Real Estate 306 Exam 1 Terms; Questions and Answers 100% Correct
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Course
Real Estate 306
Institution
Real Estate 306
Real Estate 306 Exam 1 Terms; Questions and
Answers 100% Correct
Real estate has 3 definitions Correct answer-physical asset, rights from owning a
property, the industry itself
Physical asset definition Correct answer-the land and all permanent attachments to the
land, with tangible vs. int...
Real Estate 306 Exam 1 Terms; Questions and
Answers 100% Correct
Real estate has 3 definitions Correct answer-physical asset, rights from owning a
property, the industry itself
Physical asset definition Correct answer-the land and all permanent attachments to the
land, with tangible vs. intangible assets
Difference between real property and personal property? Correct answer-Real property
is pretty permanent. Personal property can be easily removed without leaving any
marks/damages
Physical rights include... Correct answer-underground rights (mineral, oil, and gas),
surface rights, private air rights, and fly-over rights (public)
Owning real estate gives you a certain bundle of rights, like... Correct answer-right to
use/occupy enter, sell, lease, give away
Fee simple estate Correct answer-implies absolute ownership (all the sticks in the bundle
of rights) but limited by taxation, eminent domain, police powers, escheat
leased fee interest Correct answer-landlord's right
leasehold interest Correct answer-tenant's right
, Real Estate 306 Exam 1 Terms; Questions and
Answers 100% Correct
real estate generates over 25% of U.S. GDP Correct answer-housing alone accounts for
almost 20%
generates nearly 70% of local government revenue through... Correct answer-property
tax
creates jobs for nearly Correct answer-9 million Americans
re values are determined by interactions in three sectors (textbook) Correct answer-
user/space markets, capital markets, governmental sector
Figure 1 of the re proces, w/ Graaskamp Correct answer-space consumer, spaces
producers, public infrastructures
demand and supply side of user markets are very specific to LOCATION and BUILDING TYPE.
what does this imply? Correct answer-that user/space markets are very segmented
compared to other integrated markets, like gasoline, steel, financial capital, and other
homogeneous commodities that can be moved from place to place
re is illiquid because... Correct answer-it can't sell quickly
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