PART 01 General Real Estate Studies

Chapter 01 Real Estate Department Real Estate Activities
Section 1. The Meaning of Real Estate Studies
Section 2 Real Estate Activities
Chapter 02 The Concept of Real Estate
Section 1. Complex Concept of Real Estate
Section 2. Settlements and Quasi-Real Estate
Chapter 03 Classification of Real Estate
Section 1 Classification of land and definition of terms
Section 2 Classification of Housing
Chapter 04 Characteristics of Real Estate
Section 1 Natural Characteristics
Section 2 Humanistic Characteristics
Chapter 05 Other Types

PART 02 Economics

Chapter 01 Basic Concepts of Economics
Chapter 02 Theory of Supply and Demand
Section 1 Supply and Demand
Section 2 Four Rules for Changing Balance
Section 3 Calculation Problems
Chapter 03 Elasticity of Supply and Demand
Section 1. The Meaning of Elasticity
Section 2 Applications of Elasticity
Section 3 Calculation Problems

PART 03 Market Theory

Chapter 01 Real Estate Market and Housing Market
Section 1 Characteristics of the Real Estate Market
Section 2: Dipasqueli and Witten's Four-Quadrant Model
Chapter 02 Real Estate Market and Information Efficiency
Section 1 Efficient Market Theory
Section 2 Allocative Efficient Market
Section 3 Calculation Problems
Chapter 03 Changes in the Real Estate Market
Section 1 Real Estate Market Fluctuations
Section 2: Spiderweb Model
Section 3: Residential Segregation and Housing Filtering

PART 04 Real Estate Policy Theory

Chapter 01 Understanding Real Estate Policy
Section 1 Market Failure
Section 2 Government intervention in the market
Chapter 02 Externalities and Public Goods
Section 1 External Effects
Section 2 Public Goods
Chapter 03 Rental Housing and Public Housing Policies
Section 1 Rental Housing Policy
Section 2 Public Housing Policy
Chapter 04 Real Estate Tax Policy
Section 1 Tax Shifting and Tax Burden
Section 2 Our country's tax system
Section 3 Calculation Problems
Chapter 05 Various Real Estate Policies
Section 1 Real Estate Policy
Section 2 Other types

PART 05 Investment Theory

Chapter 01 Profits and Risks of Real Estate Investment
Section 1 Return on Investment
Section 2 Leverage Effect
Section 3 Risks of Investment
Section 4 Calculation Problems
Chapter 02 Investment Decision Theory
Section 1: Expected Return, Required Return, and Mean-Variance Dominance Principles
Section 2: Calculating Expected Returns, Variances, and Coefficients of Variation
Chapter 03 Risk Management
Section 1 How to Manage Risk
Section 2 Portfolio Theory
Chapter 04 Basic Tools for Investment Analysis
Section 1 Time Value of Money
Section 2: Practice Calculating Future Value and Present Value
Section 3 Cash Flow Analysis of Investments
Section 4 Cash Flow Calculation Problems
Chapter 05 Real Estate Investment Analysis Techniques
Section 1 Discounted Cash Flow Analysis
Section 2 Discount method calculation problem
Section 3 Non-discount law
Section 4 Non-discount calculation problem

PART 06 Financial Theory

Chapter 01 Understanding Finance
Section 1 Classification of Finance
Section 2 Financial Risks
Chapter 02 Loan amount, interest rate, and repayment method
Section 1: Problems with calculating loan amounts
Section 2: Problems with calculating the mortgage balance
Section 3 Variable-rate products and fixed-rate products
Section 4 Understanding the Repayment Method
Section 5: Calculating the repayment method
Chapter 03 Mortgage-Backed Securitization System
Chapter 04 Real Estate Investment Company
Chapter 05 Other Real Estate-Related Financial Systems
Section 1 Project Loans
Section 2 Housing Mortgage Pension, Korea Housing Finance Corporation
Section 3 Real Estate Trust
Section 4 Liquidity of Assets

PART 07 Real Estate Development Theory

Chapter 01 Real Estate Development Theory
Section 1 Understanding Development
Section 2 Risks of Development
Section 3 Real Estate Analysis for Development
Section 4: Location coefficient calculation problem
Section 5. Method of public development
Section 6. Methods of private development
Section 7 Private Investment Project Method (Private Project)
Chapter 02 Real Estate Management
Section 1 Classification of Real Estate Management
Section 2: Problems with calculating the percentage rent
Section 3: Building Life Cycle
Chapter 03 Real Estate Marketing
Chapter 04 Real Estate Brokerage Theory
Section 1 Types of brokerage contracts
Section 2 Act on Certified Real Estate Agents
Section 3 Escrow System
Section 4 Rights Analysis
Section 5: Specific contents of rights analysis

PART 08 Land Economy and Geographic Economy

Chapter 01 Land and Land Value Theory
Chapter 02 Urban Internal Structure Theory
Chapter 03 Industrial Location Theory
Chapter 04 Commercial Location Theory
Section 1 Commercial Location Theory
Section 2 Commercial Location Calculation Problems

PART 09 Emotional Valuation Theory

Chapter 01 Real Estate Value Theory
Chapter 02 Regional and Individual Analysis
Chapter 03 Real Estate Pricing Principles
Chapter 04 Appraisal System
Section 1 Rules on Appraisal
Section 2 Investigation and Evaluation of Standard Paper
Chapter 05 Emotional Evaluation Method
Section 1 Classification of emotional evaluation methods
Section 2 Adjustment of market value
Section 3 Transaction Case Comparison Act, Publicly Announced Land Price Standard Act
Section 4 Comparison Method Calculation Problems
Section 5 Cost method
Section 6 Cost method calculation problems
Section 7 Profit Repayment Act
Section 8: Calculation Problems of the Revenue Recapture Method
Section 9 Rent Assessment
Section 10 Main emotional evaluation by item
Chapter 06 Real Estate Price Disclosure System

supplement
2025 36th Real Estate Academy Theory Exam Questions
2025 36th Real Estate Academy Theory Exam Answers and Explanations

The revised edition of the textbook '2026 Real Estate Appraiser's Real Estate Academy Theory Problem Book (7th Edition)' has been published by Parkmungak Publishing Co., Ltd.


This Real Estate Academy Theory workbook for the first real estate appraiser exam contains past and expected questions by category, including general real estate theory, economics, market theory, real estate policy theory, investment theory, finance theory, real estate development theory, land economics and geographical economics, and real estate valuation theory, and provides in-depth explanations.

Additionally, this textbook is linked to the basic textbook on real estate theory, and is categorized and explained in a more efficient and easier way to enable systematic problem solving.