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17 Cards in this Set
- Front
- Back
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6 Types of Real Property
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1 - Residential
2 - Commercial 3 - Mixed-use (both) 4 - Industrial 5 - Agricultural 6 - Special Purpose (church, school, government) |
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Bundle of Rights
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defination of real property
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Supply & Demand
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when supply increases and demand remains the same, prices go DOWN
when demand goes down and supply remains the same, prices go UP |
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Factors affecting real estate SUPPLY
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- labor force availability
- construction & material costs - government controls - financial policies |
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Factors affecting real estate
DEMAMD |
- population
- demographics - employment & wage levels |
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4 Economic Characteristics of real estate
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- 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) |
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3 Physical Characteristics of real estate
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- immobility
- indestructable - uniqueness (non-homogenity) |
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Laws that affect real estate
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- contracts
- state & local zoning - fed and state environemental regulations & tax laws |
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9 Types of Housing
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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 |
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Housing Affordability & Factors for Loans
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FHA - Federal Housing Authority
VA - Dept. of Veteran Affairs PITI - (Principle, Interest, Taxes & Insurance) - cannot exceed 28% of monthly gross |
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Rent vs Buy
(Factors to consider) |
- length of time in home
- finances - affordable housing - current mortgage rates - tax consequences - future home prices / tax laws |
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Property Investment Considerations
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- 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) |
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Electronic Contracts
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UETA - Uniformed Electronic Transaction Act
E-Sign - Electronic Signatures in Global & National Commerce Act |
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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 |
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National Do Not Call List
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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 |
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4 Ways to create a Lien
V.I.S.E. |
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) |
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3 Forms of Estate Ownership
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1 - Severalty (sole owner/indiv or corp)
2 - co-ownership (2 or more people) 3 - Intrust (neutral individual holding for benefit of another) |
