FINC 371-Exam 1
- 1920s by Ernest Burgess
from a CBD, several concentric zones radiate outward
1. CBD
2. slums, light manufacturing, luxury apartments, (transition zone) entertainment
3. lower income housing
4. higher income housing
- users who are able to pay the higher rents are located close to the center -
✔✔concentric-circle growth
- 5m sf office space
-600k sf retail
- population increased at 9 am
- mixed use
- central city outgrowth - ✔✔edge cities
%
- comprehensive zoning
- building codes
-mandatory dedication
-impact fees
- zoning for planned unit development - ✔✔how comprehensive plan is implemented
- Gestation, Youth & Maturity: property values and resident's incomes are generally
rising; residents are alike economically and socially
- Incipient decline: those who leave the neighborhood are replaced by less affluent
families and individuals, causing prices to decline
- Clear decline: owners make minimal repairs and properties deteriorate noticeably
- Accelerating Decline & Abandonment: ones who are able to move elsewhere do so,
only the lowest income residents remain and unemployment rates and % of families on
welfare are high.
- Neighborhood Stabilization & Rehabilitation (gentrification): pftem are young,
middle-income individuals - ✔✔neighborhood change
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- identification of the parties (grantor and grantee)
-consideration given by the grantee
-legal description of RE involved
- specific interest conveyed
- signature of the grantor and witnesses
- deed must be delivered to grantee - ✔✔necessary elements of a deed
- Real property rights to the minerals and other useful materials that exist below the
surface
- Transferable - ✔✔mineral rights
- single family attached
- duplex/quadplex
- apt complex
%
- rowhouse (homes that share wall)
- condo - ✔✔residential real estate
- tied to the current industry mix and short-run changes
- affect vacancy rates, sales of existing properties, prices, and lease rates
- questions to ask: what is the current supply of various types of RE? what is the
industrial structure of the community? what changes have occurred in the local
economy in the recent past? - ✔✔analysis of short run demand
-covenants, conditions, restrictions
- liens
-easements
- profit a prendre
- adverse possession
-encroachments - ✔✔private encumbrances
-Permanent in nature- they "run with the land"
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-is NOT a license, licenses are revocable - ✔✔nature of easements
-similar to a general warranty deed, except the covenants and warranties apply only to
events that occurred during the grantor's period of ownership
- doesn't protect grantee against encumbrances that may have risen before the grantor
took title - ✔✔special warranty deed
* analysis of projected economic development and population change
- transportation plan
- public facilities plan
- land-use plan
-official map - ✔✔comprehensive general plan usually contains
* RE brkg
* property mgmt
* RE finc
%
* appraisal
* consulting
* development and construction
* corporate AM
* legal experts
* land planners - ✔✔careers in RE
1 sq mil rectangles that divide townships into 36 sections of 640 acres each -
✔✔sections
1. condo declaration
2. bylaws
3. deeds conveying the individual units - ✔✔3 documents that must be filed for
formation of condos
1. Easement Appurtenant
2. Easement in Gross - ✔✔2 types of easements
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