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20 Cards in this Set
- Front
- Back
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Is location important in real estate property value?
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Yes, because it is the most important economic characteristic of land.
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What anticipated changes can have an effect on property value?
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Zoning or use of the land will have a bearing on property value.
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What does depreciation mean?
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Wasting away of an asset - such as a building. It can be curable or incurable
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What is physical depreciation on a house?
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any loss due to normal wear or negligence. Example:
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What is a curable depreciation when talking about property value?
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A curable item is one in need of repair, such as painting (deferred maintenance) that is economically feasible and would result in an increase in value equal to or exceeding the cost.
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What is functional obsolescence?
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Obsolete - not accepted by public now - not of the norm. Example: outdoors bathroom, out dated plumbing fixtures etc.. These can be curable or incurable.
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What are economic, environmental, locational, external obsolescence?
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They are incurable - due to outside influences property owner can not change. Examples: higher taxes, zoning change, no off street parking, land fill being place near by etc...
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In what ways can an improvement effect self and others?
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Increase property value or decrease property value of self or neighbors.
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What is an improvement in real estate property value?
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Anything added to land by man; it should improve value but sometimes does not.
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What is a concentric theory?
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Land use develops in a concentric circles outward form a central point known as the business district.
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What is an axial theory?
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Land use develops along major transportation lines outward form business district.
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What is a sector theory?
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An established or more efficient arterial would attract development more than a newer or less efficient one. Example 48th and 0
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What is multiple nuclei theory?
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More than one central business district and land use patterns will develop outward from these various centers. Examples: Havelock, Bethany, College view etc....
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What is economic base analysis?
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Method of analyzing economic activity of a community that allows it to attract income from outside it boundaries.
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What is a neighborhood analysis?
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Analysis - homogeneous grouping of businesses or individuals within a community.
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Do neighborhoods go through stages?
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Yes, growth, stability and decline.
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What are the physical factors in a neighborhood analysis?
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Street patterns relationship to community.
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What are the economic factors in a neighborhood analysis?
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Rent levels, new construction.
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What are the social factors in a neighborhood analysis?
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Frequency of crime, population density.
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What are the governmental factors to consider in a neighborhood analysis?
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Special assessments, zoning.
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