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17 Cards in this Set

  • Front
  • Back
6 Types of Real Property
1 - Residential
2 - Commercial
3 - Mixed-use (both)
4 - Industrial
5 - Agricultural
6 - Special Purpose (church, school, government)
Bundle of Rights
defination of real property
Supply & Demand
when supply increases and demand remains the same, prices go DOWN

when demand goes down and supply remains the same, prices go UP
Factors affecting real estate SUPPLY
- labor force availability
- construction & material costs
- government controls
- financial policies
Factors affecting real estate
- population
- demographics
- employment & wage levels
4 Economic Characteristics of real estate
- scarcity (land is not limitless)
- improvements (can affect values of neighbors, e.g. new mall, toxic waste dump)
- permanence of investment (longterm & relatively stable)
- area preference (location, location, location)
3 Physical Characteristics of real estate
- immobility
- indestructable
- uniqueness (non-homogenity)
Laws that affect real estate
- contracts
- state & local zoning
- fed and state environemental regulations & tax laws
9 Types of Housing
1 - single family home
2 - apartment complex
3 - condominiums
4 - cooperatives (own stake/sock in the building, not the units)
5 - Planned Unit Developments (PUDs, communities w/markets, post office etc, Celebration inFLA)
6 - Mixed-Use Developements (MUDs - housing & retail, Natick Collection)
7- Modular Home / Manufactured (prefab, my house)
8 - Mobile Homes
9 - Timeshares
Housing Affordability & Factors for Loans
FHA - Federal Housing Authority
VA - Dept. of Veteran Affairs

PITI - (Principle, Interest, Taxes & Insurance) - cannot exceed 28% of monthly gross
Rent vs Buy
(Factors to consider)
- length of time in home
- finances
- affordable housing
- current mortgage rates
- tax consequences
- future home prices / tax laws
Property Investment Considerations
- appreciation of property
- equity increase
- tax deduction
- capital gains tax exclusion
($500k for a couple, $250 for a single if owned & occupied for at least 2 years)
Electronic Contracts
UETA - Uniformed Electronic Transaction Act

E-Sign - Electronic Signatures in Global & National Commerce Act
UETA - Uniformed Electronic Transaction Act
4 - Provisions
- contract cannot be denied, it's illegal
- a record or signature cannot be denied, it's illegal
- If state law requires a signature, an electronic signature is sufficent
- if state law requires a written record, an electronic record is legal
National Do Not Call List
Under FTC (Fed Trade Comm)

Real estate agents call call up to 18 months after last transaction

real estate agents can call up to 3 months after an inquiry

If they ask to be taken off your call list, you must, and it's enforced for 5 years
4 Ways to create a Lien
V - voluntary (eg taking a mortgage)
I - Involuntary (not a matter of choice)
S - Statutory (e.g. real estate tax)
E - Equitable (common-law, charge card etc)
3 Forms of Estate Ownership
1 - Severalty (sole owner/indiv or corp)
2 - co-ownership (2 or more people)
3 - Intrust (neutral individual holding for benefit of another)