Real Estate 306 Exam 1 Questions and Answers 100% Verified
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Course
Real Estate 306
Institution
Real Estate 306
Factors that affect a bid-rent curve - - number of commuters or firms
- wage rate (time cost) of commuters
- speed of travel
- frequency of trips
Certain requirements for deed: - - Name grantor and grantee
- Consideration and conveyance
- Contain certain covenants and clauses
- Contain excep...
-accretion reliction - deposit soil, subsiding of water
Actual notice - open, continuous, actual possession of property
Adverse posession - someone openly lives and occupies a house for 7 or more years and pays
property taxes during that time, does not own the house,
- can then take possession
Affirmative easement: - Gives dominant parcel some intrusive use of servient parcel
- driveway or access right of way
- Sewer line
- Drainage
- Common Wall
,Agglomeration economies: - emergence of specialized resources in response to demand from
multiple industries
- long term advantages
- safer places for RE investment
appurtenant: - dominant - benefits from easement
servient - constrained/limited by easement
Attracting businesses - locations that will attract bases are :
- labor force characteristics
- Quality of life
- leadership (financial support, govt. support)
Bid rent curve in real life - - numberous focal points
- transportation improvements make access uneven
- physical characteristics of land (swamp, contamination, views, zoning) impact value
- still tend to see most valuable land in CBD
Bid-rent curve - Tradeoff between value of property/rent and transportation costs
trade off time vs. money
Building codes - - older than zoning (circa 1900)
- issues of safety, fire, sanitation, injury
- They continue to evolve, 9/11 -- need more stairs exits
new technology - smoke detectors
, CApital markets - Serve to allocate financial resources among households & firms requiring funds
Capitalization rate - The ratio of a property's annual net income to its value
- fundamental measure used in Real estate
Acknowledgment: - Confirmation that grantor acted voluntarily
- notarized or equivalent (witnesses present)
- want to make sure nobody is holding a gun to your head and forcing you to sign
Capitalization rate equation - = Net operating income Yr. 1 / total value of property
CBD - Central business district
Changing notion of "best practice" - - cul-de-sacs or grid streets?
- mixed density and use
Clustering - - people can gather quickly and efficiently
- provides better access to goods and services
- creates competition for access which creates the patterns of urban land uses
- people want to be able to compare many goods
Co ownership types: - - Condominium
- Cooperative
- Timeshare
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