real estate - ANSWERLand and things attached to it such as buildings and other improvements to the land
- immobile and intangible
- natural part of land
six most important things in RE - ANSWERlocation (x3)
timing (x3)
real property - ANSWERconsists of the legal interests associated with o...
real estate - ANSWERLand and things attached to it such as buildings and other improvements to the
land
- immobile and intangible
- natural part of land
six most important things in RE - ANSWERlocation (x3)
timing (x3)
real property - ANSWERconsists of the legal interests associated with ownership of the physical real
estate; estate is a right or interest in RE
personal property - ANSWERlegal interests in all other types of properties, so movable items such as
automobiles, furnitures, boats, clothing
aka chattel
characteristics of real estate - ANSWERfixed location, uniqueness (heterogeneous) , interdependence
of land uses, long life, long-term commitments, large transactions, long gestation period (makes the
supply of RE slow to respond to increases in demand)
gestation period - ANSWERthe time between the conception of a development project and its actual
completion and subsequent entry into available supply may be several years.
careers in RE - ANSWER* RE brkg
* property mgmt
* RE finc
* appraisal
* consulting
* development and construction
* corporate AM
* legal experts
* land planners
,use of land depends on - ANSWER1. provision of public services
2. nearby land uses
3. general economic vitality of neighborhood and community
lower interest rates --> - ANSWERreal estate prices go up
4 factors of production - ANSWERland, labor, capital, entrepreneurship
economic attributes of land - ANSWERis durable, supply is finite, is useful to people
title - ANSWERownership rights to real property
property - ANSWERany objects that can be owned or possessed - RE, vehicles, books, clothing
deed - ANSWERdocument used to convey the rights from one party to another; when ownership
rights to real property are transferred
lease - ANSWERdocument used to convey the rights from the property owner to the tenant; conveys
the rights of use and possession of real property under agreed on-terms but DOES NOT transfer
ownership rights to the property
fixture - ANSWERpersonal property that becomes real property when it is attached to the land or a
building
tests for fixture status - ANSWER1. test of intent of the parties
2. test of attachment
3. test of adaptability
trade fixtures - ANSWERpersonal property used in a trade or business such as machinery, office
equipment and office cubicles to the building without losing the right to remove these items at the
termination of the lease - aka chattel fixture
, test of intent of the parties - ANSWERbest way is by a written agreement that states clearly which
items are to be considered part of the real estate and which are to be considered personal property
test of attachment - ANSWERwould it cause damage to the land or building if was removed
test of adaptability - ANSWERitems that have been specifically adapted to the real estate; issue
considered in this test is whether removal of the item would substantially alter the usefulness of the
remaining RE
air rights - ANSWERreal property rights to the space above the earth's surface; pie-shaped beginning
at the earth's center and extending through the surface to a reasonable distance
-transferable
mineral rights - ANSWER- Real property rights to the minerals and other useful materials that exist
below the surface
- Transferable
water rights - ANSWERwho has the right to withdraw water from the land
rights relating to navigable bodies of water - ANSWERowner aka littoral proprietor generally owns
the land to the high-water mark (the government usually owns the land underneath the water);
owners are called littoral proprietors;
5 principal classifications of RE in private mkt place - ANSWER1. owner-occupied residential
2. renter-occupied residential
3. commercial
4. industrial
5. farm/agricultural
residential real estate - ANSWER- single family attached
- duplex/quadplex
- apt complex
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