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2016
Georgia REALTORS® partners with the Local Boards and
REALTOR® Firms to provide quality, affordable continuing education courses.
Commercial Property 101 – The Foundation to
Analyzing Commercial Properties
#67353
Sponsored by:
Georgia Association of REALTORS®, GREC School #271
Partners in Education Program
Visit the Georgia REALTORS® website to learn about
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NOTICE: The following material is copyrighted and is provided to you for one-time use only in this GAR-sponsored course.
You may not reproduce or redistribute any portion of this packet without the express written permission from the GAR Professional Development Department.
STUDENT NOTICE
The Georgia Association of REALTORS®, Inc. is approved by the Georgia Real Estate Commission (GREC) to offer continuing education, sales postlicense, and broker prelicense courses. The GREC school code number is 271 with a renewal date of December 31, 2019. The Georgia Real Estate Commission has approved this course for three (3) hours of continuing education credit. GAR school policy defines an instructional hour as 50 minutes. To receive continuing education (CE) credit for this in-classroom course, the student must:
be on time
sign in with the course facilitator before the course begins
be present in the course during all instruction periods
return a completed evaluation to facilitator at the end of course
not have taken this course for continuing education credit within the past 366 days. There is no make-up session for this course. Cell phones and other electronic devices can be distracting. Use of communication methods such as text messaging, E-mailing, web surfing, etc. is prohibited while class is in session if it poses a distraction to other attendees and shall be grounds for dismissal. Taking pictures of PowerPoint slides requires the permission of the instructor. Entrance qualifications and standards of completion will not be based on race, color, sex, religion, national origin, familial status, handicap, sexual orientation, or gender identity. No recruiting for employment opportunities for any real estate brokerage firm is allowed during this course or on the premises while this course is in session. Any effort to recruit by anyone should be promptly reported to the Director of Professional Development; Georgia Association of REALTORS®; 770-451-1831; 6065 Barfield Road; Sandy Springs, GA 30328; or to the Georgia Real Estate Commission; 404-656-3916; International Tower; 229 Peachtree Street, NW; Suite 1000; Atlanta, GA 30303-1605. 1-20-16
COMMERCIAL PROPERTY -101
(The Foundation to Analyzing Commercial Properties)
PRESENTED BY:
Debra R. Forrest
Founder and Principal Analyst
Forrest Consulting & Associates, LLC
Commercial Real Estate Analysis
“Analysis You Need…Credibility You Deserve”
[ii]
Introduction:
Commercial Properties 101: The Foundation to Analyzing Commercial Properties is designed to
equip new and experienced real estate agents with knowledge and understanding of commercial
properties needed on the path to becoming professionals. The focus of this class of properties is
numbers. Therefore, this course is set to lay the foundation on which to build and establish more
accurate numbers which can result in the avoidance of closing delays, making the most of your
clients’ investments, and arming you for negotiations.
Commercial Professionals are expected to possess special knowledge to help their clients make
informed decisions when investing large sums of equity and financing into complex properties.
The author, Debra Forrest, has designed this course discussions with examples and problems to
help you understand, visualize, and practice the information you are about to learn. Fill-in the
blank exercises are provided as studies show that when you write something down, you are more
prone to remember it.
Enjoy the Course…
Copyright 2016 Forrest Consulting & Associates, LLC
[iii]
TABLE OF CONTENTS
Section 1: Identifying with Commercial Property
Residential vs Commercial Property .……………………………………………….. 1
Relevant Definitions ………………………………………………………………… 2
Rights and Interests …………………………………………………………………. 2
Section 2: Understanding Commercial Properties
Land Fundamentals……………………………………………..……………………... 4
Defining Land Use- Zonings……………..……………………………………………. 6
Exercise #1, Problem …………….…………………………………………………..... 8
Commercial Buildings…………..…………………...………………………………… 8
Section 3: Understanding Market Conditions
Distinguish Cost, Price and Value……………………………………………….…… 10
Exercise #2, Discussion………….…………………………………………………..... 10
Factors of Value……………………………………………………………………… 11
Exercise #3, Discussion……..….…………………………………………….…….... 12
Markets and Marketability…………………………………………………………… 12
Forces That Impact Value….………………………………………………………… 13
Section 4: Highest and Best Use Concept
Introduction to Highest and Best Use………………………………..………………. 14
Four Tests of Highest and Best Use………………………………….………….…… 15
Exercise #4, Case Study..……….……………………………………..……………... 16
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SECTION 1
IDENTIFYING WITH COMMERCIAL PROPERTY
OBJECTIVES: By the end of this session you should be able to:
Differentiate Residential and Commercial Property
Interpret Relevant Definitions
Explain How Value is Inherent in Rights and Interests
Residential vs Commercial Property
There are distinct differences between the classifications of residential properties and
commercial properties. Comparing commercial real estate to residential real estate is like
comparing apples to oranges. Both are from the same genre, but that is where the similarities
end.
Residential real estate is focused on personal use. It typically involves purchasing a property for
individual use most often to provide housing for families. For the most part, residential agent's
represent the buyers or sellers of single family or primary homes.
Commercial real estate is business focused. It involves property that is sold, leased, or used to
achieve a predetermined business objective. It is typically purchased as an investment to achieve
an anticipated rate of return on the funds invested. They can be income producing, purchased
specifically to lease to business owners and generate cash flow or non-income producing,
purchased for owner-occupancy.
Unlike residential, you can invest in a wide range of commercial real estate categories, including
retail, office, industrial, apartments, investments, and ground leasing.
2 | P a g e
Specialized areas or disciplines for commercial real estate agents:
Representing tenants or lessees by finding, selecting, and negotiating new space for client
businesses.
Representing building owners or lessors by working to lease out building space for the
highest possible price and with the most favorable terms. Frequently a commercial agent
represents one owner or even one building exclusively in order to ensure the building is
leased to capacity.
Representing investors who want to buy and sell commercial property by finding
opportunities that offer the lowest risk to the client, the best return on investment, and the
best capitalization rate, which is the net operating income of the property divided by the
sales price or value of the property.
Relevant Definitions
Real Estate – a parcel of land including all improvements permanently attached to it.
Real Property – the interests, benefits, and rights inherent in ownership of real estate.
Personal Property – consists of every kind of property that is not real property and is moveable
without damage to the real estate.
Lessee – tenant or one who has the right to occupy and use a property owned by another for a
period of time according to a lease agreement.
Lessor – landlord or one who conveys the rights of occupancy and use to others under a lease
agreement.
Fee Simple (Estate) – absolute ownership subject only to limitations imposed by the
government.
Leased Fee Interest – the ownership interest that the landlord (lessor) maintains in a property
under lease with rights of use and occupancy conveyed to a tenant (lessee).
Rights and Interests
Real property ownership involves not only the identification and valuation of a variety of rights
but also the analysis of the many limitations of those rights and the effect that the limitations
have on value.
The bundle of rights concepts compares real property ownership to a bundle of sticks. Each stick
in the bundle represents a separate right or interest inherent in the ownership
3 | P a g e
The bundle of rights concepts compares real property ownership to a bundle of sticks. Each stick
in the bundle represents a separate right or interest inherent in the ownership.
These individual rights can be separated from the bundle by sale, lease, mortgage, donation, or
another means of transfer. The complete bundle includes the following:
the right to sell an interest
the right to lease an interest
the right to occupy an interest
the right to give an interest away
Ownership of the fee simple interest is equivalent to ownership of the complete bundle of
sticks that can be privately owned, while one or more of the sticks can represent partial
interest in a specific property. Each individual right in the bundle has some potential value. If
any or all are removed from the fee simple interest, one or more partial interests are created.
Property interests in real property can be created in several ways:
Economically – most common is when the fee simple interest is divided by a lease.
Legally – legal restriction on the use of a property and usually an easement is always
involved. Other restrictions include life estates and transferrable
development rights (TDR)
Physically – most common are created horizontally- division of real property through
subdivision and assemblage and vertical- division in real property by
subsurface rights and air rights.
Financially – impacts real estate investment practices. Here the analysis of mortgage
and equity components is of particular importance.
Though these qualities are components of both residential and commercial real estate, it is
in commercial where these rights and interests are more prominent as they are sold and
leased and subsequently, the thing that makes commercial real estate a very profitable
business for many.
4 | P a g e
SECTION 2
UNDERSTANDING COMMERCIAL PROPERTIES
OBJECTIVES: By the end of this session you should be able to:
Identify Land Fundamentals
Define Commercial Land Use- Zonings
Describe Commercial Improvements
Land Fundamentals
(Note: A good commercial flyer would select and advertise the best of these features)
1. size and shape – advantages and disadvantages caused by street frontage, width and
depth
2. zoning – government regulated building codes and density of use
3. topography – land’s contour, grading, natural drainage, soil conditions, view, physical
usefulness
4. utilities – sanitary sewer, domestic water, natural gas, electricity, storm drainage,
telephone service, and cable television
5. accessibility – analyzes all forms of access to and from the property and the
neighborhood (i.e. streets, freeways, highways, railways, airports, public transportation)
6. ingress/egress – curb-cuts, dedicated turn lanes, traffic lights, and limited access (u-turns)
7. exposure – traffic volume’s impact on commercial property’s highest and best use
8. corner influence – impact of properties with frontage on two or more streets
5 | P a g e
9. excess land - land that is not needed to serve or support existing improvements, has the
potential to be sold separately, and must be valued separately
10. surplus land – land is not needed to serve or support existing improvements, cannot be
sold separately, and has no independent highest and best use
11. plottage – highest and best use results from assembling two or more parcels
12. soil analysis – surface soil and subsoil conditions that can affect the cost of development
and therefore the property value
13. flood plan and wetlands analysis – check proximity to potential areas through the use of
floodplain maps prepared by local governments and FEMA
14. environmental influences – climate, water supply, air quality, lakes, conditions,
contamination, etc.
A good commercial flyer would include the following:
1. property type
2. property address
3. size – acreage, square feet
4. map - showing subject location
5. aerial map
6. site survey or tax plat –, shape, road frontage, and dimensions
7. zoning
8. visibility
9. taxes
10. traffic counts
11. area description – main corridors, demographics
12. Comment - ideal use
6 | P a g e
Defining Land Use- Zoning Districts – (ex. Gwinnett County)
Residential
RA-200 Agriculture-Residence District.
R-LL Single-Family Residence-Large Lot.
R-100 Single-Family Residence District.
R-75 Single-Family Residence District.
OSC Open Space Conservation District.
R-60 Single-Family Residence District.
MH Manufactured Housing.
Multi-Family
TND Traditional Neighborhood Development District.
R-SR Senior Oriented Residence District.
R-TH Residence Townhouse District.
RM-13 Multifamily Residence District.
RM-24 Multifamily Residence District.
HRR High-Rise Residence District.
Commercial
O-R Office-Residence District.
O-I Office-Institutional District.
C-1 Neighborhood Business District.
C-2 General Business District.
C-3 Highway Business District.
Mixed-Use
MU-N Neighborhood Mixed-Use District.
MU-C Community Mixed-Use District.
MU-R Regional Mixed Use District.
Industrial
M-1 Light Industry District.
M-2 Heavy Industry District.
Example of some Setback Requirements
Zoning
District
Min. Lot
Size
Max. Net
Density/
FAR
Max
Height
Min. Lot
Width
Min.
Front
Setback
Min. Side
Setback
Min.
Rear
Setback
Min. %
Commo
n Area
C-1 None None 35 ft. None 15 ft. 10 ft. 30 ft. NA
C-2 None None 45 ft. None 15 ft. 10 ft. 30 ft. NA
C-3 None None 45 ft. None 15 ft. 10 ft. 30 ft. NA
M-1/M-2 1 acre None 45 ft. 150 ft. 50 ft. 25 ft. 50 ft. NA
7 | P a g e
Zonings
O-I Office-Institutional District.
C-1 Neighborhood Business District.
C-2 General Business District.
C-3 Highway Business District.
O-I Office-Institutional District.
Purpose and Intent. This zoning district is established to provide a location for offices,
institutions and limited related retail business and service activities in buildings of high character
in attractive surroundings.
C-1 Neighborhood Business District.
Purpose and Intent. The C-1 Neighborhood Business District is intended to provide for
commercial uses of a convenience nature for nearby residential neighborhoods. These uses are
intended to be facilities serving the everyday needs of these nearby neighborhoods rather than
the larger community.
C-2 General Business District.
Purpose and Intent. The C-2 General Business District is intended to provide adequate space in
appropriate locations along major streets, thoroughfares and intersections for various types of
business use. These uses include the retailing of major goods and services, general office
facilities and public functions that would serve a community area of several neighborhoods. The
intensity of development and uses in the C-2 General Business District is greater than in the C-1
Neighborhood Business District because it is intended to serve a greater population and to offer a
wider range of goods and services.
C-3 Highway Business District.
Purpose and Intent. The C-3 Highway Business District is intended for business uses which
require locations accessible to major highways and arterials that serve significant portions of the
community. The C-3 district allows an intensity of development and uses that is greater than in
the C-2 General Business District because it is intended to serve a greater population and to offer
a wider range of goods and services.
8 | P a g e
Exercise #1, Problem: Describe Commercial Land
a. Review the photo slide on the vacant land parcel. Given this visual and the discussion, write
a brief description of the subject land and market area with consideration of the
aforementioned land fundamentals:
Commercial Buildings
Classes of Buildings
Retail buildings are typically grouped into four classes: Classes A, B, C, and D. The class
rankings reflects the strength of tenants, quality of design and materials of the improvements,
and purchasing power of consumers in the market area.
Office buildings are grouped into Classes A, B, and C, which reflects the competitive ability of
each building to attract similar types of tenants. A combination of rent, building finishes, system
standards and efficiency, building amenities, location and market perceptions are measured.
Class A: highest quality finishes
architectural appeal
state of the are systems
example: brick on all four sides with good architectural design
Class B: secondary or average quality
fair to good quality finishes
adequate systems
do not compete with Class A buildings at the same price
example: brick on three sides with plain design
Class C: below average quality
lower quality and condition
often older
tenants requiring functional space at below average rents
example: stucco structure
Class D: very low quality
older (retail)
may be economically obsolete
example: metal structure
Note: Buildings may be classified by type of construction or according to local markets
classification of quality and market position.
9 | P a g e
Classes are further broken down into good, average, and low cost construction
and condition.
Exterior Description
1. foundation
2. framing
3. exterior walls
4. exterior doors and windows
5. façade
6. roof and drain system
Interior Description
1. walls and partitions
2. floorplan (restrooms, kitchenette, conference room, anchor tenant, etc)
3. ceiling
4. lighting design
5. flooring
6. restrooms
Basic Property Inspection Checklist
Site Inspection Building Inspection Other Observations -location - construction finish/quality - bldg management
-ingress and egress - age and condition - leases
- traffic/exposure -floorplan and space layout - rent rolls
-parking spaces -stairways/corridors/elevators - tenant mix
-topography -HVAC systems - tenant quality
-parking lot lighting -amenities - occupancy levels
-landscaping and grading -security - CAM
-signage -warehouse clearance - financial statements
-road frontage -% office finish -highway proximity
-land-to-building ratio -loading docks -transportation
-stories -environmental
10 | P a g e
SECTION 3
UNDERSTANDING MARKET CONDIIIONS
OBJECTIVES: By the end of this session you should be able to:
Distinguish Cost, Price and Value
Describe Factors of Value
Identify Markets and Marketability
Evaluate Forces That Impact Market Value
Distinguish Cost, Price and Value
Cost is a fact. It is the dollar amount required to create, produce, or obtain a property. It is
the actual construction costs or overall development cost.
Price can be the amount asked, the amount offered, as well as the amount paid for the
property. It may or may not have any value relation to the value attributed to a particular
property.
Value is not a fact but rather an opinion of worth at a specified time. It is the monetary worth
of a property, good, or service to buyers and sellers at a given time. It is also the present
worth of the future benefits projected to accrue to the real property owner.
Exercise #2, Discussion: Cost vs Price vs Value
Miranda is representing a client that recently purchased an investment property (land and
building) for $1.0 mil. Two independent appraisers have provided opinions of $1.1 mil on the
property, so in this case price and value appear to be the same. However, Miranda’s client now
wants her to list the property for a firm sale’s price of $1.4 mil.
a) Assuming seller made no changes to the property and the market is stable, would anyone
pay the higher price? Why or Why not? ______________________________________
11 | P a g e
Four Factors of Value
Four independent factors create value: utility, scarcity, desire, and effective buying power.
Utility and scarcity are supply factors. Desire and effective purchasing power are demand
factors. All four factors must be present to have value.
Utility – is the ability of a product to satisfy a human want, need, or desire. All properties
must have utility to tenants, owner-investors, or owner-occupants. To compare, residential
properties generally satisfy the need for shelter, and commercial properties generate income.
Both may have design features that enhance their attractiveness. These features are called
amenities. The value of amenities is related to their desirability and utility to an owner-
occupant or tenant-occupant.
Scarcity – is the present anticipated supply or anticipated undersupply of an item relative to
the demand for it. In general, if demand is constant, the scarcity of a commodity makes it
more valuable.
Desire – is a purchaser’s wish for an item to satisfy human needs (e.g., shelter, clothing,
food, companionship) or individual wants beyond the essentials required to support life.
Effective Purchasing Power – is the ability of an individual or group to participate in a
market (i.e., to acquire goods or services with cash or its equivalent). A valid opinion of the
value of a property includes an accurate assessment of the market’s ability to pay for the
property.
Supply and Demand
The interaction of these four factors that create value is reflected in the basic economic principle
of supply and demand. The utility of a commodity, its scarcity or abundance, the intensity of the
human desire to acquire it, and the effective power to purchase it all affect the supply of the
demand for the commodity in any given situation.
4-Stages of Neighborhood’s Life Cycle
Growth – a period during which the market area demand increases, then supply.
Stability – a period of equilibrium in supply and demand
Decline – a period of diminishing demand, over supply and increased vacancies
Revitalization- a period of renewal, redevelopment, and increasing demand
12 | P a g e
Exercise #3, Discussion: Supply and Demand
Given the following scenarios of a 10-yr old 50-unit apartment building, which is typical in the
market area, what might you determine in regards to supply and demand?
a) Apartment was 80% leased 2 years ago with average rent of $800 and has increased to a
current occupancy of 100% leased, no amenities, current average rent $1000/mth?
__________________________________________________________________________
b) A 10-yr old 100-unit apartment building 80% leased and occupied, no amenities, average
rent $800/mth and ¼ mile north within the same market is a new 100-unit apartment
building 100% leased and has a swimming pool and gym, average rent $1200/mth.
____________________________________________________________________
Markets and Marketability
Market Analysis – a process of identifying and studying the supply and demand of a property
type and the market area.
Marketability Analysis – a process that investigates how a particular piece of property will be
absorbed, sold, or leased under current or anticipated market conditions.
Market and Marketability analyses are to show the interaction of supply and demand affect’s on
the property’s value.
1. active market – a market characterized by growing demand, a corresponding lag in
supply, and an increase in prices.
2. depressed market – a market in which a drop in demand is accompanied by a relative
oversupply and a decline in prices.
3. buyer’s market – a market in which buyer’s have the advantage; exists when market
prices are relatively low and declining due to an oversupply of property or a reduced
number of potential buyers.
4. seller’s market- an active market in which the sellers of available properties can obtain
higher prices than those obtainable in the immediately preceding period.
5. strong market – a market that reflects either high demand and increasing price levels or
a large volume of transactions.
13 | P a g e
6. soft market- a market characterized by low demand and declining price levels.
Forces That Impact Market Value
Social – focuses on demographics and
attitudes toward social trends and lifestyle
options.
demographic composition
lifestyle options
attitudes toward education
law and order
Economic – focuses on circumstances and
trends that impact current and anticipated
supply and demand of real property.
employment
wage levels
new development
occupancy rates
rental and price patterns of existing
properties
Governmental – involves regulations and
legal activities at all levels of government. local zoning and building codes
environmental laws regulating new
developments and control of
hazardous materials
legislation affecting the types of
loans, loan terms, and investment
power of institutions.
Environmental and Geographic – focuses
on the natural and man-made environmental
surroundings.
topography and soil
toxic contaminants (i.e. asbestos)
rivers, mountains, lakes, oceans
highways, airports, railroads,
waterways, immediate area
desirability
14 | P a g e
SECTION 4
HIGHEST AND BEST USE CONCEPT
OBJECTIVES: By the end of this session you should be able to:
Identify with Highest and Best Use Concepts
Apply the Four Tests of Highest and Best Use
Analyze a Highest and Best Use Case Study
Introduction of Highest and Best Use (HBU)
Though this method is used by real estate appraisers, a review of the concepts of a highest and best
use analysis can particularly arm a real estate agent with powerful knowledge and understanding
on how to:
15. determine ideal uses for a parcel of vacant land, if a vacant building should be
demolished for redevelopment, or how to market an existing building for maximum
value.
16. position and market a commercial property in the best way
17. read and forecast market trends for marketability purposes
All of the above can go a long way in advising your client on how and where to create value for
their commercial property. This will be the proof in the pudding to your client that you are truly a
knowledgeable and informed expert and professional.
A highest and best use analysis identifies the most probable and profitable competitive use a
property could be used for. Since economic conditions change, a property's highest and best use
changes as well.
It is the reasonably probable and legal use of vacant land or an improved property, that
is legally permitted, physically possible, financially feasible, and that results in
maximum value.
15 | P a g e
This analysis seeks to solve the highest and best use of:
Land as Though Vacant Property as Improved
Options Options
a. a.
b. b.
c.
Four Tests of Highest and Best Use
1. Legally
Permissible
The use must be legal or probable. That is, the use must conform to
existing zoning restrictions, or there must be a reasonable likelihood a
rezoning or variance may be granted.
Private deed restrictions must not be violated.
2. Physically
Possible
Physical attributes of the land that must be considered include size,
access, shape, orientation, soil conditions, potential hazards,
topography, and utilities.
Physical attributes of the building that must be analyzed include design,
size, efficiency, mechanical systems, floor plan, construction materials,
quality, and physical condition.
3. Financially
Feasible
Land may be developed with different uses. Only those uses, which
produce a positive net return over time with acceptable risk, are
deemed financially viable.
This use must not depress surrounding property values.
4. Maximum
Productivity
Of all uses that survive the first three tests, there is only one use, which
produces the greatest return with the least risk. This single use
represents the property’s Highest and Best Use.
Supply and demand are constantly fluctuating, so it is common for a
property’s highest and best use to change.
16 | P a g e
Exercise #4, Problem: Case Study Applying Highest and Best Use Concepts
Assume your client wants to purchase 2.0 -acres of land to develop a 5,000 square foot
commercial building for a local restaurant use within Duluth, Gwinnett County, GA. Your client
has a budget of $550,000. Your research returns three listings of vacant tracts of land within
your client’s desired location.
Consider the data below for the three listings. Assume all comparable listings have public
utilities available, no environmental issues, outside of floodplain, and no atypical government
restrictions, answer the question that follows.
Land #1:
size: 2.50 –ac zoning: C-2 shape: rectangular
topo: leveled list price: $650,000 ($260,000/ac)
The site is located along a major 4-lane road with regional retailers and some local shops within
the surrounding. The site has good exposure to traffic and very good road frontage.
Land #2:
size: 2.50 -ac zoning: C-1 shape: very irregular
topo: rolling, 40% timber list price: $500,000 ($166,667/ac)
This site is located ½ mile north of Land #1 along the same corridor with more local shops than
regional. It has 30% less exposure to traffic but good road frontage. Timber costs $20,000 to
remove.
Land #3:
size: 2.00 –ac zoning: C-1 shape: rectangular
topo: leveled list price: $400,000 ($200,000/ac)
This site is located approximately 1-mile north of Land #1, along the same corridor. It is a
narrow lot with 40% less road frontage.
1. List at least six primary steps you would take to decide which, of the listings have an
ideal land use suitable for your client’s purpose to build a restaurant?
1.________________________ 4._______________________
2.________________________ 5._______________________
3.________________________ 6._______________________
17 | P a g e
Debra R Forrest
Commercial Real Estate
Analyst/Appraiser/Agent
Phone: (470) 418-2324
Forrest Consulting & Associates, LLC
http://www.forrestconsultingandassociates.com
© 2017 Inspironix, Inc. (916) 4883222 InspiroScan Survey Form PIE Instructor / Course Evaluation v5 Side 1
Georgia Association REALTORS® Partners in Education Student Course / Instructor Evaluation Course Name _____________________________
Instructor ________________________________
Date _____________________________________
PLEASE FILL IN THE BUBBLES COMPLETELY SO ANSWERS ARE SCANABLE.
Please do NOT use check marks, x's or any other type of mark.The instructor encouraged my participation through questions and answers or exercises.
Strongly DisagreeDisagreeNeutralAgreeStrongly Agree
The instructor presented ideas clearly and made the subject matter interesting.Strongly DisagreeDisagreeNeutralAgreeStrongly Agree
The use of the outline / handouts for study and / or reference was helpful.Strongly DisagreeDisagreeNeutralAgreeStrongly Agree
The topic is relevant / helpful to my real estate activities.Strongly DisagreeDisagreeNeutralAgreeStrongly Agree
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Additional Comments:
Thank you for your input. (Revised 52017)
