REAL 4000 Test 1 - UGA Dr. Martin Exam
Study Guide with Complete Solutions
3 phases of 2007 collapse - Answer️️ -1. mortgage
2. financial crisis
3. recession
1. identify the tangible assets of land and buildings
2. denote the bundle of rights associated with the ownership of
property
3....
range of potential values for a property, no single known value -
Answer✔️✔️-price dispersion
brokerage fees (5-10%), search costs, reduces the return of flipping
houses - Answer✔️✔️-high transaction costs
supply cannot be shifted to another market = surpluses and
shortages can co-exist
consume a product, consume the location (unavoidable) -
Answer✔️✔️-immobility
impossible for two locations to have the same location, every
property has a location monopoly, no perfect substitutes -
Answer✔️✔️-perfect heterogeneity
Which markets is real estate influenced by? - Answer✔️✔️-1. user
market
2. financial/capital market
3. government sector
government is expected to support you in your claims
non-revocable and enduring - Answer✔️✔️-basic rights
derive from the Constitution and Bill of Rights - Answer✔️✔️-
personal rights
oldest notion of the law
includes:
1. exclusive possession
2. use and enjoyment
3. dispostion - Answer✔️✔️-property 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) - Answer✔️✔️-surface
rights
rights to the ground below the the surface of the property -
Answer✔️✔️-subsurface rights
rights to the reasonable distance above the surface of your property,
relates to the interference of enjoyment (drones) - Answer✔️✔️-air
rights
an object formerly personal property, but becomes real property
through attachment - Answer✔️✔️-fixtures
3
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