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13 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 interests, benefits, and rights that are automatically included in the ownership of land and real estate.
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The 3 Physical Characteristics of Real Property |
-Immobility -Indestructibility -Uniqueness (nonhomogeneity or heterogeneity) |
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The 4 Economic Characteristics of Real Property |
-Scarcity -Location (situs) -Improvements -Permanence of Investment |
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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 socioeconomic conditions. |
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Chattels |
- 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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Business Cycle Stages |
The upward and downward fluctuations in business activities generally characterized by: -Expansion -Recession -Depression -Revival |
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Demand |
-The amount of goods people are willing and able to buy at a given price; often coupled with supply |
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Market |
-A place where goods can be bought and sold and value established. |
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Provisional Broker |
-A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. -Must complete post-licensing courses to remove the provisional license status. |
