What are the 4 economic Characteristics of land
1,Scarcity, 2, Modification, 3,Fixity 4, Situs
Scarcity
Supply and demand, When there is shortage of something that and individual wants the price goes up.
Situs
The location of the property or land from an economic not geographic vie...
Principles 1 Real Estate Champion school 60 questions and answers
What are the 4 economic Characteristics of land - answer 1,Scarcity, 2, Modification, 3,Fixity 4, Situs
Scarcity - answer Supply and demand, When there is shortage of something that and individual wants the price goes up.
Situs - answer The location of the property or land from an economic not geographic viewpoint. Preference people have based on location. Location Location Location....
Ad Valorem Taxes - answer Taxes on real properties (according to value)
TRELA Texas Real Estate License Act - answer The purpose is to protect the public against unscrupulous brokers.
TREC Texas Real Estate Commission - answer Created in 1949 Can assess administrative penalties of up to $5000 per day against offending licensed and unlicensed individuals
Improvement - answer Any man made addition to the land that is permanent and is considered to become part of the land. Building, landscaping, fences, patios ect...
Fixture - answer Personal property that has become attached to the land in such a way as to become real property
Severance - answer Removing fixtures by detaching them from real property or uninstalling them (should be removed prior to listing)..or 'does not convey' Intention of the Parties - answer When an item was installed .. most important test
Method of Attachment - answer How the item was attached to the property
Adaptation to the property - answer How the item fits the property
Emblements - answer Annual crops produced with labor Even though attached to the land the crop is personal property. Tenant will still be allowed to harvest annual crop even if not in possession of the land
Townhomes - answer Sold as distinct living unit individual lot share common walls. Owner of the
townhome owns the property beneath the structure.
Homeowners Insurance - answer A contract between the insurance company and policyholder protection fire, wind, hail, theft, flood, vandalism, loss or damage to contents, and personal liability (Hazards such as flood or windstorms are additional)
Factors that affect insurance premiums - answer 1;Age and Condition 2; The home replacement cost 3; Location 4; Availability of local fire protection 5; The policy claims history 6; The policyholder credit score
Agency - answer An agency relationship exists when one person (the agent) acts for, or on-
behalf of another person (the principal is known as the client). The principal is one who hires the agent and gives authority to the agent. This relationship is a fiduciary (trust) relationship
Universal Agency - answer Has full authority to conduct business on behalf of the client. (power of Attorney
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