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28 Cards in this Set
- Front
- Back
Types of specializations |
Brokerage Appraisal Property management Financing Subdivision and Development Home inspection Counseling Education
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Types of real property |
Residential Commercial Mixed use Industrial Agricultural Special purpose |
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Types of housing |
Single family detached Apartment building Condominium Cooperative Planned unit development Mixed use developments Converted use properties Factory built housing |
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Simple and Demand Elements |
Uniqueness and immobility |
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Factors affecting supply |
Labor force Construction Material costs Government controls Monetary policy |
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Factors affecting demand |
Population Demographics Employment Wage levels |
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Real Estate Brokerage |
Bringing people together in a real estate transaction conducted by a realestate broker who is a person or company licensed to buy sell exchange or lease property for others for compensation or by a real estate salesperson who conducts brokerage activities on behalf of the broker |
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Appraisal |
Developing an opinion of a property's value based on established methods and an appraiser's professional judgment |
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Property management |
Conducted by a property manager a person or company hired to maintain and manage property on behalf of the property owner |
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Financing |
The business of providing the funds to make a real estate transactions possible through long secured by a mortgage or deed of trust on the property with funding provided by commercial banks thrifts credit unions mortgage bankers and mortgage brokerage companies |
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Definition of Land |
Defined as the Earth's surface extending downward to the center of the earth and upward to infinity land includes natural attached objects such as trees as well as bodies of water found on or under it |
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Definition of Real Estate |
Defined his land plus all human made improvements to the land that are permanently attached or annexed |
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Definition of Real Property |
Defined as the interests benefits and rights they're automatically included in the ownership of real estate |
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Included in Bundle of Legal Rights |
Right of possession, right to control the property within the framework of the law, right of enjoyment, right of exclusion, right of disposition |
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Meaning of Title |
Write to or ownership of property including the owners bundle of legal rights, evidence of that ownership by a deed |
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Appurtence |
Right or privilege associated with the property although not necessarily of physical part of it typical appurtenances includ parking spaces in multi unit buildings easements water rights and other improvements |
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Definition of Surface Rights |
Ownership rights in a parcel of real estate that are limited to the surface of the Earth |
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Definition of Subsurface Rights |
The rights to the natural resources below the Earth's surface |
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Definition of Riparian Rights |
Common law rights granted to owners of land along the course of a river Commerce stream, or similar flowing body of water |
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Littoral Rights |
Owners whose land borders commercially navigable lakes seas and oceans |
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Accretion |
Increases in the land resulting from the deposit of soil by the waters action |
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Erosion |
Gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water |
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Avulsion |
Sudden removal of soil by an act of nature. It is an event that causes the loss of land in a much less subtle manner than erosion |
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Doctrine of Appropriation for Water |
The right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water |
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Definition of Personal Property or Chattels |
Movable items of a personal nature. Including such tangibles as chairs, tables, clothing, money, bonds, and bank accounts |
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Manufactured housing |
Housing built specifically to the standards of the department of housing and urban development |
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Fixture |
Personal property there's been so attached to land or a building That, by law, becomes part of the real property |
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Legal tests of a fixtures |
Method of annexation or permanence Adaptability of the item for the lands ordinary use Relationship of the parties Intention of the person in placing the item on the land Agreement of the parties |