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10 Cards in this Set
- Front
- Back
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What are the 4 physical aspects of Real Estate?
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1.Land is located everywhere
2.Long-term life of land, even improvements 3.Each parcel is unique 4. Fixed location/immobile |
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What are the 5 economic aspects of Real Estate?
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1.Essential input in the production of goods and services and important component of nation's wealth
2. Major investment for individual buyer 3.Fixed location causes it to be subject to: External influences, Regulation by government bodies and private parties, taxation by local government, strong collateral for loans 4. Scarcity of land suitable for specific uses 5. Can be altered with improvements: On land and To land |
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What are the Types of Improved Property?
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Detached residential, Multi-family residential (tenant occupied & Owner-occupied), Commercial- Retail and office, Industrial- Manufacturing and warehouse, Agricultural-farm and timber
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What is the most important factor for Real Estate?
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Location, location, location
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What are some careers in real estate?
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Brokerage, Subdividers/Developers, Builders, Appraisers, Mortgage lenders, Investment analysts, property managers, asset managers, real estate lawyers and paralegals, public sector personnel, educators
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What is the Real Estate Market?
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mechanism by which buyers and sellers are brought together to complete transactions
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What are the 4 Characteristics of the real estate market?
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1. Local in nature- local economyu has major impact
2.Not organized- uniqueness of properties prevents centralized markets 3.Long lead time needed for supply to increase or sell off surplue properties 4. Renting plays major role due to high prices and unique locations |
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What are the 3 factors that affect demand for real estate?
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1. Nominal and real prices of components of real estate services
2. demographic issues 3. Economic/Financial Issues |
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What are the 6 measuers of real estate market activity?
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1. Vacancy rates
2. # of transfers of property 3. # of foreclosures on borrowers 4. Construction activity 5. Price indexes 6. Inflation in values |
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What is office hotelling?
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share an office with others cuz they only come to the office a few days a week
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