Estate: Definition & Appraisal
This lesson will discuss assemblage in real estate. A definition will be provided along with a discussion of how appraisal of property would be conducted. Upon completion, the reader should have a good understanding of this concept in real estate.
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Other chapters within the Real Estate Training course
- Forms of Property Ownership
- Advanced Property Ownership Issues
- Encumbrances in Real Estate
- Advanced Encumbrances in Real Estate
- Land Use Regulations & Zoning
- Land Descriptions & Surveys
- Transfer of Real Property
- Advanced Transfer of Real Property
- Fair Housing & Consumer Protection Laws in Real Estate
- Real Estate Transactions & Contracts
- Contract Law in Real Estate
- Role of Agencies in Real Estate
- Property Valuation & Appraisal
- Real Estate Investment & Analysis
- Property Condition Disclosure Statements in Real Estate
- Overview of Real Estate Financing
- Real Estate Loan Types & Programs
- Real Estate Loan Regulations
- Real Estate Loan Calculations
- Real Estate Closing & Settlement Procedures
- Real Estate Taxes, Warranties & Insurance
- Leases & Property Management
- Principles of Practicing Real Estate
- Real Estate Ethics & Professional Responsibility
- Laws, Rules & Contracts for Real Estate
- Agency in Real Estate
- Property in Real Estate
- Tenancy & Leases in Real Estate
- Zoning & Development for Real Estate
- Real Estate Training Flashcards