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Colibri Real Estate Chapter 1 Exam|23 Questions and Answers 2024
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Colibri Real Estate Chapter 1 Exam|23 Questions and Answers 2024
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Colibri Real Estate Chapter 1 Exam|23 Questions and Answers 2024
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 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? - -- Immobile or
permanent
- Indestructible
- Non-homogenous or unique
- Explain the differences between the legal concepts of land and real estate.
- -The 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. - -A 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. - -
The 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 - -The 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? - -
Littoral 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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