Transcript Slide 1
Land 101: Fundamentals of Land Brokerage Brought to you by the REALTORS® Land Institute 1 About the REALTORS® Land Institute (RLI) • An affiliate of the National Association of REALTORS® (NAR) • Founded in 1944 • Dedicated to improving the professional competence of its members in land brokerage. 2 About RLI (cont.) Focuses on land brokerage transactions of five types: 1. 2. 3. 4. 5. Farms and ranches Undeveloped tracts of land Transitional and development land Subdivision and wholesaling of lots Site selection and assemblage of land parcels 3 Membership Benefits • A listing in RLI’s online “Find a Land Consultant” directory 4 Membership Benefits (cont.) • A subscription to Terra Firma 5 Membership Benefits (cont.) • Specialized education • Access to a national network of other land professionals • Online resources, including tools and tips on technology and marketing developments 6 ALC Designation Candidacy Members become candidates after successfully completing their first RLI course Knowledge Requirements 120 credits Required courses: Land 101, Land Investment Analysis, and one tax course Land University courses over 2 days in length = 20 credits each 7 ALC Designation (cont.) Experience Requirements $5,000,000 in land transactions or 25 land transactions within 5 yrs of application date ALC Application Submit all documentation and processing fee ALC Designation Awarded by the RLI B.O.D. ALC designees must maintain membership in RLI and NAR 8 RLI Courses • • • • • • • • • • Land 101 Land Investment Analysis Tax Implications of Real Estate Tax Deferred (1031) Exchanges Agricultural Land Brokerage and Marketing Creative Land Planning for Profit Land Development Site Selection Transitional Land Practical Navigation for Land Professionals 9 Objectives for Land 101 • Discuss different land types. • Describe the Farm Service Agency (FSA) and its activities. • Discuss current agricultural land trends. • Identify the different types of urban land development. • Describe site selection factors for urban land development. • Define highest and best use. 10 Objectives (cont.) • Explain the three land description methods. • Discuss maps used in land brokerage and explain how to read them. • Identify the factors that influence land values. • Recognize the different appraisal methods. • Understand the tax issues involved in land brokerage. 11 Objectives (cont.) • Identify property rights and restrictions. • Describe environmental factors that affect land brokerage. • Understand wetlands and brownfields issues. • Explain conservation easements. • Identify key legislative, regulatory and land rights issues. • Explain rent theory. • List methods to package a property. • Understand the ramifications of a land contract. 12