People argue against things like the EMH because people are not rational in every situation every time.

The idea goes that rational investors will compare apples to apples and will only be willing to pay the market rate for a certain investment property. 

The payout is always huge compared to what a normal person makes.The hype is what causes rational people to buy in a "over heated" market.

He does have a passion for real estate and is an excellent teacher.From a business standpoint, I see the rationality of asking for the money.

You will hear rationalization such as, "it is different this time." 

Its speculative, the market is small so one player's actions can have an out sized impact ( Think the host of hedge funds attacking various currencies around the world in the mid 1990's), and you are at the whims of a bunch of non rational players, like Account Closed mentioned with the Brexit voters.

I like your rational. 

No offense, but you do not get it and that doesn't lead me to rationally expect you to find any potential defenses to the Mortgagee's claims of interest in the real property.  

They are a business after all and should deal with your friend rationally.

could someone please rationally explain the advantages of being licensed?