real estate correct answers Land and things attached to it such as buildings and other improvements to the land
- immobile and intangible
- natural part of land
six most important things in RE correct answers location (x3)
timing (x3)
real property correct answers consists of the legal int...
FINC 371-Exam 1 || with 100% Error-free Answers.
real estate correct answers Land and things attached to it such as buildings and other
improvements to the land
- immobile and intangible
- natural part of land
six most important things in RE correct answers location (x3)
timing (x3)
real property correct answers consists of the legal interests associated with ownership of the
physical real estate; estate is a right or interest in RE
personal property correct answers legal interests in all other types of properties, so movable
items such as automobiles, furnitures, boats, clothing
aka chattel
characteristics of real estate correct answers fixed location, uniqueness (heterogeneous) ,
interdependence of land uses, long life, long-term commitments, large transactions, long
gestation period (makes the supply of RE slow to respond to increases in demand)
gestation period correct answers the time between the conception of a development project and
its actual completion and subsequent entry into available supply may be several years.
careers in RE correct answers * RE brkg
* property mgmt
* RE finc
* appraisal
* consulting
* development and construction
* corporate AM
* legal experts
* land planners
use of land depends on correct answers 1. provision of public services
2. nearby land uses
3. general economic vitality of neighborhood and community
5 principal classifications of RE in private mkt place correct answers 1. owner-occupied
residential
2. renter-occupied residential
3. commercial
4. industrial
5. farm/agricultural
residential real estate correct answers - single family attached
lower interest rates --> correct answers real estate prices go up
4 factors of production correct answers land, labor, capital, entrepreneurship
economic attributes of land correct answers is durable, supply is finite, is useful to people
title correct answers ownership rights to real property
property correct answers any objects that can be owned or possessed - RE, vehicles, books,
clothing
deed correct answers document used to convey the rights from one party to another; when
ownership rights to real property are transferred
lease correct answers document used to convey the rights from the property owner to the tenant;
conveys the rights of use and possession of real property under agreed on-terms but DOES NOT
transfer ownership rights to the property
fixture correct answers personal property that becomes real property when it is attached to the
land or a building
tests for fixture status correct answers 1. test of intent of the parties
2. test of attachment
3. test of adaptability
trade fixtures correct answers personal property used in a trade or business such as machinery,
office equipment and office cubicles to the building without losing the right to remove these
items at the termination of the lease - aka chattel fixture
test of intent of the parties correct answers best way is by a written agreement that states clearly
which items are to be considered part of the real estate and which are to be considered personal
property
test of attachment correct answers would it cause damage to the land or building if was removed
test of adaptability correct answers items that have been specifically adapted to the real estate;
issue considered in this test is whether removal of the item would substantially alter the
usefulness of the remaining RE
air rights correct answers real property rights to the space above the earth's surface; pie-shaped
beginning at the earth's center and extending through the surface to a reasonable distance
, -transferable
mineral rights correct answers - Real property rights to the minerals and other useful materials
that exist below the surface
- Transferable
water rights correct answers who has the right to withdraw water from the land
rights relating to navigable bodies of water correct answers owner aka littoral proprietor
generally owns the land to the high-water mark (the government usually owns the land
underneath the water); owners are called littoral proprietors;
Rights to Nonnavigable Bodies of Water correct answers 1. riparian rights doctrine
2. prior appropriation doctrine
riparian rights doctrine correct answers dominant doctrine in the eastern US which states that all
owners whose land underlies or borders the water have equal rights to the water; allow all
riparian landowners to use all the water desired as long the use does not deprive other
landowners to who are also entitled to some of the water
Prior Appropriation Doctrine correct answers used by many states west of the MS river that are
extremely arid; that states the first person to use the body of water for some beneficial economic
purpose has a right to use all the water desired, even if other landowners may be precluded from
using it. First come, first served
- arid land
underground water correct answers two types 1. water that flows in a defined channel is called an
underground or subterranean stream (applies same principles that would be used if the body of
water existed above surface) , while water in pockets not clearly located is called 2. percolating
water - states usually apply a reasonable use test: a landowner may use the water beneath the
land for industrial, agricultural, or other purpose necessary to the beneficial use of the land.
However if the withdrawing the water depletes the underground water supply of adjoining
landowners, the courts may restrict such action
estates in land correct answers collections or bundles of ownership interests in real property;
divided into 1. freehold estates (ownership) and 2. leasehold estates (right to use and possess but
not own) property owned by someone else
grantor correct answers the party who transfers an ownership interest in real property
grantee correct answers party who receives the interest
lessor correct answers landlord
lessee correct answers the tenant
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.89. You're not tied to anything after your purchase.
