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Файл:English Speech Practice. Real Estate. Учебное пособие
.pdf
41
Ex. 1. Fill in the missing letters according to the word transcription.
1. a_______l [ə'preɪz(ə)l]
2. d_______n [dɪ'tɪərɪə'reɪʃ(ə)n]
3. d_______n [dɪ'pri:ʃɪ'eɪʃ(ə)n]
4. o_______r [ə'kɜ:]
5. o_______e ['ɔbsə'les(ə)ns]
6. q_______y [ˈkwɒlɪtɪ]
7. p_______ [pəˈteɪnɪŋ]
8. n_______d [ˈneɪbərˌhʊd]
9. a_______t [əˈdʒʌs(t)m(ə)nt]
10. r_______e [rɪˈkwaɪə]
Ex. 2. Mark the statements as True or False.
1. Date of sale, if economic changes occur between the date of
sale of a comparable and the date of the appraisal. (T__/ F__)
UNIT 7
Real Estate Valuation
Pre-text exercises
42
2. Estimate the amount of depreciation of the improvements resulting from deterioration, functional obsolescence or economic obsolescence. (T__/ F__)
3. It is not used to estimate the value of income-producing properties such as apartment complexes, office buildings, and shopping
centers. (T__/ F__)
4. Estimate the weekly potential gross income. (T__/ F__)
5. This is accomplished by estimating the rate of return, or capitalization rate. (T__/ F__)
Ex. 3. Match the terms with their definitions.
1.
Appraisal
A.
is a kind of force or threats
used to make somebody to do
something.
2.
Value
B.
is an examination of qualities,
value, conditions, etc. of
something.
3.
Adjustment
C.
is the process or act of becoming worse.
4.
Duress
D.
is a chance which improves
something and helps it to
work better.
5.
Deterioration
E.
is the price or cost of something.
43
Ex. 1. Read and translate the text, do the exercise.
An accurate appraisal depends on the methodical collection of
data. Specific data, covering details regarding the particular property,
and general data, pertaining to the nation, region, city, and neighborhood wherein the property is located, are collected and analyzed to
arrive at a value. Appraisals use three basic approaches to determine
a property's value.
Method 1: Sales Comparison Approach
Since no two properties are exactly alike, adjustments to the
comparables' sales prices will be made to account for dissimilar features and other factors that would affect value, including:
1. Age and condition of buildings.
2. Date of sale, if economic changes occur between the date of
sale of a comparable and the date of the appraisal.
Text 1
44
3. Terms and conditions of sale, such as if a property's seller was
under duress or if a property was sold between relatives (at a discounted price).
4. Location, since similar properties might differ in price from
neighborhood to neighborhood.
5. Physical features, including lot size, landscaping, type and
quality of construction, number and type of rooms, square feet of living space, hardwood floors, a garage, kitchen upgrades, a fireplace,
a pool, central air, etc.
Method 2: Cost Approach
The cost approach can be used to estimate the value of properties
that have been improved by one or more buildings. This method involves separate estimates of value for the building(s) and the land, taking into consideration depreciation:
1. Estimate the value of the land as if it were vacant and available to be put to its highest and best use, using the sales comparison
approach since land cannot be depreciated.
2. Estimate the current cost of constructing the building(s) and
site improvements.
3. Estimate the amount of depreciation of the improvements resulting from deterioration, functional obsolescence or economic obsolescence.
4. Deduct the depreciation from the estimated construction costs.
5. Add the estimated value of the land to the depreciated cost
of the building(s) and site improvements to determine the total property value.
Method 3: Income Capitalization Approach
Often called simply the income approach, this method is based
on the relationship between the rate of return an investor requires and
the net income that a property produces. It is used to estimate the value
of income-producing properties such as apartment complexes, office
buildings, and shopping centers. Appraisers will perform the following steps when using the direct capitalization approach:
45
1. Estimate the annual potential gross income.
2. Take into consideration vacancy and rent collection losses to
determine the effective gross income.
3. Deduct annual operating expenses to calculate the annual net
operating income.
4. Estimate the price that a typical investor would pay for the
income produced by the particular type and class of property. This is
accomplished by estimating the rate of return, or capitalization rate.
5. Apply the capitalization rate to the property's annual net operating income to form an estimate of the property's value.
Ex. 2. Fill in the missing words according to the text.
amount
investor
property's
value
duress
1. Appraisals use three basic approaches to determine
a _________ value.
2. Terms and conditions of sale, such as if a property's seller was
under _____ or if a property was sold between relatives (at a discounted price).
3. The cost approach can be used to estimate the ____of properties that have been improved by one or more buildings.
4. Estimate the ______ of depreciation of the improvements resulting from deterioration, functional obsolescence or economic obsolescence.
5. Estimate the price that a typical ________would pay for the
income produced by the particular type and class of property.
Ex. 3. Write a word is similar in meaning to the underlined part.
1. Appraisals use three basic approaches to determine a property's value.
46
2. Since no two properties are exactly alike, adjustments to the
comparables' sales prices will be made to account for dissimilar features and other factors that would affect value.
3. Estimate the value of the land as if it were vacant and available to be put to its highest and best use, using the sales comparison
approach since land cannot be depreciated.
4. Appraisers will perform the following steps when using the
direct capitalization approach.
5. Take into consideration vacancy and rent collection losses to
determine the effective gross income.
Ex. 4. Answer the following questions according to the text.
1. What does an accurate appraisal depend on?
2. How many basic approaches do appraisals use to determine
a property's value?
3. What are the main features of the Sales Comparison Approach?
4. What are the main features of the Cost Approach?
5. What are the main features of the Income Capitalization Approach?
1. Create the situation due to your specialized routine, using the
information from the text.
2. Design your own exercises, expressing the main idea of the
text using these platforms: www.wordwall.net, www.quizlet.com
3. Create and analyze the problem situation, study all key issues,
find the possible variants to solve the problem.
Project work
47
Ex. 1. Fill in the missing letters according to the word transcription.
1. e_______r [ˌɒntrəprəˈnɜː(r)]
2. a_______t [əˈdʒʌstmənt]
3. i_______e [ˌɪnɪɡˈzɔːstəbl]
4. t_______n [trænˈzækʃn]
5. e_______r [ɪnˈdevə(r)]
6. a_______y [əˈtɜːnɪ]
7. j_______g [ˈdʒʌdʒɪŋ]
8. m_______r [ˈmaɪnə]
9. p_______g [ˈpɜːtʃəsɪŋ]
10. w_______e [ˈhəʊlseɪl]
Ex. 2. Mark the statements as True or False.
1. Making money through real estate requires one to be ready to
face the pitfalls and the potential challenges. (T__/ F__)
UNIT 8
How to Become
a Real Estate Entrepreneur
Pre-text exercises
48
2. Having a real estate team helps you handle the real estate investing in different aspects. (T__/ F__)
3. A very great idea is to become a real estate entrepreneur, as it
is absolutely free of challenges and risks. (T__/ F__)
4. Without fail, add to your team some professionals such as real
estate agents, accountants, mortgage brokers, home inspectors, and attorneys. (T__/ F__)
5. It is still not easy nowadays to get information with the technology advancements. (T__/ F__)
Ex. 3. Match the terms with their definitions.
1.
Assessment
A.
a document that describes a
business’s aims for the future
and the ways in which the
business hopes to achieve
those aims.
2.
Setback
B.
the act of making something
that has been officially decided start to happen or be
used.
3.
Business plan
C.
the act of judging or forming
an opinion about somebody
or something.
4.
Implementation
D.
a feature or service that
makes a place pleasant, comfortable or easy to live in.
5.
Amenity
E.
a difficulty or problem that
delays or prevents something,
or makes a situation worse.
49
Ex. 1. Read and translate the text, do the exercise.
There are a few things that require consideration. Real estate
business is not for any faint hearts. Making money through real estate
requires one to be ready to face the pitfalls and the potential challenges. Understanding the various strategies, assessment, adjustments,
and implementation if necessary ensures earning profits for a real estate entrepreneur.
A very great idea is to become a real estate entrepreneur, but it
is not free of challenges and risks. There is a need for inexhaustible
desire to see success. Here are a few steps that show how to become
a real estate entrepreneur:
1. Learn the Basics
Becoming a real estate entrepreneur implies starting to learn
the real estate business investing. There is no need for a college
Text 1
50
degree, but it is important to get basic knowledge. It refers to financing options, real estate transactions, real estate terms, real estate laws,
and trends.
It is easy nowadays to get information with the technology advancements. It includes books, blogs, webinars, YouTube, online
courses, etc. Learn to approach; it will pave your way to start the
journey.
2. Develop a Business Plan
Investing in real estate is a complicated process for any investor
for the first-time. However, to become a real estate successful entrepreneur, initiate by setting investment goals. Identify the way to
achieve the goals. A business plan helps focusing on the main goals
and lets you stay organized. It is a must to develop a business plan, so
that you do not get distracted on facing minor setbacks.
3. Build Real Estate Team
A real estate entrepreneur requires many hands to this endeavor.
You may have some experts in your team to compensate your shortfall
of experience. Having a real estate team helps you handle the real estate investing in different aspects. A competent team assists you and
ensures you maximize the return on investment (ROI) and thus prevent
from making common mistakes. Begin with a small team and later
grow the team with your business. Without fail, add to your team some
professionals such as real estate agents, accountants, mortgage brokers, home inspectors, and attorneys.
4. Pick a Real Estate Investment Strategy
In a real estate business there are plenty of ways to make money.
The investment strategy depends on various factors, such as your location, investment goals, financial capacity, and readiness. Purchasing
a property as investment and renting it for a long or short-term is your
decision. The common investments in real estate begin as residential
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