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26 Cards in this Set
- Front
- Back
- 3rd side (hint)
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AREA |
How to gain or lose land ACCRETION RELICTION EROSION AVULSION |
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DEEP "C" |
Rights of Ownership aka Bundle of Legal Rights |
Right of; Disposition, Enjoyment, Exclusion, Possession, Control |
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IRMA |
Legal tests of a fixture. Intention Relationship (owner or tenant) Method Adaptation (custom, built in) |
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OCEAN |
Easement by Prescription: Open Continuous (7-20 years) Exclusive Adverse Notorious |
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ALTA Policy |
American Land Title Association |
Extended coverage that includes all the protection of a standard policy plus additional protection to cover risks that may be discovered only through inspection of the property or revealed by examination of an accurate survey. |
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Uncle PETE |
Police Power Escheat Taxation Eminent Domain |
Represents all government RIGHTS regarding real estate. |
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Uncle RICH |
Residential, Industrial, Commercial, Historic |
Represents different types of real estate. |
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OLD CAR |
Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable skill & care |
Agents responsibilities to the principal. |
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DUST |
Elements of value:
Desirability/Demand Utility/Usefulness Scarcity/Supply Transferability of Title |
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IRV |
Income / Rate = Value |
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IRV |
Income / Rate = Value |
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P-I-G |
Price / Income = Gross Rent Multiplier |
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IRV |
Income / Rate = Value |
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P-I-G |
Price / Income = Gross Rent Multiplier |
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The PIG's in the house and IRV's in the building. |
Gross Rent Multiplier (PIG) is used for RESIDENTIAL rental property, while the income approach (IRV) is used for valuation of income producing buildings. |
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GIVEN |
Income Approach Gross Income (potential) - Vacancy - Expenses (operating) = Net Operating Income (NOI) |
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FRESH CORN |
Federal & State 7 protected classes: Familial status Race EQUAL Sex (gender) Handicap Color OPPORTUNITY Religion National Origin |
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LL BEANS |
Who needs a license? Those who list, lease, buy, exchange, auction, negotiate, or sell on behalf of others for compensation. |
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LL BEANS |
Who needs a license? Those who list, lease, buy, exchange, auction, negotiate, or sell on behalf of others for compensation. |
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STAPLES |
Who doesn't need a license? Self (fsbo), Trustee, Appraiser, Power of Attorney, Lawyer, Entity, Salaried employee |
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5 Tomatoes |
5,280 ft in a mile |
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5 Tomatoes |
5,280 ft in a mile |
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4 nuns driving 35 mph in a 60 mph zone |
43,560 sq ft = 1 acre |
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ACTOR |
Property management risk management by deciding whether to avoid it, control it, transfer it, or retain it. |
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LIPS |
Economic characteristics of real estate.
Location Improvements to & on land Permanence of Investment Scarcity |
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DREAM OIL |
Documents required to be recorded to be valid against 3rd parties; deeds, restrictive covenants, assignments, mortgage, option, installment land contract, leases over 3 yrs |
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