Exam (elaborations)
Real Estate 306 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
Real Estate 306 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Content preview
Real Estate 306 Exam 1 | Questions And Answers Latest {2024- 2025} A+Graded | 100% Verified
property - refers to anything that can be owned or possessed
Land - may include more than the earth, may also include improvements to the land
Raw land - large land area with no improvements
personal property - things that are movable & not permanently affixed to the land
Ownership rights - Real estate provides people with this "bundle of rights"
- Rights to:
Use/Occupy
Sell
Lease
Give away
Do all or none
"real property" vs. real estate
security
privacy
location
User markets - characterized by competition among users for physical locations and space
CApital markets - Serve to allocate financial resources among households & firms requiring funds
Property markets - Determine the required property-specific investment returns, property values,
capitalization rates & construction feasibility
,Capitalization rate - The ratio of a property's annual net income to its value
- fundamental measure used in Real estate
Capitalization rate equation - = Net operating income Yr. 1 / total value of property
Fee simple estate - - Implies absolute ownership (all sticks in the bundle) limited by taxation, eminent
domain, police powers, escheat
Easements - Right to use land for specific/ limited purpose
appurtenant: - dominant - benefits from easement
servient - constrained/limited by easement
Affirmative easement: - Gives dominant parcel some intrusive use of servient parcel
- driveway or access right of way
- Sewer line
- Drainage
- Common Wall
Negative easement: - allows no instrusion onto servient parcel
- Light & air easement
- Scenic easement
In gross easement: - Right to use land unrelated to parcels, only servient, no dominant involved
- lay pipeline, powerline
- run irrigation ditch
- billboard
- harvest timber
, * transferrable from land title *
Restrictive covenants: - Covenants that impose restrictions on land use; created at conveyance of land
to a new owner.
* need to know before purchase, alters how you can use land
Restrictive covenants examples - - setback lines, (distance from road), height restrictions
- Minimum floor area
- No freestanding structures
- No chain link fences
- No RVs/ Boats parked in street view
- No external antenna
- Use professional lawn service
Forms of Direct Co-Ownership - - Tenancy in common
- Joint tenancy
- Tenancy by entirety
- Condominium
- Timeshare
Tenancy in common - - Default form of ownership, if no further direction is given
- undivided share of the whole
- Inheritance not specific
Joint tenancy - Undivided share of the whole, plus "survivorship" rights (restricts inheritance to heirs of
the last surviving owner)
- Not available in every state
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 oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now