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22 Cards in this Set
- Front
- Back
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Land |
-The earth's surface, extends downward to the center of the earth with subsurface rights and stretches upward to infinity with air rights. -Includes things permanently attached to it such as trees and water. |
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Real Estate |
-Land at, above and below the earth's surface PLUS all things permanently attached to the land, both natural and man-made.
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Real Property |
-The land itself, the improvements thereon, and the interests, benefits, and rights that are automatically included in the ownership of land and real estate.
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-Immobility
-Indestructibility -Uniqueness (nonhomogeneity or heterogeneity) |
The 3 Physical Characteristics of Real Property
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-Scarcity
-Location (situs) -Improvements -Permanence of Investment |
The 4 Economic Characteristics of Real Property
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Situs |
-Location -The personal preference of people for one location over another, -not necessarily based on objective facts and knowledge. |
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Highest and best use |
-The legally allowed and economically feasible use that gives owners the greatest actual return on their investment. This can change because of socio-economic conditions. |
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Chattel
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- Also called personal property or personalty.
-Movable items that do not fit into the definition of real property. -Examples are furniture, clothing, jewelry, money, vehicles, etc. |
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Broker |
-One who acts as an intermediary on behalf of others for a fee or commission. -One who is licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee. |
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The upward and downward fluctuations in business activities generally characterized by:
-Expansion -Recession -Depression -Revival |
Business Cycle Stages
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Demand
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-The amount of goods people are willing and able to buy at a given price
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Personalty / Chattel |
Same as personal property. All property that does not fit the definition of real property. Movability. |
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Provisional Broker
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Operates under the supervision of a real estate broker-in-charge.
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Residential
Commercial Industrial Agricultural Special Purpose (churches, Gov) |
Five Categories of Real Property
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...supply increases and demand remains stable
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Supply and Demand: Prices go down when...
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...demand increases and supply remains stable
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Supply and Demand: Prices go up when...
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Labor force and construction costs
Government controls and financial policies |
Factors affecting supply
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Population
Demographics Employment and wage levels |
Factors affecting demand
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Heterogeneity, nonhomogeneity
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uniqueness of land
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Market
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A place where goods are bought and sold, where value for those goods is established and where it is advantageous for buyers and sellers to trade.
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Point of Equilibrium |
The point at which supply and demand are balanced |
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Appraisal |
The process of estimating a property's value (typically market value). |
