Real estate 306 - Study guides, Class notes & Summaries

1968 case in which U.S. supreme court ruled that discrimination by race is absolutely prohibited in any form or at any level - Jones v. Mayer 2 docs borrow must always create in a mortgage loan - note & deed of trust (mortgage) 2 important functions of a commercial RE broker - provide prospective buyer w/ info about property & to negotiate compromises 2 levels of brokerage licensure - salesperson: must work for broker broker: can operate own brokerage agency 3 approaches to value - sales ...

Real Estate 306 Final Exam; Questions and Answers 100% Correct market where tenants negotiate rent and other terms with property owners as their managers is: Correct answer-the user market market in which required rates of return on available investment opportunities is: Correct answer-the capital market the actions of local, state and federal governments affect real estate values: Correct answer-through user markets, capital markets and taxation

Factors that affect a bid-rent curve - - number of commuters or firms - wage rate (time cost) of commuters - speed of travel - frequency of trips Certain requirements for deed: - - Name grantor and grantee - Consideration and conveyance - Contain certain covenants and clauses - Contain exceptions and/or reservations clause & phsycial descriptions - acknowledgment and delivery Action of water - -Involuntary conveyance -accretion reliction - deposit soil, subsiding of water Actual notic...

Co ownership types: - - Condominium - Cooperative - Timeshare Land - may include more than the earth, may also include improvements to the land 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 ...

Real Estate 306 Exam 1; Questions and Answers 100% Correct property Correct answer-refers to anything that can be owned or possessed Land Correct answer-may include more than the earth, may also include improvements to the land Raw land Correct answer-large land area with no improvements personal property Correct answer-things that are movable & not permanently affixed to the land Ownership rights Correct answer-Real estate provides people with this "bundle of rights"

Real Estate 306 Midterm 1; Questions and Answers 100% Correct real estate Correct answer-physical asset anything that can be owned or possessed; RIGHTS from owning property if you have right of possession, you own real estate profession and an industry real estate as a physical asset Correct answer-is the land and all permanent attachments to the land and anything it is suitable for; ex. fixed structures or parking garage potentia

professional appraisal practice - -imperfect information -reliable data & analysis applies -an appraisal is only as good as the appraiser & data available -OPINION of value -UNBIASED opinion of a 3rd PARTY with no direct interest in the property -Uniform Standards of Professional Appraisal Practice (USPAP) -Code of Ethics sales comparison (market) approach - -value of RE can be determined by analyzing the sale prices of similar properties -in a competitive market, close substitutes shou...

Real Estate 306 Final Exam; Questions and Answers 100% Correct 3 approaches to value Correct answer-1. sales comparison (market) approach 2. cost approach 3. income approach sales comparison (market) approach Correct answer--value of RE can be determined by analyzing the sale prices of similar properties -in a competitive market, close substitutes should sell for similar prices -difficulty: how many truly close substitutes exist & how many of these have sold recently? -"one price"...

real estate 306; Questions and Answers 100% Correct Foreclosure Correct answer--The action of taking possession of a mortgaged property when the mortgagor fails to keep-up their mortgage payments Lien Correct answer--The right to take hold or sell the property of a debtor as security or payment for a debt, mortgage. - right to use property as collateral Term Sheet Correct answer-A non-binding financing commitment

Real Estate 306 Exam 1; Questions and Answers 100% Correct A market value where tenants negotiate rent and other terms with property owners or their managers is referred to as a : a. property market b. user market c. housing market d. capital market Correct answer-b. user market