Colibri Real Estate Chapter 1 Questions and Answers Fully Solved
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Colibri Real Estate
Institution
Colibri Real Estate
Colibri Real Estate Chapter 1 Questions and Answers Fully Solved
What five economic characteristics affect the value of land in the marketplace? (D.U.S.T.S)
1. Demand; The more demand a property has, the higher the value
2. Utility (Or usefulness); More space/rooms etc.. the more useful .. 3 bed...
Colibri Real Estate Chapter 1 Questions
and Answers Fully Solved
What five economic characteristics affect the value of land in the marketplace?
(D.U.S.T.S) - answer1. Demand; The more demand a property has, the higher the value
2. Utility (Or usefulness); More space/rooms etc.. the more useful .. 3 bed 4 bath > 1
bed 2 bath
3. Scarcity; A property will sell quickly if limited property's available
4. Transferability; Real estate is readily transferable from seller to buyer (loans
available, rates are low)
5. Situs; (Site) Unique property attractiveness
What are the three physical characteristics of land? - answer- Immobile or permanent
- Indestructible
- Non-homogenous or unique
Explain the differences between the legal concepts of land and real estate. - answerThe
legal concept of Real Estate encompasses all man made structures that are
"permanently" attached to the land and on top of the land itself.
Define special purpose real estate and give an example. - answerA property that
doesn't fall into the Residential, Industrial, Commercial, Agricultural property categories;
usually churches, hospitals, schools or recreational areas
Name the 5 major rights included in the bundle of rights to real estate. - answerThe right
of Possession
The right to Transfer Interests
The right to Encumber
The right to Exclude
The right to Use
Define the "right to use" and it's limitations - answerThe right to use a property refers to
the right to use it in certain ways like, mining, building or landscaping depending on the
local zoning and legality of use. One's right to use must not infringe on another's right to
use and enjoy the property
What's the difference between Littoral rights and Riparian rights? - answerLittoral rights
apply to properties bordering still standing bodies of water like oceans while Riparian
rights apply to properties bordering moving bodies like rivers
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