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