tag:blogger.com,1999:blog-87615971955943801152024-03-12T20:19:02.225-07:00Real Estate Analysis: Environments and ActivitiesThis blog accompanies the text, Real Estate Analysis: Environments and Activities by Julian Diaz III and J. Andrew Hansz. Student are encouraged to post assignments and original research papers to this blog. Please contact environments.activities@gmail.com for posting rights or to add your program to the blog. Some blog posts and objective questions maybe considered for publication in a future edition of the text.Andrew Hansz PhD CFA MAIhttp://www.blogger.com/profile/02750022205851416410noreply@blogger.comBlogger478125tag:blogger.com,1999:blog-8761597195594380115.post-49154602966062772502014-09-21T23:33:00.001-07:002014-09-21T23:33:29.838-07:00First 'Student Society of Real Estate' meeting of semester<div class="MsoNormal" style="margin: 0in 0in 10pt;">
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<o:p><br />When: Wednesday, September 24, 2014<br />Time: 5:00PM – 5:45PM<br />Where: PB 023 Conference Room (Peters Business Building)<br /><br /> Who: All students who are interested in Real Estate, Construction Management, Finance, Entrepreneurial and other related industries<br /><br />Topics: Networking opportunities at upcoming Gazarian Real Estate Center events, real estate industry classes and internships, getting acquainted with other like-minded real estate students.<br /><br /> Come join us and enjoy refreshments and good fellowship!<br /><br />Look forward to seeing you Wednesday,<br /><br /> Diane Ray<br /> President, Student Society of Real Estate<br /><br /> <br /><br /> <br /><br /> <img src="goog_1942312764" /></o:p><img src="goog_1942312764" /><div class="MsoNormal" style="margin: 0in 0in 10pt;">
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-29919712827070728242014-05-06T22:06:00.000-07:002014-05-06T22:06:19.873-07:00Last SSRE meeting of the semester!<a href="http://2.bp.blogspot.com/-fO213zov2Sk/U2m-qS_79WI/AAAAAAAAAC8/59u6p07F6TQ/s1600/SSRE+Logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-fO213zov2Sk/U2m-qS_79WI/AAAAAAAAAC8/59u6p07F6TQ/s1600/SSRE+Logo.jpg" height="125" width="320" /></a><br />
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<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">When: Wednesday, May
7, 2014<o:p></o:p></span><br />
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<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Time: 5:00PM – 5:45PM<o:p></o:p></span></div>
<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Where: PB 012 (Peters
Business Building)<o:p></o:p></span><br />
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<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Who: All students who
are interested in Real Estate, Construction Management, Entrepreneurial and
other related industries<o:p></o:p></span></div>
<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Topics: <span style="mso-spacerun: yes;"> </span>Voting in new Vice President and Treasurer,
upcoming real estate luncheons and seminars, real estate classes and
internships, Dog Days and other outreach opportunities.<o:p></o:p></span><br />
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<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Come join us and
enjoy pizza and sodas!<o:p></o:p></span></div>
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<span style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Look forward to
seeing you Wednesday,<o:p></o:p></span></div>
Diane Ray<o:p></o:p><br />
<o:p></o:p><br />
President, Student Society of Real Estate<br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-87738736843405183582014-04-09T23:52:00.000-07:002014-04-09T23:52:41.193-07:00Blog Post #2<!--[if !mso]>
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<span style="color: #1a1a1a; font-family: Times New Roman;">Real Property and Easemants</span></div>
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<span style="color: #1a1a1a; font-family: Times New Roman;">by: Rudy Serrato</span></div>
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<span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;"><br /></span></div>
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<span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">When you
purchase property someone would assume that you completely own what ever is
above or under the property. But the reality
is that you receive a bundle of rights that allows you to have individual rights
in real property. In the bundle of
rights there are non-public restrictions on real property rights. This is known to be an encumbrance, which is
a restriction on the free simple estate interest. <o:p></o:p></span></div>
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<br /></div>
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<a href="http://4.bp.blogspot.com/-uxJiIrjjPAo/U0Y-5nX0qwI/AAAAAAAAABA/V3biyTU4Kw8/s1600/carriage1.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://4.bp.blogspot.com/-uxJiIrjjPAo/U0Y-5nX0qwI/AAAAAAAAABA/V3biyTU4Kw8/s1600/carriage1.jpg" height="187" width="400" /></a><span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">In Texas thousands
of landowners filed a class action lawsuit against three of the largest
communication companies in the United States.
The landowners from Texas are pursuing a settlement based on the fact
that the communication companies did not have the right to an easement on their
property. The three companies installed
fiber-optic cable-networks in the Texas properties without the landowners
consent. In other words, the landowners are disputing the fact that these
companies did not have the right to use their property in a specified manner
other than to benefit the communication companies. <o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;"> <o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;"> <o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;"> The
Texas landowners have brought of pervious decisions made by the United States
courts. As brought fourth as a benchmark
this landmark case that was brought to the United States Supreme Court in </span><span style="color: #3b3c3e; font-family: "Times New Roman"; mso-bidi-font-style: italic;">Marvin
M. Brandt Revocable Trust, et al. v.</span><span style="color: #3b3c3e; font-family: "Times New Roman";"> United States</span><span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">. In this
case the basis defined the limits on permitted uses of railroad right of way
easements. <o:p></o:p></span></div>
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<div class="MsoNormal">
<a href="http://3.bp.blogspot.com/-R2PLhGfwFhs/U0Y-8MzGSBI/AAAAAAAAABI/I2Z6wkSdlYg/s1600/6925613.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://3.bp.blogspot.com/-R2PLhGfwFhs/U0Y-8MzGSBI/AAAAAAAAABI/I2Z6wkSdlYg/s1600/6925613.png" height="200" width="200" /></a><span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;"> </span><span style="color: #242424; font-family: "Times New Roman";">Chief Justice John G.
Roberts, Jr. delivered the opinion of the 8-1 majority stating, “When an
easement is abandoned, the easement disappears and the land reverts to its
previous owner, so in this case, the land would revert to the Brandt Revocable
Trust and property owners.” The
landowners in this case believed that they first gave the easement to the
United States and not the railroad, so if the United State abandoned the
easement property in question the railroad company has no right to go through
their property. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #242424; font-family: "Times New Roman";"> The Texas landowners have a long way
to go in fact it is an uphill battle with regards to a Supreme Court decision. This is a good example of the right in
question to bundle of rights there are a few such as surface rights, air
rights, and subsurface rights. When purchasing
property is wise to do your do diligence and finding everything that has to do
with the property.</span></div>
<br />
<span style="color: #1a1a1a; font-family: "Times New Roman"; mso-bidi-font-weight: bold;"><o:p></o:p></span><br />
<!--EndFragment-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-35992600031976682942014-04-09T23:24:00.001-07:002014-04-09T23:24:17.222-07:00Fin 180 Blog Post 2<!--[if gte mso 9]><xml>
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Residential Development: The Precommitment Phase</div>
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By: John Gligich</div>
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<br /></div>
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With the recent
and ongoing turnaround of the Fresno real estate market, residential land
development is once again becoming a prosperous endeavor. Recently, there has
been a lack of finished home lots on the market. This is leading local home
builders to buy up large amounts of raw land with the goal of creating
residential space. This, along with other positive statistics for the Fresno
residential real estate market, are all contributing to a healthier environment
for builders in the Central Valley (Harvey). Residential land development can
be extremely lucrative, especially in current conditions, but extensive
planning is crucial to the success of a residential development. The
precommitment phase of real estate development in particular is especially
important for developers when choosing whether or not to develop residential
space. </div>
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The
precommitment phase has three vital steps that must all be carried out to the
fullest in order to ensure a successful development. These stages are also necessary
to make a decision on if the project will even be feasible or not. The three
stages are as follows: Stage 1, conceive a development project, stage 2,
examine the feasibility of the project, and stage 3, refine the concept. These
three stages must be performed exceptionally if the development is going to
succeed. During the precommitment phase the developers risk is relatively low
and no extreme commitment has been made. This allows the developer to examine
their options in order to make the best investment decision possible (Diaz 203).</div>
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The first stage
is to conceive a development project. This includes defining the type of
project, determining a site, and gathering other valuable information regarding
the investment and the proposed site. For residential construction, the “Use in
Search of a Site” method is the best method for determining a site, because the
developer already has the project defined as a residential development, so
finding a site for that use is necessary (Diaz 203).<span style="mso-spacerun: yes;"> </span>In his article, Developing Real Estate: How
to Price Land for Profit, Craig Grella discusses the proper methods to employ
when choosing as viable site. <span style="mso-spacerun: yes;"> </span>Grella
writes that finding the future value of a proposed site is the first step in
evaluating a site. For residential development, using comps, not only in size
and style, but also in age, is a good way to determine the potential value of
the property you plan on developing (Grella). Once a site has been selected the
developer should perform further research on the site. This research can be
done inexpensively through planning and development departments and public
records (cite book). Once preliminary research has been completed the developer
can proceed to stage 2, examine the feasibility of the project.</div>
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Stage 2 brings
the vast majority of the research in order for developers to make a sound
decision on their potential investment. During this stage the developer must determine
the market feasibility of the project, and perform final research on the site
regarding suitability and potential legal issues. The developer can do this by
performing a market analysis and feasibility study, and performing due
diligence. It is good for developers to analyze the local demand for
residential space, the relative supply of residential space in the area, and to
survey the competitive space located in the area the proposed site is located.
After completing a market analysis, the developer performs due diligence on the
specific site proposed. By researching legal issues that may arise, zoning
issues, physical issues, and environmental issues, developers can hope to weed
out bad investments while there is still a relatively low amount of commitment.
Ample information is readily available once again through public records and
planning and development departments (Diaz 205).<span style="mso-spacerun: yes;"> </span>Once sufficient due diligence has been
performed, the developer can further refine their development concept. </div>
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The final step
in the precommitment phase of development requires the developer to further
refine their idea and gain a more solid understanding of the commitment that
will be required if the developer chooses to proceed with the project into the
post-commitment phase. The final stage focuses on further refinement of the concept,
including the type of residential space, the quality of the space, the price
range, and the potential customers. By performing marketing studies on the
local public, the developer can gain insight into the needs of the community. This
will assist in determining the specifics of the proposed residential. Once the
product is further refined the next step would be to create a pro forma. A good
pro forma will further help the developer determine the financial feasibility
of their investment (Diaz 208). Grella suggests determining the development
costs, which include permits, fees, and construction costs. After the
development cost are solidified, the developer now knows how much he or she
must pay for land based on the future value they expect to obtain from the
development. This is known as the residual land value. After determining the
residual land value, expected profits are then figured into the equation (Grella).</div>
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Once the three
stages listed above are carefully completed, the developer can determine
whether or not to move on to the post commitment phase and proceed with the
project. If the precommitment phase is done properly and thoroughly, the post
commitment phase will be a success, limiting the developer’s risk, and
increasing their chance of success. </div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">Works
Cited</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">Diaz, Julian, and J. Andrew. Hansz.
"Project Precommitment." <i>Real Estate Analysis: </i></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Environments
and Activities</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">.
Dubuque, IA: Kendall Hunt Pub., 2010. 202-10. Print.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">Grella, Craig. "Developing Real
Estate: How to Price Land for Profit." <i>The BiggerPockets Blog </i></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>RSS</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">. N.p., 2 Oct. 2009. Web. 09 Apr.
2014.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">Harvey, Chuck. "Developers
Scramble for Bare Land to Build Houses." <i>The Business Journal</i>. </span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>N.p.,
17 Mar. 2014. Web. 09 Apr. 2014.</span></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
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<![endif]-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-60096746341894915292014-04-09T21:03:00.002-07:002014-04-09T21:03:42.410-07:00Fin180 Blog Post 2 Investment project
<br />
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 702px;">
<!--StartFragment-->
<colgroup><col style="mso-width-alt: 4778; mso-width-source: userset; width: 112pt;" width="112"></col>
<col style="mso-width-alt: 3882; mso-width-source: userset; width: 91pt;" width="91"></col>
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<col style="width: 65pt;" width="65"></col>
</colgroup><tbody>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt; width: 112pt;" width="112">Jacob Balfanz</td>
<td style="width: 91pt;" width="91"></td>
<td style="width: 88pt;" width="88"></td>
<td style="width: 91pt;" width="91"></td>
<td style="width: 85pt;" width="85"></td>
<td style="width: 85pt;" width="85"></td>
<td style="width: 85pt;" width="85"></td>
<td style="width: 65pt;" width="65"></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="7" height="15" style="height: 15.0pt; mso-ignore: colspan;">1.<span class="font6"> </span><span class="font5">The listing
price for a 20.81 acre piece of land is $975,000 and the development
improvements are $2,279,256.</span></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="3" height="15" style="height: 15.0pt; mso-ignore: colspan;">2.<span class="font6"> </span><span class="font5">The land is
divided into 78 lots.</span></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="7" height="15" style="height: 15.0pt; mso-ignore: colspan;">3.<span class="font6"> </span><span class="font5">The builder
estimates the development to be completed equally over three years (26 houses
per year).</span></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="6" height="15" style="height: 15.0pt; mso-ignore: colspan;">4.<span class="font6"> </span><span class="font5">Operating
Expenses are $144,011.76 per home and are expected to rise 2% every year.</span></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="2" height="15" style="height: 15.0pt; mso-ignore: colspan;">5.<span class="font6"> </span><span class="font5">Credit loss
is 5%.</span></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="3" height="15" style="height: 15.0pt; mso-ignore: colspan;">6.<span class="font6"> </span><span class="font5">The homes
sell for $230,833.33.</span></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="4" height="15" style="height: 15.0pt; mso-ignore: colspan;">7.<span class="font6"> </span><span class="font5">Housing
prices are estimated to appreciate at 3% a year.</span></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="8" height="15" style="height: 15.0pt; mso-ignore: colspan;">8.<span class="font6"> </span><span class="font5">The lender
is quoting a loan to value ratio of 70% for a 30 year loan with monthly
payments and a 7% interest rate</span></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="8" height="15" style="height: 15.0pt; mso-ignore: colspan;">9.<span class="font6"> </span><span class="font5">An
amortization schedule indicates that the principal repayment for the loan
will be $23,139.94, $24,812.72, and $26,606.44. The annual debt service is
$15,155.45*12.</span></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="3" height="15" style="height: 15.0pt; mso-ignore: colspan;">10.<span class="font6"> </span><span class="font5">Brokerage Commissions are 3%.</span></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="4" height="15" style="height: 15.0pt; mso-ignore: colspan;">11.<span class="font6"> </span><span class="font5">Income tax rate is 51.6%. Capital
gains tax is 20%</span></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl68" colspan="3" height="15" style="height: 15.0pt; mso-ignore: colspan;">12.
Investor requires a 15% rate of return</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">BTCF</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td align="right" class="xl65"> Year 1 </td>
<td align="right" class="xl65"> Year 2 </td>
<td align="right" class="xl65"> Year 3 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Potential Growth </td>
<td align="right" class="xl65"> $6,001,666.58 </td>
<td align="right" class="xl65"> $6,181,716.58 </td>
<td align="right" class="xl65"> $6,367,168.07 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less Credit loss</td>
<td align="right" class="xl66"> $300,083.33
</td>
<td align="right" class="xl66"> $309,085.83
</td>
<td align="right" class="xl66"> $318,358.40
</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">EGI</td>
<td align="right" class="xl65"> $5,701,583.25 </td>
<td align="right" class="xl65"> $5,872,630.75 </td>
<td align="right" class="xl65"> $6,048,809.67 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less OE</td>
<td align="right" class="xl65"> $3,744,305.76 </td>
<td align="right" class="xl65"> $3,819,191.88 </td>
<td align="right" class="xl65"> $3,895,575.71 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl66"> </td>
<td class="xl66"> </td>
<td class="xl66"> </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NOI</td>
<td align="right" class="xl65"> $1,957,277.49 </td>
<td align="right" class="xl65"> $2,053,438.87 </td>
<td align="right" class="xl65"> $2,153,233.96 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less ADS</td>
<td align="right" class="xl65"> $181,865.40
</td>
<td align="right" class="xl65"> $181,865.40
</td>
<td align="right" class="xl65"> $181,865.40
</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl66"> </td>
<td class="xl66"> </td>
<td class="xl66"> </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">BTCF</td>
<td align="right" class="xl65"> $1,775,412.09 </td>
<td align="right" class="xl65"> $1,871,573.47 </td>
<td align="right" class="xl65"> $1,971,368.56 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl63" height="15" style="height: 15.0pt;">Taxable Income</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td align="right" class="xl65"> Year1 </td>
<td align="right" class="xl65"> Year2 </td>
<td align="right" class="xl65"> Year3 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NOI</td>
<td align="right" class="xl65"> $1,957,277.49 </td>
<td align="right" class="xl65"> $2,053,438.87 </td>
<td align="right" class="xl65"> $2,153,233.96 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less interest</td>
<td align="right" class="xl66"> $158,725.46
</td>
<td align="right" class="xl66"> $157,052.68
</td>
<td align="right" class="xl66"> $155,258.96
</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Taxable income</td>
<td align="right" class="xl65"> $1,798,552.03 </td>
<td align="right" class="xl65"> $1,896,386.19 </td>
<td align="right" class="xl65"> $1,997,975.00 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">ATCF</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td align="right" class="xl65"> Year1 </td>
<td align="right" class="xl65"> Year2 </td>
<td align="right" class="xl65"> Year3 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">BTCF</td>
<td align="right" class="xl65"> $1,775,412.09 </td>
<td align="right" class="xl65"> $1,871,573.47 </td>
<td align="right" class="xl65"> $1,971,368.56 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Tax impact</td>
<td align="right" class="xl66"> $928,052.85
</td>
<td align="right" class="xl66"> $978,535.28
</td>
<td align="right" class="xl66"> $1,030,955.10 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">ATCF</td>
<td align="right" class="xl65"> $847,359.24
</td>
<td align="right" class="xl65"> $893,038.20
</td>
<td align="right" class="xl65"> $940,413.46
</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">BTER</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Future Sale Price</td>
<td align="right" class="xl65"> $18,550,551.23 </td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less Selling Costs</td>
<td align="right" class="xl66"> $556,516.54
</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NPS</td>
<td align="right" class="xl65"> $17,994,034.70 </td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less Loan Balance</td>
<td align="right" class="xl66"> $440,930.82
</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">BTER</td>
<td align="right" class="xl67"> $17,553,103.88 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">Capital Gains Tax</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NPS</td>
<td align="right" class="xl67"> $17,994,034.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less Orig Basis</td>
<td align="right" class="xl66"> $3,254,256.00 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Total Capital Gain</td>
<td align="right" class="xl67"> $14,739,778.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">DCF</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td>Year1</td>
<td>Year2</td>
<td>Year3</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">ATCF</td>
<td align="right" class="xl67"> $847,359.24
</td>
<td align="right" class="xl67"> $893,038.20
</td>
<td align="right" class="xl67"> $940,413.46
</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">BTER</td>
<td></td>
<td></td>
<td align="right" class="xl67"> $17,553,103.88 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td colspan="2" height="15" style="height: 15.0pt; mso-ignore: colspan;">Less Capital
Gains Tax</td>
<td></td>
<td align="right" class="xl67"> $2,947,955.74 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Annual Benefits</td>
<td align="right" class="xl67"> $847,359.24
</td>
<td align="right" class="xl67"> $893,038.20
</td>
<td align="right" class="xl67"> $15,545,561.60 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PV factor</td>
<td align="right">0.869565217</td>
<td align="right">0.756143667</td>
<td align="right">0.657516232</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PV annual benefits</td>
<td align="right" class="xl67"> $736,834.12
</td>
<td align="right" class="xl67"> $675,265.18
</td>
<td align="right" class="xl67"> $10,221,459.09 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Total Benefits</td>
<td align="right" class="xl67"> $11,633,558.39 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">Decision</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PV: Total benefits</td>
<td align="right" class="xl67"> $11,633,558.39 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less initial equity</td>
<td align="right" class="xl65"> $976,276.80
</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NPV</td>
<td align="right" class="xl67"> $10,657,281.59 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td colspan="7" height="15" style="height: 15.0pt; mso-ignore: colspan;">Normally a
development and construction loan occurs rather than an amoratized loan so
now we will see the difference.</td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td colspan="7" height="15" style="height: 15.0pt; mso-ignore: colspan;">The loan is
based on the appraised amount of each lot. An appriasal is done to find each
lot is valued at about $50,000.</td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td colspan="3" height="15" style="height: 15.0pt; mso-ignore: colspan;">Interest
Expense is estimated at about $10,000
per lot</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">BTCF</td>
<td align="right" class="xl65"> Year 1 </td>
<td align="right" class="xl65"> Year 2 </td>
<td align="right" class="xl65"> Year 3 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PGI</td>
<td align="right" class="xl65"> $6,001,666.58 </td>
<td align="right" class="xl65"> $6,181,716.58 </td>
<td align="right" class="xl65"> $6,367,168.07 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less OE</td>
<td align="right" class="xl66"> $3,744,305.76 </td>
<td align="right" class="xl66"> $3,819,191.88 </td>
<td align="right" class="xl66"> $3,895,575.71 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NOI/BTCF</td>
<td align="right" class="xl65"> $2,257,360.82 </td>
<td align="right" class="xl65"> $2,362,524.70 </td>
<td align="right" class="xl65"> $2,471,592.36 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl63" height="15" style="height: 15.0pt;">Taxable Income</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td align="right" class="xl65"> Year1 </td>
<td align="right" class="xl65"> Year2 </td>
<td align="right" class="xl65"> Year3 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NOI</td>
<td align="right" class="xl65"> $2,257,360.82 </td>
<td align="right" class="xl65"> $2,362,524.70 </td>
<td align="right" class="xl65"> $2,471,592.36 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less interest</td>
<td align="right" class="xl66"> $260,000.00
</td>
<td align="right" class="xl66"> $260,000.00
</td>
<td align="right" class="xl66"> $260,000.00
</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Taxable income</td>
<td align="right" class="xl65"> $1,997,360.82 </td>
<td align="right" class="xl65"> $2,102,524.70 </td>
<td align="right" class="xl65"> $2,211,592.36 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">ATCF</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td align="right" class="xl65"> Year1 </td>
<td align="right" class="xl65"> Year2 </td>
<td align="right" class="xl65"> Year3 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">BTCF</td>
<td align="right" class="xl65"> $2,257,360.82 </td>
<td align="right" class="xl65"> $2,362,524.70 </td>
<td align="right" class="xl65"> $2,471,592.36 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Tax impact</td>
<td align="right" class="xl66"> $1,030,638.18 </td>
<td align="right" class="xl66"> $1,084,902.75 </td>
<td align="right" class="xl66"> $1,141,181.66 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">ATCF</td>
<td align="right" class="xl65"> $1,226,722.64 </td>
<td align="right" class="xl65"> $1,277,621.96 </td>
<td align="right" class="xl65"> $1,330,410.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">BTER</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Future Sale Price</td>
<td align="right" class="xl65"> $18,550,551.23 </td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less Selling Costs</td>
<td align="right" class="xl66"> $556,516.54
</td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NPS/BTER</td>
<td align="right" class="xl65"> $17,994,034.70 </td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td class="xl65"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td class="xl67"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">Capital Gains Tax</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NPS</td>
<td align="right" class="xl67"> $17,994,034.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less Orig Basis</td>
<td align="right" class="xl66"> $3,254,256.00 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Total Capital Gain</td>
<td align="right" class="xl67"> $14,739,778.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">DCF</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td>Year1</td>
<td>Year2</td>
<td>Year3</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">ATCF</td>
<td align="right" class="xl67"> $1,226,722.64 </td>
<td align="right" class="xl67"> $1,277,621.96 </td>
<td align="right" class="xl67"> $1,330,410.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">BTER</td>
<td></td>
<td></td>
<td align="right" class="xl67"> $17,994,034.70 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td colspan="2" height="15" style="height: 15.0pt; mso-ignore: colspan;">Less Capital
Gains Tax</td>
<td></td>
<td align="right" class="xl67"> $2,947,955.74 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Annual Benefits</td>
<td align="right" class="xl67"> $1,226,722.64 </td>
<td align="right" class="xl67"> $1,277,621.96 </td>
<td align="right" class="xl67"> $16,376,489.66 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PV factor</td>
<td align="right">0.869565217</td>
<td align="right">0.756143667</td>
<td align="right">0.657516232</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PV annual benefits</td>
<td align="right" class="xl67"> $1,066,715.34 </td>
<td align="right" class="xl67"> $966,065.75
</td>
<td align="right" class="xl67"> $10,767,807.78 </td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Total Benefits</td>
<td align="right" class="xl67"> $12,800,588.87 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;">Decision</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">PV: Total benefits</td>
<td align="right" class="xl67"> $12,800,588.87 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">Less initial equity</td>
<td align="right" class="xl65"> $976,276.80
</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;">NPV</td>
<td align="right" class="xl67"> $11,824,312.07 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td colspan="5" height="15" style="height: 15.0pt; mso-ignore: colspan;">This
investment would be very profitable because it has a very high net present
value</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td height="15" style="height: 15.0pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<!--EndFragment-->
</tbody></table>
Anonymoushttp://www.blogger.com/profile/03708838406844234738noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-60022869221627408522014-04-09T19:11:00.000-07:002014-04-09T19:13:06.210-07:00<style>
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<div class="MsoNormal" style="margin-left: .5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">Simon
Dimitrashchuk</span>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Los Angeles Residential Real Estate
Market</b></span></div>
<div class="MsoNormal" style="margin-left: .5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span></div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Los
Angeles County has the largest population of any county in the U.S. and it has
a larger population than 43 states. The county has 88 cities, of which the city
of Los Angeles is the largest, followed by Long Beach, Glendale, and Santa
Clarita. In addition, Los Angeles County has the largest county economy in the
nation and would be the 21<sup>st</sup> largest economy in the world if it were
a country.<span style="mso-spacerun: yes;"> </span>Los Angeles County is also
the top exporter of any county in the U.S. </span><span style="font-size: 12pt;">(Robert A., Kimberly , Ferdinando, George & Dymphna , 2014).</span><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">That’s not counting other counties that Los Angeles is bordering and
contribute to the regional economy. </span></span>
<br />
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Los Angeles County
entered 2014 with momentum from a county labor market that slowed during the
second half of 2013. Almost all of the major private sector industries added
jobs in 2013. In 2013 nonfarm jobs in Los Angeles County grew at a year over
year rate of 1.6%, matching the growth rate nationally but slightly behind the
state’s 1.7% growth rate. The Unemployment rate is expected to fall to 8.7%
this year and drop to 7.8% in 2015 </span></span><br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: 12pt;">(Robert A., Kimberly , Ferdinando, George & Dymphna , 2014).</span></span></div>
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Major industries
include Entertainment, International Trade, Professional Services and
Technology. Entertainment includes motion pictures, sound recording sector and
broadcasting. Motions pictures and sound sector employment rose to just over
118,000 jobs and broadcasting reached the 19,860 jobs. International Trade,
which involves two-way trade and goes through San Pedro Bay port and Long
Beach, accounted for $414.5 billion. Trading is expected to rise in future
years. Professional Services and Technology is a big sector in employment, in
Industry employment stood at 276,800 and growth is expected to continue up
coming years 8,800 jobs this year and 9,000 jobs next year.<span style="mso-spacerun: yes;"> </span>The technology sector employed last year
186,400 workers and is expecting 1.4% rise. </span><span style="font-size: 12pt;">(Robert A., Kimberly , Ferdinando, George & Dymphna , 2014)</span></span></div>
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Population eclipsed
the 10 million mark in 2013 and will rise steadily. Personal income in Los
Angeles County in 2013 was $451.1 billion and is expected to rise to $493
billion by 2015 </span><span style="font-size: 12pt;">(Robert A., Kimberly , Ferdinando, George & Dymphna , 2014)</span><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">. Los Angeles’ has
about 3,857,786 people in housing market. Occupied housing units are 1,332,587
and apartments are 562,516 </span><span style="font-size: 12pt;">(Robert A., Kimberly , Ferdinando, George & Dymphna , 2014)</span><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">. </span></span></div>
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">California
Association of Realtors states that the media home price in LA County is
$378,390, which makes it $1,820 monthly bill with taxes and fees. Family has to
make at least $72,730 in order to be able to buy a house (Adrian, 2013). <br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></span></div>
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Apartments see a rise
in renters, median price to rent an apartment in Los Angeles is $1688. There were
about 6,100 new units added last year and 9,000 more are planned for 2014 </span><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">(Adrian, 2013)</span>.</span></span></div>
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">With All these
statistics and numbers we see a positive outlook for Los Angeles County. It
seems that it’s a healthy environment to invest in. The area has good stable
economy with great cash flow and billions of income. I would imagine that it’s
best to invest into apartments as their rent going up and it’s a great cash
flow investment. </span></div>
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<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">Sources:</span><br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">Smith,
K. (2014, February 19). New jobs, recovering housing market restoring California
economy. <i>San Gabriel Valley Tribune</i>. Retrieved from
http://www.sgvtribune.com/business/20140219/new-jobs-recovering-housing-market-restoring-california-economy</span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">Adrian
, K. (2013, December 10). Los angeles has the highest percentage of renters in
the us. <i>Los Angeles Curbed</i>. Retrieved from
http://la.curbed.com/archives/2013/12/los_angeles_has_the_highest_percentage_of_renters_in_the_us_1.php</span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">Adrian,
K. (2013, November 18). La rents now higher than they were before the
recession. <i>Los Angeles Curbed</i>. Retrieved from
http://la.curbed.com/archives/2013/11/la_rents_now_higher_than_they_were_before_the_recession.php</span></div>
<div class="MsoNormal">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-fareast-font-family: "Times New Roman";">Andrew , K. (2013, November 13). <a href="http://www.latimes.com/business/money/la-fi-mo-">http://www.latimes.com/business/money/la-fi-mo-</a></span></span></div>
<div class="MsoNormal" style="margin-left: .5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="mso-fareast-font-family: "Times New Roman";">los-angeles-county-rents-20131112,0,6431756.story</span></span></div>
<div class="MsoNormal" id="table" style="line-height: 150%; margin-left: .5in; text-indent: -.5in;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: 12.0pt;">Robert
A., K. P. D., Kimberly , M., Ferdinando, G., George, E., & Dymphna ,
M. (2014). 201 4 - 201 5 economic forecast and industry outlook
california and southern california including the national and
international setting. <i>Los Angeles County</i>, Retrieved from http://cdn.laedc.org/wp-content/uploads/2014/02/LAEDC-2014-15-February-Forecast-Report.pdf</span></span></div>
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DSPhttp://www.blogger.com/profile/06042369300141617523noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-69788239856184915942014-04-09T17:54:00.000-07:002014-04-09T17:54:30.799-07:00Blog Post #2<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 24px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Like-kind Exchanges for Real Estate Investors</span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">By Dennis Glukhoy</span></div>
<b id="docs-internal-guid-c3dbd3cb-491a-149b-93f4-e5bc47597c02" style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What are Like Kind Exchanges?</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-_p5_Rwe-gSA/U0XqmfzVV0I/AAAAAAAAAbQ/YrNrmEo_r5E/s1600/1031+tax.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://1.bp.blogspot.com/-_p5_Rwe-gSA/U0XqmfzVV0I/AAAAAAAAAbQ/YrNrmEo_r5E/s1600/1031+tax.jpg" height="132" width="200" /></a></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Investors who sell or exchange property for an amount greater or less than their basis in that property have a realized gain or loss on the sale or exchange. The realized gain or loss must be recognized (reported on the taxpayer’s tax return) unless there is a code section specifically for nonrecognition treatment. This is where the 1031(a) section code applies. The gain or loss is not recognized at the time of the transaction and instead may be deferred if the exchange occurs between like-kind properties. Congress allows this because the taxpayer has continued the investment and has never received the proceeds. </span></div>
<br />
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Note:</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> Section 1031 is not an elective provision, meaning if the exchange qualifies as a like-kind, nonrecognition of gain or loss is mandatory.</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Example:</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
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<a href="http://2.bp.blogspot.com/-P_xYvsuD1Yo/U0XqmU1SLaI/AAAAAAAAAbU/8Mv0-4MKSfU/s1600/qualified.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-P_xYvsuD1Yo/U0XqmU1SLaI/AAAAAAAAAbU/8Mv0-4MKSfU/s1600/qualified.jpg" height="256" width="400" /></a><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Dennis owns an apartment held for investment. Dennis exchanges the building for farmland to be used in his trade or business. The exchange is a like kind exchange because both the building and the farmland are classified as real property and both properties are used either in business or held for investment. No gain or loss is recognized by Dennis.</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What are the requirements?</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1) </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Like-kind </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">for</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"> like kind</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">: real estate for real estate (regardless of type, but not USA to foreign)</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2) </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Business or income producing </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">use</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"> for business or income producing use</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">: only applies to the use of the taxpayer and not the other party. If the property is the for taxpayer personal use it does not qualify.</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">3) </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Exchange means: Cannot cash cash out and then re-buy. </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The taxpayer cannot have actual or constructive receipt of proceeds. </span><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The proceeds from the sale must go through the hands of a qualified intermediary and not through your hands or the hands of one of your agents or else all the proceeds will become taxable.</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> A like-kind exchange would involve either use of a simultaneous exchange which would likely involve three parties or two parties (simply swapping properties but not always practical) or a non-simultaneous exchange where the buyer needs to identify the property to be received within 45 days after the date of the transfer of the property relinquished in the exchange. The replacement property must be received within 180 days of the date the original property was relinquished.</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What are the benefits?</span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">By deferring paying capital gains taxes you give yourself more investing leverage. For instance if you were purchasing a replacement property (without the benefit of a </span><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1031 exchange</span><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">) your buying power is reduced to the point, that it only represents 70-80% of what it did previously (before the exchange and payment of taxes). An 1031 exchange where the investor was able to defer virtually all of their capital gains would act almost as if the investor were to receive an interest free, loan from the government. Another reason an investor should consider a 1031 would be if they were planning to relocate and wanted to find a similar property in the same area. </span></div>
<b style="font-weight: normal;"><br /><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The cherry on top!</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-GasEHT4DVUM/U0XrHD8Fr2I/AAAAAAAAAbg/8bJ5K5-qIyc/s1600/o-BENJAMIN-FRANKLIN-facebook.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-GasEHT4DVUM/U0XrHD8Fr2I/AAAAAAAAAbg/8bJ5K5-qIyc/s1600/o-BENJAMIN-FRANKLIN-facebook.jpg" height="160" width="320" /></a></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Benjamin Franklin once said that “in this world nothing is certain, except death and taxes.” Well I have great news for you! And no, I haven’t figured out a way of cheating death just yet but in regards to taxes a 1031 exchange can make it so that your heir and future generations may never have to pay a part of the capital gains you would otherwise have had to recognize. Should the investor die, the cost basis of the last property would be adjusted to fair market value on the date of the decedent’s death. Your heirs would not be liable for those accumulated capital gains taxes. Mr. Franklin would have been very happy!</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Sources:</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">
<span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> "The 1031 Exchange for Real Estate Investors." </span><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">About.com Real Estate Business</span><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. N.p., n.d. Web. 08 Apr. 2014.</span></div>
<br /><span style="background-color: white; font-family: Arial; font-size: 15px; vertical-align: baseline; white-space: pre-wrap;"></span>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">
<span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Prentice Hall's Federal Taxation 2014, Comprehensive</span><span style="background-color: white; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. N.p.: Pearson College Div, 2013. 12-4:12-6. Print.</span></div>
Dennis Glukhoyhttp://www.blogger.com/profile/08537908040322495753noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-45355313835224173962014-04-09T16:16:00.001-07:002014-04-09T16:16:16.908-07:00Blog Post #2
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<b><span style="font-family: Arial;">Nathan A. Bertao <o:p></o:p></span></b></div>
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial;">April 7, 2014<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial;">Fin.180<o:p></o:p></span></div>
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<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: Arial;">Encroachments & Individual Rights
in Real Property<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Arial;"> Encroachments
are a huge legal issue in regards to property rights in the United States.
Encroachments by definition are unauthorized intrusions of a fixture or improvement
by a neighboring property. These intrusions can take place when ones individual
rights in real property have been troubled. Individual rights in real property
include surface rights, air rights, and subsurface rights. When any of these
rights have been distressed by a neighboring property, without authorization,
encroachment is in full effect. It is important that when issues regarding
encroachments arise that as a property owner these issues are addressed
immediately. If they aren’t attended to immediately, as the owner you may
potentially lose ownership of whatever property is being intruded upon, in
concordance with adverse possession law. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial;"> As
mentioned earlier, each person is given rights in real property. Those include
surface rights, air rights and subsurface rights. Surface rights are the
ownership rights to occupy and use the surface of real estate. Most rights in
regards to ownership in property refer to surface rights. Surface rights are
the surface area that a person owns within his/her property lines that ones
house sets upon. Surface rights are also usually tied together with mineral
rights given that within surface rights one has the right to drill or mine
through the surface where into the subsurface.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial;"> Subsurface
rights are the ownership rights associated with the area underneath the earth’s
surface. Under individual rights in real property one has rights to the area
that’s underneath the earths surface as well. A subsurface right is best
explained as if one were to take their property line and extend it all the way
to the center of the earth. Subsurface rights only extend downward to distance
we can reach with today’s current technology. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial;"> Air
rights are considered to be the ownership and usage rights to the space above
the land. Air rights are best
explained as if one were to take their property line and extend it all the way
to the heavens and outer space. Practically however, ones air rights extend up
to a ‘reasonable height’. Meaning, you can’t go suing American Airlines every
time one of their planes fly over your house while being 5,000 feet in the air.</span></div>
<div class="MsoNormal">
<span style="font-family: Arial;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-CprwlWhJJdI/U0XUi2bgHrI/AAAAAAAAABA/83CLFEuxixI/s1600/rights.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-CprwlWhJJdI/U0XUi2bgHrI/AAAAAAAAABA/83CLFEuxixI/s1600/rights.jpg" height="214" width="320" /></a></div>
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<u><span style="color: #1a1a1a; font-family: Arial; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;">Source:</span></u><span style="color: #1a1a1a; font-family: Arial; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"> </span><span style="font-family: Arial; font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"><http://gkentmorris.blogspot.com/2013/12/real-estate-ownershipwhat-is-my-bundle.html><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial;"> Back
to Encroachments, which is when an authorized intrusion takes place of a
fixture or improvement by a neighboring property. A common encroachment takes
place in construction often when a fence is installed in an inaccurate
location. Some encroachments are more serious than others and a situation like
a fence encroaching on to your property shouldn’t be taken lightly. By
establishing a fence on to your property line or boundary line, a neighboring
property is invading upon ones surface rights. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Arial;">Another
common overlooked form of encroachment takes place between neighboring properties
and trees. If your neighbor has a tree, and that tree has branches hanging over
the fence that you share on to your property, that tree is encroaching on your
property and violating your air rights. This is a minor example of encroachment
that can easily be resolved by simply having the tree pruned. Minor
nonetheless, this issue should still be addressed as a property owner. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial;"> If
a situation such as this isn’t addressed, the neighboring property that is
encroaching on your property may eventually gain possession of whatever
property he/she has been encroaching on through adverse possession. Adverse
possession is when someone occupies property for a statutory period of time,
(usually 7 to 20 years) without the owner’s permission and gains an ownership
interest in the property. Adverse possession is also known as squatters rights
and if a owner doesn’t remove a trespasser such as one invading on ones
property with a fence, the trespasser can argue that they have met the
requirement for adverse possession given that the fence has been there for
seven or more years. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial;"> All
in all, it is important as a property owner to shield your estate. One can
never tell if a neighbors intentions or good or bad in regards to whether they
are trying to ultimately gain property through adverse possession or not. As a homeowner
know your individual rights in real property and protect those rights.
Encroachments are a big legal issue and can have enormous and somewhat unfair
ramifications if one does not defend the rights of ones territory and address
neighboring properties when an issue arises. <o:p></o:p></span></div>
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<br /></div>
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<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<u><span style="font-family: Arial;"><b>Resources:</b><o:p></o:p></span></u></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal">
<span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;">Diaz, Julian, and J. Andrew. Hansz.
Real Estate Analysis: Environments and Activities. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial;"><http://gkentmorris.blogspot.com/2013/12/real-estate-ownershipwhat-is-my-bundle.html><o:p></o:p></span></div>
<!--EndFragment-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-23337975332058055762014-04-08T23:07:00.000-07:002014-04-08T23:07:19.292-07:00Blog post assignment #2<div align="center" class="MsoNormal" style="text-align: center;">
The Recovery of
California Housing Market<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It is no secret that the sub prime mortgage lending that
facilitated the Great Recession has left housing markets in many communities
across the nation struggling to recover. It is also well known that the
sub prime mortgage bubble hit California particularly hard when it burst. Some
areas of California such as San Francisco, that were hit hardest are now recovering,
if not fully recovered, while other areas of California like Modesto are still
feeling the impact of the housing crisis and are still struggling to recover from the sharp decline in housing values. So,
why would some areas of California recover quicker than others?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Employment is one of the many factors that contribute to the
growth within a region. In places where the economic base is an industry like technology
such as San Francisco, or San Jose, the unemployment rate is less than the
national average. According to Andy
Winkler in his report for americanactionforum.org (2013), “metro areas like San
Jose and San Francisco, buoyed by growth in the technology sector, have
unemployment rates below the 7.2 percent national average…” Whereas a place in the central valley like
Fresno, where the economic base is agriculture, tends to have unemployment rates
greater than the national average. According
to Andy Winkler (2013), “metro areas in the Central Valley like Fresno,
Bakersfield, and Riverside all have unemployment rates still above 10 percent…”
This is important to the housing market because basic employment is going to be
the engine for population growth and the demand for housing. So, the housing
market in a location that has high paying tech jobs as the basic employment may recover faster than an area where the basic employment is field workers.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Different areas also have different competitive advantages that
attract people and businesses such as the workforce in a given area, the
natural resources, climate, transportation and public policy. Any one of these
can affect the population in a region thereby affecting the demand for real
estate in that region. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Construction is also good signal for growth in a region. Increases
population, due to expected job growth or from one or more of the many aforementioned
competitive advantages, means new demand housing, which in turn will increase
the amount of construction. Morgan Brennan mentioned the impact of job growth and
an increase in the San Jose population on San Jose’s home construction in a
recent Forbes article stating (2012),” Job and population growth are fueling
housing demand: New home construction in the area was up a whopping 97% in
2011’s third quarter...” Since then San Jose seems to have completely
rebounded. San Jose has been averaging 621 building permits per month whereas
before the recession San Jose had an average of 435 per month (Winkler, 2013). Now
compare that to a place like Modesto which has been issuing building permits at
7% of their average before the recession (Winkler, 2013). Places that aren’t building
new homes aren’t growing much. Housing construction is a key signal to the
growth of or stagnation of a city.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are a multitude of reasons why some cities in
California are recovering faster than others from the recent economic downturn that
was caused by the housing crisis. Basic employment, increases in the
population, and construction all play a vital role in the economic growth off a
city. So, I don’t think any one reason would suffice as to why some cities are
recovering faster or better than others. I believe that it is a combination of
these factors as well as the competitive advantages of a particular place.<o:p></o:p></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
References<o:p></o:p></div>
<div style="line-height: 27.5pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 3.75pt; margin-top: 0in; text-indent: -22.5pt;">
Brennan, M. (2012, January 12).<span class="apple-converted-space"> </span><em>Cities Where Real Estate Is Ripe
For A Rebound - Forbes</em>. Retrieved from
http://www.forbes.com/sites/morganbrennan/2012/01/12/cities-where-real-estate-is-ripe-for-a-rebound/<o:p></o:p></div>
<br />
<div id="a1" style="line-height: 27.5pt; margin: 0in 3.75pt 0.0001pt 22.5pt; text-indent: -22.5pt;">
Winkler, A. (2013, November 14).<span class="apple-converted-space"> </span><em>One Year Later: An Updated Look at
the Housing Recovery in California | Research | American Action Forum</em>.
Retrieved from
http://americanactionforum.org/research/one-year-later-an-updated-look-at-the-housing-recovery-in-california<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/06882295994991496470noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-62889054343943179152014-04-02T22:03:00.002-07:002014-04-02T22:03:39.638-07:00Mark Massie Project<div style="text-align: center;">
A Downtown Building Rebuilt</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: center;">
By: Cameron Scheidt</div>
<div style="text-align: center;">
<br /></div>
<div class="MsoNormal">
When looking at the Mark Massie appraisal of the Moradian
Building it seems like not much has changed in the field of appraisal.<span style="mso-spacerun: yes;"> </span>The only thing that has seemed to change is
our accuracy and vastness of data.<span style="mso-spacerun: yes;"> </span>There
still needs to be an understanding of the underlying skills of appraising in
order to arrive and an accurate valuation.<span style="mso-spacerun: yes;">
</span>Massie appraised the Moradian Building located at 1129 Van Ness in the
year 1961.<span style="mso-spacerun: yes;"> </span>The reason for the valuation
was to get a market value of the property as of December 1, 1961.The value
state in the report for the property was $75,000.<span style="mso-spacerun: yes;"> </span>Using the income approach, cost approach, and
a sales approach Massie was able to derive this number. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This building was a very small building only being 50ft by
150ft.<span style="mso-spacerun: yes;"> </span>The building was also one story
and was built in 1895 having had the latest addition in 1922. <span style="mso-spacerun: yes;"> </span>The building is brick with a brick foundation
and also has a dirt floor basement.<span style="mso-spacerun: yes;"> </span>In
1961 this was one of the oldest structures still standing and would be required
to be completely remodeled in order to meet the Uniform Business Code. When
going through the valuation I noticed that the city data portion was omitted at
the suggestion of the instructor.<span style="mso-spacerun: yes;"> </span>I do
not know what this <o:p></o:p></div>
<div>
<br /></div>
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occupied by the Fresno County Office of Education. This building today would not be terribly
difficult to appraise because of the surrounding buildings and the income that
they generate. An appraiser today could
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Cameronhttp://www.blogger.com/profile/02546442974721274927noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-41425459916622093312014-03-18T16:48:00.000-07:002014-03-18T16:48:53.343-07:00Welcome Home Radio Talk Show, hosted by Don Scordino
<span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-family: "Times New Roman";">Listen to 940 AM ESPN radio this Saturday, March 22<sup>nd</sup>
from 9:00 am to 10:00 am where the activities of the Gazarian Real Estate
Center and Student Society of Real Estate will be the topic of the day.<span style="mso-spacerun: yes;"> </span>Guests will include Andrew Hansz, Director of
the Gazarian Real Estate Center, </span><span class="gi"><span style="mso-bidi-font-family: "Times New Roman";">Cameron Scheidt, current Real Estate student</span></span><span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-family: "Times New Roman";">
and Diane Ray, President of the Student Society of Real Estate.<u1:p></u1:p></span><span style="mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span><br />
<br />
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<span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-family: "Times New Roman";">Every Saturday morning, Welcome Home Radio hosted by Don
Scordino and various guest speakers entertain and educate the listeners on news
regarding our local real estate market. <span style="mso-spacerun: yes;"> </span>These topics are informational for consumers
and real estate professionals alike.</span><span style="mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-76627059113387331872014-03-12T06:24:00.000-07:002014-03-12T06:50:09.666-07:00Mark Massie Assignment<br />
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<b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #222222; font-family: "Arial","sans-serif"; font-size: 14pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Then and Now: Grail Fernwood Shell Oil
Company Appraisal<o:p></o:p></span></b></div>
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<span lang="EN" style="color: #222222; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">By: Joshua Tabers<o:p></o:p></span></div>
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<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">Although this is the Mark Massie appraisal assignment, the
appraisal report that I studied was done By Grail O. Fernwood, a colleague of
Mark Massie, in 1961. The property was a 120’x150’ parcel on the southwest
corner of Palm and Bullard Avenues in Fresno. This appraisal was done for Shell
Oil Company and their interest of building a service station. At the time, the
parcel was just a vacant lot and the area surrounding it was farmland. To the
east and northeast was developed land. At the north east corner of Palm and
Bullard there was already a functioning service station and the lot on south
east corner of Palm and Bullard had been approved for a service station. An
appraisal was done for the value of the land and also for the value of the
property with a service station. <o:p></o:p></span></span></div>
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<a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;"><a href="http://maps.google.com/maps?biw=1012&bih=499&dpr=1.35&q=5783+n+palm+ave+fresno+ca&um=1&ie=UTF-8&hq&hnear=0x809467e6e45d230b:0xd461fd84218800ac,5783+N+Palm+Ave,+Fresno,+CA+93704&gl=us&sa=X&ei=s2MgU9vDBKG2yAHi2YGgAQ&ved=0CCYQ8gEwAA"><img alt="5783 N Palm Ave, Fresno, CA 93704" height="266" id="lu_map" src="https://www.google.com/maps/vt/data=VLHX1wd2Cgu8wR6jwyh-km8JBWAkEzU4,nyEkm9Axxqhk86Bq3_53glfwbzhbmIo8SzgeTG3X-Yya0jDZfwIG2drTQ8O0UUOwrJtOtaqV4qrci6s92jO9zKuLroHYP0AfBDW_HBWkDorCa-tGWg" style="border-image: none; border: 0px currentColor;" title="5783 N Palm Ave, Fresno, CA 93704" width="512" /></a> Grail Fernwood used the sales comparison approach method for
his appraisal. The appraisal for the land value was $3,000 which was based on
the prices of other properties with consideration of the conditions of the
property. The property needed minor grading and had good drainage and
visibility as well as accessibility to gas, water and electricity. For the
appraisal of the proposed service station, Fernwood looked at the selling
prices of 10 different service stations that sold in past years. He also looked
at the asking prices of 7 different service stations that were on the market at
that time. Along with that, he researched 8 different service stations that
were being leased with 1 of them being the service station on the north east
corner of Palm and Bullard Avenues. With all of this information, Fernwood came
up with an appraisal for the proposed site to be valued at $45,000.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt; text-indent: 0.5in;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">Through countless research, I was unable to find any evidence
that Shell Oil Company carried out the service station on the southwest corner
of Palm and Bullard Avenues. Currently, there is a Valero Gas Station on that
corner with the property that Grail Fernwood appraised nearly 53 years ago.
Since there is currently a gas station on that same poperty Fernwood appraised,
it is fair evidence that Shell Oil Company built their proposed service
station. Although the highest and best use for this property was not requested
for this appraisal, a service station may have been its highest and best use
since there is one there over half a century later. <o:p></o:p></span></span></div>
<div style="text-align: center;">
<img alt="" border="0" class="sp_p_active" src="http://images.gasbuddy.com/FetchImage.ashx?key=I9PydRxoGJRFZ5VJwNPNOQ%3d%3d&id=oyxavFSGbOrKoWm8vPeXu%2fKzptV0FWExtQ2MmlmkkjvvuvPp1QxG6g%3d%3d" id="activePhoto" /></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 107%; mso-no-proof: yes;"><!--[if gte vml 1]><v:shape
id="activePhoto" o:spid="_x0000_i1025" type="#_x0000_t75" alt="http://images.gasbuddy.com/FetchImage.ashx?key=I9PydRxoGJRFZ5VJwNPNOQ%3d%3d&id=oyxavFSGbOrKoWm8vPeXu%2fKzptV0FWExtQ2MmlmkkjvvuvPp1QxG6g%3d%3d"
style='width:262.5pt;height:156.75pt;visibility:visible;mso-wrap-style:square'>
<v:imagedata src="file:///C:\Users\Joshua\AppData\Local\Temp\msohtmlclip1\01\clip_image005.jpg"
o:title="FetchImage"/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span><br /></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt; text-indent: 0.5in;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">According to findthebest.com, an estimated current value for
the property is $1.51 million with the value of the land being $470,456. The
last selling price was $780,000 which was on March 7, 2001 and the last major renovation
was in 1989. The property value of $1.51 million seems high compared to the
last sale and also what other gas stations in the area are selling for. At the
current inflation rate of 3.96% the property would have been appraised at
$360,983.25 and the land value would have been $24,065.48 which are much lower
than what the values estimated today. This property value would have increased
by 418% which would have been 8% per year. Although this is, improvements and
maintenance on this property would make this amount lower.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: 12pt; line-height: 107%;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">Sources:<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">Find The
Best. </span><a href="http://commercial-properties.findthebest.com/l/1500839/5783-N-Palm-Ave-Fresno-CA-93704"><span style="color: #0563c1; font-family: Calibri;">http://commercial-properties.findthebest.com/l/1500839/5783-N-Palm-Ave-Fresno-CA-93704</span></a><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">Grail
Fernwood: Shell Oil Company Appraisal.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">Ratterman,
Mark R., MAI, SRA. The student Handbook to The Appraisal of Real Estate, 13<sup>th</sup>
edition. 2009.<o:p></o:p></span></span></div>
<br />
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 8pt; text-align: center;">
<div style="text-align: left;">
</div>
<span style="font-size: 12pt; line-height: 107%;"><br />
<span style="font-family: Calibri;"><br />
<o:p></o:p></span></span><div style="text-align: left;">
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;"><span style="font-family: Times New Roman;">
</span></span></span></div>
<span style="font-size: 12pt; line-height: 107%;"><span style="font-family: Calibri;">
</span> </span><br />
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-72130130006301606332014-03-11T22:59:00.001-07:002014-03-11T22:59:21.375-07:00Informational Interview (Fin180 Blog Post#1)
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<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">Jacob Balfanz <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">Fin180 <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-size: 11.0pt;">Interview1: </span></u></b><span style="color: black; font-size: 11.0pt;">John Balfanz is founder and owner of John
Balfanz homes located in Bakersfield CA. He develops residential neighborhoods
and builds homes. Started in 1989 the company has built over 1000 homes in the
local area.<b style="mso-bidi-font-weight: normal;"><u><o:p></o:p></u></b></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">There is a saying that if you want to make
one million in real estate you start with two million, do you agree or
disagree?<o:p></o:p></span></b></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">Disagree. U can
make a million with 30k. It takes time. <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">Are there things you do differently now
when buying land than what you did when you bought your first piece of land?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">I look for better
properties that are easer to develop. Having oil on the land or backing up to
major streets makes the process last longer.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">What do you think are the best character
traits to doing business in your field.</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">Build to the
highest standard. Strive to always please the client. <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">Many developers went out of business in
08-09, why do you think that your company survived?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">I renegotiated
debt and and saved enough cash to continue building. <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">How do you feel the housing market will
act in the next year?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">It seems to be a
little flat now but hopefully it will be steady during the remainder of the
year.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">If you could have done one thing
differently over the years what would it be?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">Try to buy when
the market is down and resist buying a lot of land when times are good. <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">How many times a year would you say you
change your prices?</span></b><span style="color: black; font-size: 11.0pt;">
<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">I evaluate prices
every month and try to get as much as I can. Sell every home for maximum
dollar. <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">What factor(s) make you change your
prices?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">If I feel there is
strong demand for my homes I get very aggressive with raising prices. If
I get too aggressive and my homes don't sell I usually add some incentives to
the home or lower the price.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-size: 11.0pt;">Interview2: </span></u></b><span style="color: black; font-size: 11.0pt;">Evan Selander is a real estate salesperson
for Landmark Properties. He is new to the profession and is starting out his
career by branding himself and dealing with new clients.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">How did you become involved in real
estate?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">My father is a
real estate broker and told me a lot about real estate. During the summer after
my sophomore year, I decided to get my real estate license. I eventually passed
the necessary classes and the license test, and earned my license. I then
joined Landmark Properties as a real estate salesperson.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">There is a saying that if you want to make
one million in real estate you start with two million, do you agree or
disagree?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">I started my real
estate career with a couple hundred dollars. It doesn’t take much to be
involved in real estate. <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">What do you think are the best character
traits to doing business in your field?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">I am Quick
learning, practical, sociable, great-communicator, and attention to detail.
Real estate is all about getting the deal done. You have to be sharp and
creative with each buyer in order to get the job done.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">How do you feel the housing market will
act in the next year?<o:p></o:p></span></b></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">I can see it only
going up. Right now, there are more houses sold then going on the market. This
is going to provide listings with more and more serious offers, driving prices
up. The change will not be too drastic, however it looks good for sellers.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">Do you ever feel overwhelmed in your
career? <o:p></o:p></span></b></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">At times, there
are a lot of challenges with starting off as a salesperson. A lot of networking
and marketing is involved in order to get clients. You can not make money
without having clients to help buy or sell their house. It’s a bit overwhelming
fighting for clients who are decades older than you, but it has its benefits.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">What do you think would be the best
opportunity for a low-income college graduate in the real estate market?</span></b><span style="color: black; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">The best
opportunity is to start with an internship for a local brokerage. Get the feel
for the industry, and then decide if you want to pursue a license in real
estate.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">How Do You Get Your Real Estate License? <o:p></o:p></span></b></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">In order to get
your license, you need to first take three real estate classes: real estate
principles, practice, and a real estate elective. After all three are passed,
you apply for the license test. If you pass the test with a 70% or better, you
can then send in the application for your license.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">How do you make money as a salesperson? <o:p></o:p></span></b></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">You make money by
selling a house or helping a seller find a buyer. You then make a commission
based on a negotiated agreement. Commission commonly runs anywhere from 4-6% of
a houses ending sales price.<o:p></o:p></span></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-size: 11.0pt;">What’s the most important part of real
estate? <o:p></o:p></span></b></div>
<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
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<div class="yiv9406764611msonormal" style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-size: 11.0pt;">Location,
location, location. Customer service and proper negotiation skills are also the
key aspects of the deal.<o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/03708838406844234738noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-69185985159613577572014-03-10T21:41:00.000-07:002014-03-10T21:41:47.335-07:00Informational Interview ( FIN 180 Blog Post #1)<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal; margin: 0.75em 0px 0px; position: relative; text-align: center;">
ERIC NASALROAD</h3>
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; margin: 0.75em 0px 0px; position: relative;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://frontandcenter.cc/wp-content/uploads/2009/03/nasalroad2.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://frontandcenter.cc/wp-content/uploads/2009/03/nasalroad2.jpg" height="213" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Real Estate Investor, Entrepreneur, and Instructor</td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="font-family: arial, sans-serif; font-size: 13px;"><br /></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">How
did you get started in this field? <o:p></o:p></span></b></div>
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<br /></div>
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<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">My first purchase was a
tri-plex that I still own, but my dad had a rental when I was growing up, so I
began doing minor construction at an early age.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
was your educational background? <o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">MBA – Entrepreneurship –
Fresno State + some private real estate investing classes<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
are your major responsibilities? <o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">I find the deals, analyze
them, make the purchase decisions, and run the projects (rehab). Ongoing,
day-to-day management is outsourced.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
is the most rewarding aspect of your job, least rewarding?<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Creating great homes for
people…being rewarded financially for it. Least rewarding – when a tenant
destroys a property…<o:p></o:p></span></div>
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<br /></div>
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<b> What
might you change? <o:p></o:p></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">I might be more selective
about where I purchase properties. I’ve purchased great deals in bad
neighborhoods in the past…the headaches can outweigh the financial reward.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">Would
you choose this career again? <o:p></o:p></span></b></div>
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<br /></div>
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<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">This is not a career for
me…it’s a business I run on the side.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
is a “typical” day like for you?<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">I look at properties
every day. I get emails about any new MLS listings that fit my criteria. I
might drive by the best possibilities for investment. I also talk to my main
real estate agent every day or two to see what he sees in the market. If he
finds a deal before it is listed on the MLS, he calls me, and we typically
drive it and put an offer in before it goes to MLS.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
obligations does your work put on you outside of the actual job? </span></b><span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<br /></div>
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<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Not sure how to answer
this. It’s not a job for me…it’s just what I do to invest money. I enjoy it. I
have to answer emails on weekends/vacations sometimes. I even have phone calls
to make/receive quite often. But – it doesn’t feel like work, so I don’t mind
it. Generally, the calls and e-mails take a few minutes to take care of, so
they don’t tie up too much time.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
are some lifestyle considerations for this career?<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">You have to keep a lot of
cash. I’ve seen other investors spend their proceeds on new cars, fancy cabins,
etc., and then get into financial trouble because they run out of cash for the
business. So…we live pretty humbly compared to others in the field.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
are some common entry-level positions in the field?<o:p></o:p></span></b></div>
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<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">N/A – maybe a realtor.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
kind of salary range and benefits are typical of an entry-level position in
this field?<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Salary – as little or as
large as your business system allows. Benefits – same.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
kind of an individual (skills and personality) is best suited for these
entry-level positions? <o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Must be good with
communication and with people. Also – must be very organized and have good
time-management.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
are the most important factors used when hiring?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">When I hire someone,
integrity means more to me than anything else. I have to be able to trust the
people I hire. I can help people develop skills, but you can’t teach a person
to be moral. Also, I try to hire people who I know are really good
communicators – it eliminates a ton of problems.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
is the best educational preparation for a career in this filed? <o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Get an entrepreneurship
degree and take classes in real estate investing.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">Which
classes and experiences would be most helpful to obtain while still in college?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">See above – plus…work on
project at home, so you know a bit about construction. You don’t have to swing
a hammer when investing, but you should know about the work involved.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
have you found to be a major weakness of new hires in this field?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Not entrepreneurial
enough.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
is the future outlook for this career? <o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Great – real estate is
always a good business to be in…up or down markets.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">What
are the areas of potential growth and decline?</span></b><span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";"> <o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">If we start to deal with
“sprawl” in Fresno, we’ll have more opportunities for rehabbing.<o:p></o:p></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<b><span style="color: #500050; mso-bidi-font-family: "Times New Roman";">How
do you see jobs changing in the future?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-weight: normal;">
<span style="color: #1f497d; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman";">Same basic principles,
but they will require more entrepreneurial skills than anything else.</span><o:p></o:p></div>
<!--EndFragment--></h3>
Dennis Glukhoyhttp://www.blogger.com/profile/08537908040322495753noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-44986344398398846782014-03-06T23:34:00.005-08:002014-03-06T23:59:25.825-08:00Informational Interview ( FIN 180 Blog Post #1)<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<div style="font-style: normal; font-weight: normal; text-decoration: none;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-WtGlSO56AmQ/UWb519NiqCI/AAAAAAAAAD8/0odd_E_lqVg/Guarantee_logos_facebook.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-WtGlSO56AmQ/UWb519NiqCI/AAAAAAAAAD8/0odd_E_lqVg/Guarantee_logos_facebook.jpg" height="320" width="320" /></a></div>
<h2>
<span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% transparent;">Daniel
Hanjiev, Real Estate Broker with Guarantee.</span></span></span></span><span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% transparent;"></span></span></span></span></h2>
<h2>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></h2>
<div style="font-style: normal; font-weight: normal; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span></div>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">How did you start
in this field?</span></span></span></span></h4>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></h4>
<div style="font-style: normal; font-weight: normal; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">The way I was introduced into the field was by
a friend of my. He and his wife took a real estate course and he
asked me if I wanted to take class with them. I was interested in
real estate in that time and I done some things in the field
personally, had exposure to it. Really took it for personal knowledge
didn’t think of getting into business, I sign up and all three of
us took the course. That’s how I got exposed to it, was back in
1990.</span></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; text-decoration: none;">
<br /></div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
</div>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">What’s
your education background? </span></span></span></span></h4>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></h4>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">Me and my friends started with
Century 21 courses, Real Estate Principles class, basically a
class required to start. Then we took a ton more, I know Fresno City
College offers a two year degree in Real Estate. Again I took these
classes in 1990, I done everything up to State exam, I took these
classes to start in business. </span></span></span></span></span><span style="color: #444444;">
</span></div>
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span></span>
<br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="color: #444444;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="color: #444444;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: right; text-decoration: none;">
<span style="color: #444444;">
</span>
<span style="color: orange;"><span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% transparent;">Different
sectors of the market still have to adjust</span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: right; text-decoration: none;">
<span style="color: orange;"><span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% transparent;"> but growth potential is
all ahead.</span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="color: orange;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span></div>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">What
kind of individual skill/personally suited for your career?</span></span></span></span></h4>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></h4>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">I
think this is where you can divide it into several levels.
Personality wise, person has to be somewhat outgoing, not be afraid
to be engaged in conversation with people.</span></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<br /></div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><br />
<h4 style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<b><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">What
is the future outlook for this career? What are the areas of
potential growth and decline?</span></span></span></span></b></h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span>
<br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;">As
far as real estate professionals right now is really great time to
get in. The market is moving there are sales.We just went through
market correction, growth potential is very plausible for many years
to come before we see another wave of correction. For anybody to get
in right now it’s very good timing when you can get in and have
sales. Just because of where we at in pricing and the growth
potential that's still in front of us.</span></span></span></span></div>
<div style="text-align: justify;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span></span></div>
<div style="text-align: justify;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span></span>
</div>
<div style="text-align: justify;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<span style="color: #444444;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;">Different
sectors of the market still have to adjust, but growth potential is
all ahead. Commercial real estate has to go through adjustment while
single family residence went through adjustment and in line for
steady growth. </span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: right; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;"> <span style="font-size: large;"><span style="color: orange;"> </span></span></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;"> </span></span></span></span>
</div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><br />
<h4 style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<b><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">What
are some lifestyle considerations for this career?</span></span></span></span></b></h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span>
<br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;">It
gets a little bit challenging, involves a lot of discipline to set up
time for yourself and for your family. This profession can fully
consume you into business, definately not a 8 to 5 type of job. You
really have to treat your personal life as your business life</span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;">.</span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: right; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: orange;"><span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% transparent;">be confident in what you are doing</span></span></span></span></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: right; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: orange;"><span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% transparent;"> </span></span></span></span> </span></span></span></span></div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><br />
<h4 style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<b><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">Advice
for anyone starting in Real Estate field?</span></span></span></span></b></h4>
<h4 style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<b><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"> </span></span></span></span></b></h4>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">Once you get in make
sure everyone in your sphere of influence knows you are in business,
obtain further education, get familiar with contracts is very
important and be confident in what you are doing. The rest will be
history from here. </span></span></span></span></span>
</div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"> </span><br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
</div>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">What
is your future goals in career?</span></span></span></span></h4>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></h4>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">Personally grow my business
with database and stay connected with my clients in my sphere of
influence. In five years or so outcome will be just a result coming
out. Put-in proper approach into position will yield
results. </span></span></span></span></span><br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;"></span></span></span></span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span></div>
<h3>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">Who are your usual customers?</span></span></span></span></h3>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
</div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span>
<br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="font-size: small;"><span style="background: transparent;">The
given market we have right now, there are a lot of investors who have
positioned themselves well. There are other investors who had adjust
and are coming out right now to get back. From now on you’ll get to
see a lot of primary residents purchasing, it all depends on timing
of the market, pricing in the given market period. </span></span></span></span></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<br /></div>
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: right; text-decoration: none;">
<span style="color: #444444;"><span style="color: orange;"><span style="font-size: large;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% transparent;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% transparent;">My focus is continuing education</span></span> </span></span></span></span>
</span></div>
<span style="color: #444444;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span></span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"></span>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"></span><br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<h4 style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-decoration: none;">
<b><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">Which
professional journals and organizations would be most helpful in
evaluating the field? </span></span></span></span></b>
</h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><br /></span>
<br />
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>
<br />
<div style="font-style: normal; font-weight: normal; line-height: 114%; margin-bottom: 0in; text-align: justify; text-decoration: none;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">I
like Business Journal there are a lot of material on real estate,
there a lot of resources online as well. I usually look into interest
and mortgage related information. There are publications for
investors and I usually try to look for local market in our location.
My focus is continuing education.</span> </span></span></span></span>
</div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"></span>
<br />
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;">Anything else you want to add?</span></span></span></span></h4>
<h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"></span></span></span></span></h4>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><br /></span></span></span></span>
<br />
<div style="text-align: justify;">
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: black;"><span style="font-size: small;"><span style="background: transparent;"><span style="color: #444444;">Good approach
in this business is also be in business for yourself what I mean by
that is be an investor. Actively participate in real estate besides
serving your clients. </span></span></span></span></span></div>
<span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;">
</span>DSPhttp://www.blogger.com/profile/06042369300141617523noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-6985299500649141192014-03-06T10:37:00.000-08:002014-03-06T10:37:04.275-08:00Informational Interview ( FIN 180 Blog Post #1)
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<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-nNjXwWnOqq0/Uxi_J9_NOqI/AAAAAAAAAAg/Ir6wxbFwgkY/s1600/wells+fargo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-nNjXwWnOqq0/Uxi_J9_NOqI/AAAAAAAAAAg/Ir6wxbFwgkY/s1600/wells+fargo.jpg" height="124" width="320" /></a></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;"><br /></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;"><br /></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none;">
<span style="font-family: "Times New Roman"; font-size: 16.0pt;">Where do you work at?
And what is your title with that company?<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 63.0pt; margin-right: 0in; margin-top: 0in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none;">
<span style="font-family: "Times New Roman";">“
I work for Wells Fargo, and I am a Home Mortgage Consultant.” <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none;">
<span style="font-family: "Times New Roman"; font-size: 16.0pt;">How did you get started
in this field? What was your educational background? <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 63.0pt; margin-right: 0in; margin-top: 0in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none;">
<span style="font-family: "Times New Roman";">“
Well I was always interested in the business of real estate. But how I started
in this field was when I was going for loan for myself and I was introduced to
lending. The loan officer guided me to
what steps to take in order to be licensed. As for my education I have an AA
degree from College of the Sequoias, and have completed courses through Fresno
Pacific University, I also have taken course material to complete my license as
a loan consultant.” <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none;">
<br /></div>
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<br /></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What is a “typical” day
like for you?<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Times New Roman";">“
It really depends on the day, there are
office days and there days when I am in the bank helping clients that come in
and are inquiring about a mortgage loan.
Well office days are where most of my job takes place. So the day for me starts early in the morning
at home, I look over any emails that I have received through the night, through
my Blackberry of course, so I know what to look for when I get to the office. I
would say its kind of a preparation in the morning. When I actually get to my
office I listen to any voice mails, look again at the emails that I have to
respond to and check all files that are in process. I then plan my day with any
meetings with management and with clients for the day. On top of that I have
required training I have to complete for my company.” <o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What obligations does
your work put on you outside of the actual job?<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Times New Roman";">“
Well I would believe is self networking trying to put ourselves out there in
the community so there is a face to the company. I venture not to say obligations but rather
that there are some expectations that we have to do that are a part of the job
we have to do. For example we do lunch meeting, we do relator visits, we are at
open houses and we are always prospecting with our referral partners.” <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What is the most
rewarding aspect of your job, least rewarding? What might you change?
<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman";">“
I think that the most rewarding part of the job is being able to help clients
with a loan so they are able to purchase their home. Most peoples dream is to own a home and it’s
a big accomplishment for me to be part of that transaction for them to obtain
home ownership. I would change is the regulations there are so many
regulations. I might want to change how
often the guidelines change or how many guidelines there are. The guidelines are always changing making
difficult at times to keep track of the new processes.”<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">How high is the
turnover? How does one move from position to position or other areas of
the organization? <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman";">“
The turnover rate is high with an organization such as Wells Fargo, not many
loan officers can deal with a typical loan officer job but they have to adhere
to the processes of Wells Fargo. That
aspect is pretty hard, and just to kind of put into perspective six months ago
there were fifteen loan consultants and now we are down to nine. Because Wells Fargo has goals they evaluate
you by a production standard, you have to bring in so much volume, application,
and units. And in order to continue to
work in a high level company they expect a return as for production.”<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What types of training do companies offer those
who enter this field?</span><span style="font-size: 16.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman";">“
When entering the field of a home mortgage consultant for Wells Fargo you have
an extensive amount of training. At
first you go through training process in Southern California called Sales Essentials,
where they teach how to use the company system, which is pretty complicated in
it self. You learn how to originate a loan document, and submit files. There is continuous trainings, this year
alone we have twenty-four required training sessions, some which includes RESPA
(<span style="color: #343434; mso-bidi-font-weight: bold;">Real Estate Settlement
Procedures Act)</span>, ADA (American with Disabilities Act), and DOJ (Department
of Justice). Wells Fargo is a huge company and it wants its loan officers to
follow policies and regulation to the tee.” <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">Has the company made any
recent changes to improve its business practices and profitability?<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman';">“ Nothing
has really changed but implementations and regulations have a strong hold on
how we do business.</span><span style="font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';">Referral
partnerships are affected by some regulations that allow me to be referred by a
potential partner, such as real estate officers.”</span><span style="font-family: 'Times New Roman';"> </span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What sacrifices have you
had to make to succeed in this field, and do you feel the sacrifices were worth
it?<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman";">“ The
main sacrifice would be time away from home and time that I use at home for
work. You really got to find that
balance. A lot of loan officers “the old timers” who have been in business for
many years would say, “ you have to learn how to manage your time.” <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What is the best
educational preparation for a career in this filed? Which classes and
experiences would be most helpful to obtain while still in college?<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman";">“
I would definitely focus of course on business classes to prepare you for an
professional environment. In a position
such as a mortgage consultant I believe communication classes would be helpful
because you are always talking to people.”
<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman"; font-size: 16.0pt;">What is the most important thing that someone
planning to enter this career should know?<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman";"><br /></span></div>
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<span style="font-family: "Times New Roman";"><br /></span></div>
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<span style="font-family: "Times New Roman";">“ The most important thing for someone
planning to enter this type of career should know how to manage your time. I guess I would continue to reinforce that
fact that time management has a lot to do with this job and you have to be good
at it. The other ting would be that there are ups and downs, some months can be
really good and there are those that can be really down. If you go in with this
mentality and you are aware of what to expect, you will successful.” <o:p></o:p></span></div>
<!--EndFragment--><br />
<!--EndFragment--><br />
<!--EndFragment-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-90031074815539676442014-03-05T22:40:00.001-08:002014-03-05T22:40:56.926-08:00Fin 180 Blog Post #1
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<b><span style="font-family: Arial;">Informational Interview Nathan
Bertao<o:p></o:p></span></b></div>
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<b><span style="font-family: Arial;">Blog Post #1 March
1, 2014<o:p></o:p></span></b></div>
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<b><i><span style="font-family: Arial;">This
interview was with Scott Schuil who is a property manager in the Central
Valley. Currently Scott manages about 83 single-family units that are spanned
out from Madera to Bakersfield. <o:p></o:p></span></i></b></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">How
did you get started in this field? <o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;">My father has always
had his hand in real estate investing from the time I was young. Once I became
old enough and had my own vehicle my dad gave me certain property management responsibilities
over the local properties that he owned. </span></i><b><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
was your educational background? <o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;">I graduated from
Immanuel High School in Reedley, CA. After High School I went to college at
Azusa Pacific University and graduated with a Bachelor’s degree in Business
Administration in 2009.</span></i><b><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
are your major responsibilities? </span></b><b><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;">My main
responsibility is to make sure that my father’s rental properties are always
occupied with tenants. If somebody is moving out it’s my responsibility to have
someone lined up to move in right away. If a property is sitting vacant then we
are losing money. Other responsibilities include collecting rent money,
maintenance that includes: mowing lawns and repairing general things that need
to be fixed that I am capable of fixing with my very limited handyman skill
set. </span></i><b><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
is the most rewarding aspect of your job, least rewarding? What might you
change? Would you choose this career again? <o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;">The most rewarding
part of my job is fixing something for a tenant or solving an issue in a short
span of time and them feeling like you are just Mr. Handyman. The least
rewarding part of the job is dealing with tenant’s pets. Particularly dogs
leave a huge mess outside and tear up the house on the inside. I’m considering
changing our policy of allowing pets into our properties or requiring a larger
deposit because we lose money in my opinion by allowing pets. I would choose
this career a hundred times over again. I love being my own boss and not having
to report to anyone. There’s nothing like being your own boss in my opinion. <o:p></o:p></span></i></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
is a “typical” day like for you?</span></b><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;">Overall I would say
that I never have a typical day. Each day is vastly different from the next and
sometimes I don’t know what I’m going to do the next day when I go to bed at
night. I’m always busy however and there’s never a dull moment in my day. An
example of a typical day starts of with me mowing a few lawns, I prefer to do
this in the morning. If a property has a pool I will clean and maintain that
too at this time. Then after that I will report to any repair calls that I need
to take a look at. If I can’t fix the issue I will set something up for a
professional to come take a look at it. Everyday it seems like I’m dealing with
a repair, and since my dad has properties from Madera to Bakersfield, some days
I waste a lot of time traveling. </span></i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
are some common entry-level positions in the field?<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"> I said that I graduated I but anyone can
be a property manager. It also doesn’t require any certain licenses like being
a realtor does. If you don’t have a connection like I do with my father it’s
probably recommended and helpful that you have some type of general contractors
license to be a property manager. When I hire people to help me out I like to
see some experiencing in the construction field to make up for my lack of
skills of working with my hands. </span></i><b><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What is the best educational preparation for a career in this filed? <o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">There’s not a specific class
that I can remember taking in High School that has helped prepare me for what I
do now. I would say however that High School sports helped prepare me for this
job. Playing football our coach required us to wake up early and we were always
working hard. Those traits I learned from my football coach were instilled to
me and although I work hard it makes it seem easy since I’ve been doing it
since High School now.</span></i><b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
have you found to be a major weakness of new hires in this field?<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;">I have hired a few
different guys on separate occasions to help me manage properties because as I
mentioned I have to cover a large span of area. What I’ve learned from these
hires is that most guys underestimate how much work actually has to be done. I
have a repair or a concern with a tenant every day it seems like that I have to
tend to. Most hired workers come into the job thinking they can do this job and
have something on the side as well and that simply isn’t true. This job is very
time consuming. </span></i><b><span style="font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">What
is the future outlook for this career? What are the areas of potential
growth and decline? <o:p></o:p></span></b></div>
<div class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: 11.0pt .5in; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">The future outlook on this job
for me is very stable. All the properties that we own have no intentions of
being sold anytime soon therefore my services will be needed as long as they
are around. If anything my father is constantly looking for new properties to
invest in and add to our collection. Potential growth and goals for my father
is to obtain more multifamily units. Potential decline for us would be if it
became easy for people to buy their own homes again because then it would be
harder to find tenants. </span></i><b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
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<b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">Can
you recommend any specific person for me to talk with and may</span></b><b><span style="font-family: Arial; font-size: 16.0pt; mso-bidi-font-family: Verdana;"> </span></b><b><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">I have permission to use your name?<o:p></o:p></span></b></div>
<div class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><!--[endif]--><i><span style="font-family: Arial; mso-bidi-font-family: Verdana; mso-bidi-font-size: 16.0pt;">My father is very knowledgeable
in almost all aspects in regards to Real estate. Although he is a super busy
man he loves educating younger people and loves to answer questions. His name
is Michael Schuil and yes, you have the permission to use my name. <o:p></o:p></span></i></div>
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<br /></div>
<!--EndFragment-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-45424411475340561562014-03-05T21:37:00.000-08:002014-03-05T21:37:05.336-08:00Informational Interview with Randy McAtee of Lazarus Realty <!--[if gte mso 9]><xml>
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<span style="font-family: Arial,Helvetica,sans-serif;">Randy “Lazarus” McAtee, owner of Lazarus Realty in Fresno,
CA, has a wide range of experience in many aspects of the real estate,
building, and investing industries. After dropping out of college, Randy became
a construction worker and eventually obtained his General Contractors License
in 1988. As a General Contractor he specialized in Insulation and Acoustics, as
well as Weatherization and Energy Conservation. In 2002 Randy became a realtor.
He eventually opened his own brokerage, Lazarus Realty, in 2007. I interviewed
Randy with the intentions to learn more about how a sole proprietor runs a
small real-estate firm and the decisions that are made when considering a
potential investment. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: Why did you get
started in the real estate industry?</b></span></div>
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<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><b>A:</b> Well, prior to being in the real estate business I was an
investor in real estate. Not a big investor but I had bought some homes, had
some rentals, sold some homes, and made some money on them. I know real estate
is a good investment. My uncle, who was a cabinet maker, just made a basic
living making cabinets but all the money he made was through investing. He
worked himself to an early grave in his regular job but he did leave my aunt an
estate that turned out to be worth millions through investing. I only ended up
going into real estate as a default of not doing anything. Because I was making
my money as an investor trader since 1998, but in order to have something to do
that was work I got my real-estate license. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What is your
approach to real estate?</b></span></div>
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<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A:</b> For me, I
approach it as an investor. I’m a real estate broker and it think if you check
the statistics, less than 3% of the realtors are brokers. Mainly because to be
a broker you have to be in “x” amount of years, then you have to take the
broker test. But still I approach it as an avocation </span></div>
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<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What types of properties do you deal with?</b></span></div>
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<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>I sell any kind of real estate because a lot of times the people
I am dealing with are people that have money and they may want to have an
investment in agriculture, land, or homes. Whenever they come to me and say
“this is what I want to do,” I will seek to help them achieve their goals. I am
probably the lowest sales of anybody in Fresno. Maybe that’s an exaggeration,
but what I do, when I do it, I do well<b style="mso-bidi-font-weight: normal;"><span style="mso-tab-count: 1;"> </span></b></span></div>
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<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: Do you manage
properties as well?</b></span></div>
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<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>I do property
management, some. I only manage a couple properties and I’m not out actively
looking to manage properties, but if somebody comes to me, I can manage their
property.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What is you
process for guiding a client in the investment process?</b></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>If people are
coming to me wanting to invest in real estate, I go over their goals, see how
much money they have, and determine what they want to achieve. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What kind of ROI
do you clients tend to see on their investments?</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>[Runs
Calculation] After running the numbers on one particular property, to be really
precise, the return on their investment, when buying the property with cash and
after paying taxes, fees, and whatnot, is 6.7%. Assuming no major deferred
maintenance or repairs. Since this is a nice property they don’t have that, but
if you make an allocation for repairs, which you should, I would safely say 6%.
So the range of 5-7% has been pretty common, and that’s for really good homes.
I find, in general terms of a return, more money is made when purchasing lower
priced properties, but then there are more problems that go with it. In other
words, if you buy a property for $65,000 and you can go in and do $10,000 in
repairs and you’re in it for $75,000, still in Fresno anything decent is going
to rent for about $800 or $900 dollars. So if you can rent that property following
the 1% rule than that is a good deal.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: Can you explain
the 1% rule?</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b>A:</b> The 1% rule, a rule I remember from my parents, is that
your rent should equal the purchasing price of the property. That’s why a lot
of times in California renting doesn’t work in terms of an investment very well,
unless you’re looking to get capital gains. If you go in 93720 and you buy a
house for $300,000 and you rent it on the 1% rule, you would want to make $3,000
rent. Chances are you will be getting closer to $1,500 to $2,000, far below the
1%. I’ve had properties that I bought for $30,000 and rented for $600,
resulting in a lot of cash flow, but you can easily run into problems with
those low income tenants that can end up costing you. In general the higher
priced properties bring a lower rate of return. You pay a lot of money and you
are not going to be able to recoup it through rent.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: How do you
evaluate a property to invest in?</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>I would
probably do the same as everybody else except I’m so conservative that somebody
else is usually buying. Maybe it’s a function of my age and stage too. Maybe if
I was younger I would just jump on it. I look at the comps and see how much
houses in that specific neighborhood are going for. If you’re going to make
money in real-estate, it’s not unlike stocks. You’re going to make it because
you bought it at the right price. So when evaluating a property that I am going
to flip, I factor in repairs, financing costs, carrying costs, and then look at
the bottom line and say, “if I do this deal how much am I going to make in the
end, and is it worth the blood sweat and tears.” If it’s just an investment,
that’s a lot easier for me, it just has to carry itself. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: How does location
factor in when evaluating a property?</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b><span style="mso-spacerun: yes;"> </span>It really is location, location, location. But
there is a price at which anything is a bargain. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What do you look
for in a location?</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>Well there are
properties out there that I call penny properties. Properties that you can find
and make good money off of. There are a lot of penny properties out there that
you can make money off of, but finding them is like finding a good penny stock.
You have to be a treasure hunter. You look and scout, and sometimes there’s
good fortune and people bring it to you and you buy it.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What advice would
you give to someone interested in investing in real estate</b>?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b>A:</b> <span style="mso-spacerun: yes;"> </span>I have a saying,
“watch your downside.” Protect your downside. I don’t care whether its real
estate or stocks, just manage your risk on the downside and the upside takes
care of itself. You buy the real estate at the right price, it goes up, and you
don’t have to worry about it. You don’t make money on every one of your
properties but I look at your investments as a whole. Too many people look at
one thing and they’re afraid to take losses. You have to look at the whole
basket and say “you know what? The best thing for me right now is to take this
loss and move on.” I’ve seen people loose huge amounts of money because they
were too focused, too afraid, or too proud to take small losses, and then they
see the market crash right under them.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">Q: What is your evaluation
of the current local real estate market?</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"><b style="mso-bidi-font-weight: normal;">A: </b>The current
market has firmed up and is pretty good. God help us with rain though. With no
water for the farmers there could be a reverse dust bowl and we all go back to
Oklahoma [laughter]. I see water as being a big factor for the Fresno Market.
In other words, you just don’t know what the future holds. If the extreme worst
case scenarios happen, it isn’t going to be good. The market in general depends
upon a lot of monetary factors within our economy, things that can change over
time, but I’ve been telling people over the last couple of years that the
market has bottomed out. </span></div>
<div class="MsoNormal">
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-80621197685737948412014-03-04T20:39:00.000-08:002014-03-04T20:39:21.108-08:00Student Society of Real Estate Monthly Club Meeting<br />
<div style="text-align: center;">
<strong>Come join us at our SSRE meeting!</strong><o:p></o:p></div>
<br />
<br />
<span style="mso-no-proof: yes;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
<v:stroke joinstyle="miter">
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</v:imagedata></v:shape></v:path></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:formulas></v:stroke></v:shapetype></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-qRBaIOEH42w/Uxam8L_uHMI/AAAAAAAAABk/IslNMRUJ1ug/s1600/SSRE+Logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-qRBaIOEH42w/Uxam8L_uHMI/AAAAAAAAABk/IslNMRUJ1ug/s1600/SSRE+Logo.jpg" height="125" width="320" /></a></div>
<o:p></o:p><br />
<br />
When: Wednesday, March 4, 2014<o:p></o:p><br />
<br />
Time: 5:00PM - 5:45PM<o:p></o:p><br />
<br />
Where: PB 012 (Peters Business Building)<o:p></o:p><br />
<br />
Who: All students who are interested in Real Estate, Construction and other
related industries<o:p></o:p><br />
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Topics to
discuss:<span style="mso-tab-count: 1;"> </span>Upcoming events, Openings
for Vice President and Treasurer for Fall semester, communication in social
media, etc. <span style="mso-spacerun: yes;"> </span></span><span style="color: #222222; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-53550072780533312652014-03-04T20:06:00.001-08:002014-03-04T20:09:21.850-08:00438 “O” Street Then and Now<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 14pt;">438 'O' Street Then and Now</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 19px;">By: Israel Gonzalez</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 19px;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-NFyJ-wAhxrw/UxagEFUpfPI/AAAAAAAAADQ/QFxaidimQ_w/s1600/Fin+181.tiff" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://3.bp.blogspot.com/-NFyJ-wAhxrw/UxagEFUpfPI/AAAAAAAAADQ/QFxaidimQ_w/s1600/Fin+181.tiff" height="204" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Property today</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-indent: .5in;">
There was a property on 438 “O”
Street Fresno, CA 150 feet south of Santa Clara Street. The owner of the
property at the time was Mrs. Helen Hulst. An appraisal was done by Massie’s
Appraisal on April 7, 1966 because the City of Fresno needed to find the proper
compensation since they were taking the property through imminent domain.
Imminent domain is the right to seize private property for public use with just
compensation paid to the owner of the property.<o:p></o:p></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-fUiG8y90V0E/Uxaf0r6qKpI/AAAAAAAAADI/caSKn6FL_O4/s1600/Main.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://1.bp.blogspot.com/-fUiG8y90V0E/Uxaf0r6qKpI/AAAAAAAAADI/caSKn6FL_O4/s1600/Main.JPG" height="205" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Building 1</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-indent: .5in;">
The property had 3 buildings all in
poor condition and built similar with a concrete foundation, wood framing, wood
siding exterior, and rolled composition covered roof. The property also has a
bathhouse with attached storage shed. There are 3 dwellings within building 1
were all in poor condition and built. The first dwelling had 3 bedrooms and a
kitchen and an exterior bathroom that is shared with the second dwelling. The
second dwelling has a living room, 1 bedroom, and a kitchen. The third dwelling
has 2 bedrooms, a kitchen, and a bathroom.<o:p></o:p></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-L7iABekSw1w/UxagXl2yHiI/AAAAAAAAADY/Qm-84YXnNz8/s1600/middle.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://1.bp.blogspot.com/-L7iABekSw1w/UxagXl2yHiI/AAAAAAAAADY/Qm-84YXnNz8/s1600/middle.JPG" height="183" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Building 2</td></tr>
</tbody></table>
<br />
<div class="MsoNormal" style="text-indent: .5in;">
The appraiser used comparables to assess
the value with 2 methods. The first was based on a price per square foot rate
and the second was a gross rent multiplier. Through the comparables the
appraiser came up with a price per square foot of $3.50, which would make the
total square footage of the 3 dwellings at 2,111 sqft and produce a value of
$7,389. For the gross net multiplier it was concluded that the multiplier was
45 and with the 3 dwellings producing $170 per month the value produced is
$7,650.<o:p></o:p></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-q5TaMfSW5Yw/UxagrfncV-I/AAAAAAAAADg/ErXv2igwXjM/s1600/photo+4.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://1.bp.blogspot.com/-q5TaMfSW5Yw/UxagrfncV-I/AAAAAAAAADg/ErXv2igwXjM/s1600/photo+4.JPG" height="209" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Building 3</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-indent: .5in;">
Looking at the appraisal with an
appraiser friend of mine he pointed out that the validity of the appraisal is something
to question. The reasoning isn’t explained very well. According to the
information and comparables in the appraisal you can see that the appraiser was
being conservative with their established value. This is most evident with the
gross rent multiplier (GRM) who seems much to low compared to that in the
comparables. After looking through all the material is seems that the appraiser
made the GRM work to match the conservative number established by the cost per
square foot. If the GRM were the smallest multiplier from the comparables it
would have brought value of the property to around $9,000.<br />
<span style="text-indent: 0.5in;">The appraised value of the property
was $7,500 to looking at different multipliers I think that today the property
would have been valued at $93,500. He also brought up that this was a terribly
difficult property to appraise and it would be more difficult to appraise
today. It was concluded that the property was most likely undervalued, as many are when appraised for imminent domain, about $1,500
and should have been appraised at about $9,000.</span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/01274153812157724946noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-14005027586323261182013-12-15T12:30:00.000-08:002013-12-19T12:00:59.442-08:00Chapter 13, Consuming Activity1. A mortgage whose periodic payments are only sufficient to cover the interest due. The loan is paid <br />
off at maturity with a single payment called a balloon payment.<br />
A. Interest only Mortgage B. Partially amortizing mortgage<br />
C. Graduated payment mortgage D. Adjustable rate mortgage<br />
<br />
2. A mortgage payment scheme with periodic payments structured to include interest plus some <br />
principal reduction that is insufficient to fully amortize the loan when due. The balance remaining <br />
at maturity is paid off with a balloon payment.<br />
A. Interest only Mortgage B. Partially amortizing mortgage<br />
C. Graduated payment mortgage D. Adjustable rate mortgage<br />
3. A variable rate or payment mortgage that periodically adjusts to a specified index.<br />
A. Interest only Mortgage B. Partially amortizing mortgage<br />
C. Graduated payment mortgage D. Adjustable rate mortgage<br />
4. Origination Fee is that loan charges designed to cover the lender's costs of processing the <br />
application and loan.<br />
A. T<br />
B. F<br />
5. Points is that loan charges designed to boost the lender's effective rate of return. Also known as <br />
discount points.<br />
A. T<br />
B. F<br />
6. Annual percentage rate is that the lender's true yield once points and other fees are considered. It is <br />
the lenders IRR assuming the borrower holds <br />
A. T<br />
B. F<br />
7. Commensurability is that when making a choice between options, if for any given option, a <br />
weakness in some characteristics can be compensated for by strengths in other characteristics, the <br />
characteristics are said to exhibit commensurability<br />
A. T<br />
B. F<br />
8. Reverse annuity mortgage is a mortgage product designed to meet the needs of elderly <br />
homeowners by providing an annuity or line of credit secured by a mortgage to be paid off when <br />
the house is sold or refinanced or the estate probated.<br />
A. T<br />
B. F<br />
<br />
Answer A. B. D. A. A. A. A. A.<br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-8588528715264650072013-12-14T20:27:00.000-08:002013-12-14T20:27:02.094-08:00Diane Ray - Chapter 13 M/C and T/F
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">Chapter 13 MC/TF<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">1.<span style="mso-tab-count: 1;"> </span></span><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-size: 12.0pt;">A mortgage
product designed to meet the needs of the elderly with an annuity or line of <span style="mso-tab-count: 1;"> </span>credit is called what?<span style="mso-spacerun: yes;"> </span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; tab-stops: .25in .5in 57.0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> Federal Housing Administration (FHA) </span><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 10.0pt; mso-hansi-theme-font: minor-latin;">Adjustable rate mortgage (ARM)</span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>c.<span style="mso-tab-count: 1;"> </span>Reverse annuity mortgage (RAM)<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>d.<span style="mso-tab-count: 1;"> </span>None of the above<span style="mso-tab-count: 1;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p> </o:p></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">2.<span style="mso-tab-count: 1;"> </span>Once points and
fees are calculated, the Annual Percentage Rate (APR) is what the lender <span style="mso-tab-count: 1;"> </span>measures as their bottom line return.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>True<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>False<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 10.0pt; mso-hansi-theme-font: minor-latin;">3. <span style="mso-tab-count: 1;"> </span>An advantage of
discount points for the lender is to increase their effective rate of return. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.25in;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 10.0pt; mso-hansi-theme-font: minor-latin;">a. True<br />
b. False</span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">4.<span style="mso-tab-count: 1;"> </span>A Reverse annuity
mortgage product is overseen by the Federal Housing Administration<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>True<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>False<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">5.<span style="mso-tab-count: 1;"> </span>What is the expression used for a mortgage type where the
monthly payments pays only <span style="mso-tab-count: 1;"> </span>the
interest on the loan. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>“Annuity Due Payment”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>“Graduated Payment”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>c.<span style="mso-tab-count: 1;"> </span>“Interest Only Payment”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>d.<span style="mso-tab-count: 1;"> </span>“Balloon Payment”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p> </o:p></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">Answers:<span style="mso-tab-count: 1;"> </span>1) c <span style="mso-spacerun: yes;"> </span>, 2) a <span style="mso-spacerun: yes;"> </span>, 3) a <span style="mso-spacerun: yes;"> </span>, 4) a , 5) c<o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-55656470565243886862013-12-14T20:21:00.002-08:002013-12-14T20:21:25.500-08:00Diane Ray - Chapter 11 M/C and T/F
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">Chapter 11 MC/TF Questions<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="color: red; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p> </o:p></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">1.<span style="mso-tab-count: 1;"> </span>What type of use
is considered a legal exception to the current zoning law?<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>Legal non-conforming<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>Special use permit<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>c.<span style="mso-tab-count: 1;"> </span>Conditional use permit<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>d.<span style="mso-tab-count: 1;"> </span>Both A and C <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span><br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">2.<span style="mso-tab-count: 1;"> </span>What legislative
body is primarily responsible for the </span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">long term general
plan of a cohesive <span style="mso-tab-count: 1;"> </span>and equitable
living space for all citizens within a community?<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>County
Board of Supervisors<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>Planning
Commission<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>c.<span style="mso-tab-count: 1;"> </span>Planning
and Development Services<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>d.<span style="mso-tab-count: 1;"> </span>Parks
and Recreation Department<o:p></o:p></span></div>
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><o:p> </o:p></span><br />
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">3.<span style="mso-tab-count: 1;"> </span>What public
organization receives their principal source of revenue from property taxes?<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>Federal government<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>Local governments and school districts<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>c.<span style="mso-tab-count: 1;"> </span>State government<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>d.<span style="mso-tab-count: 1;"> </span>All of the above<o:p></o:p></span></div>
<br />
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">4.<span style="mso-tab-count: 1;"> </span>Which type of
local government zoning control permits limitations on property rights?<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>Building codes<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>Taxation<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>c.<span style="mso-tab-count: 1;"> </span>Police Powers<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>d.<span style="mso-tab-count: 1;"> </span>None of the above<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">5.<span style="mso-tab-count: 1;"> </span>Property taxes are
the primary source of revenue for local governments and school districts<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>True<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>False<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">6.<span style="mso-tab-count: 1;"> </span>The Building Code
is the public construction standard used to protect the health, safety and <span style="mso-tab-count: 1;"> </span>welfare of its citizens. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>True<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>False<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">7.<span style="mso-tab-count: 1;"> </span>Ad valorem value
is considered the assessor’s estimate of a property’s market value for<span style="mso-tab-count: 3;"> </span>taxation
purposes.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>a.<span style="mso-tab-count: 1;"> </span>True<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span>b.<span style="mso-tab-count: 1;"> </span>False<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 1;"> </span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-size: 12.0pt; mso-hansi-theme-font: minor-latin;">Answers:<span style="mso-tab-count: 1;"> </span>1)<span style="mso-spacerun: yes;"> </span>d,<span style="mso-spacerun: yes;"> </span>2) b,
3) b, 4) c, 5) a, 6) a, 7)<span style="mso-spacerun: yes;"> </span>a<o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-9467313055430510632013-12-11T20:33:00.002-08:002013-12-11T20:34:49.475-08:00Chapter 13 Consuming Activity<style>
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<br />
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">1.
(ARM) stands for Adjustable rate mortgage</span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
True<br />
B. False<br />
<br />
2. <span style="mso-spacerun: yes;"> </span>Points; is a loan charge
designed to boost the lender’s effective rate of return. Also know as discount
points. </span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
True<br />
B. False</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">3.
(RAM) is a loan charge designed to cover the lender’s costs of processing the
application and loan. </span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
True<br />
B. False</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">4.
(APR) stand for Adjustable percentage rate. </span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
True<br />
B. False</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">5.
One of critical concerns people have when selecting a home is school district</span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
True</span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">B.
False</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">6.
<span style="mso-spacerun: yes;"> </span><u><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></u>A mortgage product designed to
meet the needs of elderly homeowners by providing an annuity or line of credit
secured by a mortgage to be paid off when the house is sold or refinanced or the
estate probated. </span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
Points<br />
B. Adjustable rate mortgage<br />
C. Reverse annuity mortgage<br />
D. None of the above</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">7.
<span style="mso-spacerun: yes;"> </span><u><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></u><span style="mso-spacerun: yes;"> </span>A mortgage whose periodic payments are
only sufficient to cover the interest due. There is no periodic amortization.
The loan is paid off at maturity with a single payment called a balloon payment.<br />
A. ARM<br />
B. APR<br />
C. RAM<br />
D. None of the above<br />
<br />
8. _____ The increase in the outstanding mortgage balance that arises in some
ARM and GPM when periodic payments are less than the interest due for the
period and the shortfall is added to principal balance. </span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">A.
<span style="mso-spacerun: yes;"> </span>Commensurability</span></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-size: 10.0pt;">B.
Negative amortization<br />
C. A&B<br />
D. None of the above<br />
<br />
Answers: 1) A, 2) A, 3) B, 4) B, 5) A, 6) C, 7) D, 8) A</span></div>
Chau Mariharthttp://www.blogger.com/profile/16717238919052036272noreply@blogger.com0tag:blogger.com,1999:blog-8761597195594380115.post-89223022963655414582013-12-10T21:01:00.001-08:002013-12-10T21:01:43.580-08:00Chapter 13: Consuming Activity <div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">Chapter 13:
Consuming Activity </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">1)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">A mortgage
whose periodic payments are only sufficient to cover the interest due is know
as a interest-only mortgage.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">True</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">False</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">2)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;"> Graduated
payment mortgage is a residential mortgage structure whose payments begin above
the fixed rate.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">True</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">False</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">3)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">Adjustable
rate mortgage is a variable rate or payment mortgage that periodically adjusts
to a specified index.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">True</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">False </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">4)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">Points are
loan charges designed to boost the lender’s effective rate of return.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">True</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">False</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">5)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">An
origination fee is the loan charges that are designed to cover the lender’s
costs of processing the application and loan.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">True</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">False</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">6)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">The best
mortgage type for a retired homeowner looking for income is known as a
_________.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.
Adjustable rate mortgage </span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b. Partially
amortizing mortgage</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">c. Reverse
annuity mortgage</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">d. None of
the above</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">7)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">The increase
in the outstanding mortgage balance that arises in some ARMs and GPMs when
periodic payments are less than the interest due for the period and the
shortfall is added to the principal balance is know as _________.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">Negative amortization </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">Partially
amortizing mortgage</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">c.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">RAM</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">d.</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">APR</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">8)</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">The _______
is the lender’s true yield once points and others fees are considered.</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
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<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">a. Commensurability</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
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<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">b. APR</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
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<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">c. Point
balance</span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
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<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">d. None of
the above</span><span style="color: #141414; font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman";"> </span><span style="color: #1a1a1a; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 13.0pt;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<div class="MsoNormal">
<span style="color: #141414; font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-font-size: 17.0pt;">Answers: 1)T 2)F
3)T 4)T<span style="mso-spacerun: yes;">
</span> 5)T<span style="mso-spacerun: yes;"> </span> 6)C<span style="mso-spacerun: yes;"> </span> 7)A<span style="mso-spacerun: yes;"> </span> 8)B</span></div>
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