Real Estate 306 Final Exam Questions
and Answerwhat portion of households own their house?
what portion of households own their house?
what portion of households own their house?
what portion of households own their house?
what portion of households own their house?
what portion of hous...
Real Estate 306 Final Exam Questions
and Answers
market where tenants negotiate rent and other terms with property owners as their
managers is:
✓ ~~~ the user market
market in which required rates of return on available investment opportunities is:
✓ ~~~ the capital market
the actions of local, state and federal governments affect real estate values:
✓ ~~~ through user markets, capital markets and taxation
what portion of households own their house?
✓ ~~~ 2/3
which asset category has the highest market value?
✓ ~~~ non-gov't real estate
storm water drainage systems best described as:
✓ ~~~ improvements to the land
single largest asset category in portfolio of typical U.S. household?
✓ ~~~ housing
real estate markets differ from other asset classes in that they're:
, ✓ ~~~ -localized
-high transaction costs
-segmented
-heterogenous
which attribute of a home is most difficult to observe & value?
✓ ~~~ location attributes
rules to determine whether something is a fixture
✓ ~~~ intention of parties
manner of attachment
character of article/manner of adaption
relation of the parties
ownership/freehold estates:
✓ ~~~ indefinite in length, titled complete:
fee simple absolute
fee simple conditional
ordinary life estate & remainder
legal life estate
fee simple conditional
, ✓ ~~~ ownership subject to condition/trigger event
legal life estate
✓ ~~~ created by action of law, meant to protect families but creates problems
nonownership/nonfreehold/leasehold estates
✓ ~~~ limited in time, no right to disposition, not titled interests:
tenancy for years, periodic tenancy, tenancy at will, tenancy at sufferance
tenancy for years
✓ ~~~ must have written formal lease to be enforceable
periodic tenancy
✓ ~~~ no definite term at the start, oral & informal, length of period implied by payment
period, more risk
tenancy at will
✓ ~~~ agreement that tenant will stay beyond end of lease until they or landlord gives
notice
suits if building being sold or renovated in near future
tenancy at sufferance
✓ ~~~ tenant is supposed to leave but doesn't
not trespassing until landlord accepts a rental payment
nonpossessory interests
, ✓ ~~~ bundles of real property rights that don't include possession:
easements
restrictive covenants
liens
easement
✓ ~~~ right to use land for specific and limited purpose
easements appurtenant
✓ ~~~ servient parcel gives up benefit to dominant parcel, that benefit becomes permanent
& inseperable feature of both parcels
2 docs borrow must always create in a mortgage loan
✓ ~~~ note & deed of trust (mortgage)
note
✓ ~~~ defines exact terms & conditions of loan
actual interest charged/month on RE loans =
✓ ~~~ annual stated contract interest rate / 12 x the beginning of the month balance
ARM
✓ ~~~ mortgage w/ adjustable interest rate
index rate
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