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28 Cards in this Set
- Front
- Back
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Property defined as the land, everything that is appurtenant to (or goes with) the land is considered as what type of property. |
REAL PROPERTY |
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Primary characteristics of this property is movability. Items of this property is also called chattels |
Personal Property or Personalty |
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Is defined as the earths surface extending downward to the center of the earth and upward to infinity, including thing permanently attached by nature, such as trees and water. |
LAND
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- (S) Scarcity - (L) Location - (I)Improvements - (P) Permanence of Investment
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the (4) ECONOMIC CHARACTERISTICS of Real Estate
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Tangible items such as furniture, clothing, money, bonds and bank accounts are known as what kind of personal property. |
CHATTELS |
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- (S) Scarcity - (L) Location - (I)Improvements - (P) Permanence of Investment
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ECONOMIC CHARACTERISTICS
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Tangible items such as furniture, clothing, money, bonds and bank accounts are known as what kind of personal property. |
CHATTELS |
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- immobility - Indestructibility - Uniqueness
Are known as what type of Characteristic. |
The 3 Physical Characteristics of Real Estate. |
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The uniqueness of land is also referred to as_______ because no two parcels are alike. |
Nonhomogeneity or heterogeneity |
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Improvements of a private nature to the house, fencing, etc.. Is considered improvements______ the land. |
ON the land. |
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Improvements of a private nature to the house, fencing, etc.. Is considered improvements______ the land. |
ON the land. |
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Improvements to sidewalk, sewer systems, curbing, etc.. Is considered as improvements ____ the land. |
TO the land. |
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- is the earth surface - extends downward to the center of the earth with subsurfacce rights and stretches upward to infinity with air rights |
Land |
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Real Property includes |
- Interests, - benefits and - rights that are automatically included in the ownership of land and real estate |
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Characteristics of real estate include the following. |
Physical (Immobility, Indestructibility and nn homogeneity(or uniqueness)
Economic (SLIP) - Scarcity, Location(most important), Improvements ad Permanence of investment |
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The process of estimating a property's value (typically, market value) |
Appraisal |
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A person or company hired to maintain and manage property on behalf of its owner is known as the ... |
Property Manager |
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Involves splitting a single property into smaller parcels (subdividing) and constructing improvements on the land (development). |
Property Development |
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Involves independent advice based on sound professional judgement. |
Counseling |
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Types of Real Property |
Residential - single Family and Multifamily
Commercial- Office space, shopping centers,stores,theaters, hotels, parking facilities.
Industrial- warehouses, factories, land in industrial districts, power plants
Agricultural- farms, timberland, ranches, orchards.
Special Purpose- Schools, places of worship,cemeteries,government- held property.
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When ______ increases and ______ remains stable, prices go down. |
1. supply 2. demand |
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When _________ increases and ________ remains stable, prices go up. |
1. Demand 2. Supply |
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Environmental restrictions, land use, building codes, zoning |
Government controls |
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Impacts interest rates and the money supply |
Government financial policies |
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Factors affecting supply |
- Labor Force availability - Construction - Government Controls - Government financial policies
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Factors affecting Demand |
- Population - Demographics -Employment and wage levels
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Is a related term regarding location that takes into consideration social factors in addition to economic factors.... |
Situs |
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will give the owners the greatest actual return on their investment. |
Highest and best Use |
