REAL 4000 Test 1 - UGA Dr. Martin Exam with Complete Solutions | Already Passed
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Course
REAL 4000
Institution
REAL 4000
REAL 4000 Test 1 - UGA Dr. Martin Exam
with Complete Solutions | Already
Passed
1. Mortgage
2. financial crisis
3. recession - 3 phases of 2007 collapse
3 ways to describe "Real Estate" - 1. identify the tangible assets of land
and buildings
2. denote the bundle of rights associated with th...
3 ways to describe "Real Estate" - ✔✔1. identify the tangible assets of land
and buildings
2. denote the bundle of rights associated with the ownership of property
3. activities related to the acquisition, operation, disposition of physical
assets
durability - ✔✔poorly built real estate and the effects of decisions in real
estate last a long time
lumpiness - ✔✔real estate gets added to the market in relatively large
chunks, hard to determine when to start a big development project
,imperfect information - ✔✔impossible to know the value of real estate,
seller typically knows more about a property than the buyer does
price dispersion - ✔✔range of potential values for a property, no single
known value
high transaction costs - ✔✔brokerage fees (5-10%), search costs, reduces
the return of flipping houses
immobility - ✔✔supply cannot be shifted to another market = surpluses and
shortages can co-exist
consume a product, consume the location (unavoidable)
perfect heterogeneity - ✔✔impossible for two locations to have the same
location, every property has a location monopoly, no perfect substitutes
1. user market
2. financial/capital market
3. government sector - ✔✔Which markets is real estate influenced by?
basic rights - ✔✔government is expected to support you in your claims
non-revocable and enduring
personal rights - ✔✔derive from the Constitution and Bill of Rights
, property rights - ✔✔oldest notion of the law
includes:
1. exclusive possession
2. use and enjoyment
3. dispostion
surface rights - ✔✔rights to the land and everything permanently attached
to it, includes raw land, improvements to the land (clearing, rezoning), and
improvements on the land (buildings)
subsurface rights - ✔✔rights to the ground below the the surface of the
property
air rights - ✔✔rights to the reasonable distance above the surface of your
property, relates to the interference of enjoyment (drones)
fixtures - ✔✔an object formerly personal property, but becomes real
property through attachment
freehold interests - ✔✔a property that you have the rights to/own for an
indefinite period of time, like a house
leasehold interests - ✔✔a property you have the right to for a definite
period of time, like renting
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