What is Real Estate? - ANSWERLand + Improvements
Improvements = Anything reasonably permanently attached/affixed to land.
What are the 6 most important things in Real Estate? - ANSWERLocation, Location, Location
Timing, Timing, Timing
Real Estate
Special Characteristics - ANSWER1. Fixed ...
Improvements = Anything reasonably permanently attached/affixed to land.
What are the 6 most important things in Real Estate? - ANSWERLocation, Location, Location
Timing, Timing, Timing
Real Estate
Special Characteristics - ANSWER1. Fixed Location
2. Uniqueness
3.Interdependence of land uses
4. Long life
5. Long-term commitments
6. Large transactions
7. Long gestation period
4 Main Sectors of Real Estate - ANSWER1. Residential
2. Commercial
3. Industrial
4.Ranch/Agriculture
Residential Real Estate - ANSWER1. Single Family Attached
- Duplex/ Quad-plex
- Apartment Complex (No Ownership)
- Rowhouse
- Condominium (Ownership Structure)
2. Single Family Detached
- Single Family Residence "Home"
,- Patio Home
- Zero Lot Line Home
Industrial Real Estate - ANSWER1. Manufacturing Plant
2. Oil & Gasoline Refineries
Ranch/Agricultural Real Estate - ANSWER1. Recreational
2. Land
3. Cattle Production
4. Farmland
5. Wildlife Refuge
6. Wetlands
- Mitigation Credits
4 Factors of Production in Economics - ANSWER1. Land
2. Labor
3. Capital
4. Entrepreneurship
3 Economic Attributes of Land - ANSWER1. Durable
2. Finite
3. Useful
Real Estate - ANSWER- Is the physical land and appurtenances (improvements or buildings) affixed to
the land
- Immobile and Tangible
- Natural part of land
- Building and site
- All permanent buildings attachments (fixtures)
- Attachments above and below ground
, Real Property - ANSWER- All interests, benefits, and rights inherent in the ownership of the real
estate
- Estate is a right or interest in real estate
- "Bundle of Rights" - Right to use, sell, lease, enter, give away, etc.
- When transferred, a written document must be prepared
Title - ANSWEROwnership rights to real property
(Actual Ownership)
Deed - ANSWERDocument used to convey right from one property to another
(Document showing ownership)
Lease - ANSWERConveys the rights of use and possession of the real property under the agreed upon
terms
(Ownership is not transferred)
Personal Property (aka "Chattel") - ANSWERMovable items or property that are not permantely
affixed to , or part of, the real estate
Fixture - ANSWERAn article that was once personal property, but has since been installed or attached
to the land or building in a rather permanent manner
- Considered Real Estate
Trade Fixtures (aka "Chattel Fixture") - ANSWERAn article that is owned and attached to a rented
space or building by a tenant and used in conducting business
Testing for Fixture Status (3) - ANSWER1. Test of Intent of the Parties
2. Test of Attachment
3. Test of Adapability
Test of Intent of the Parties - ANSWERIntention of the party who attached the item
* Best to have it written in Real Estate Contract *
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