Real Estate 306 Exam 1 Terms Questions and Answers
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Course
Real Estate 306
Institution
Real Estate 306
Difference between real property and personal propertyDifference between real property and personal propertyDifference between real property and personal propertyDifference between real property and personal propertyDifference between real property and personal propertyDifference between real prope...
Real Estate 306 Exam 1 Terms
Questions and Answers
Real estate has 3 definitions
✓ ~~~ physical asset, rights from owning a property, the industry itself
Physical asset definition
✓ ~~~ the land and all permanent attachments to the land, with tangible vs. intangible
assets
Difference between real property and personal property?
✓ ~~~ Real property is pretty permanent. Personal property can be easily removed without
leaving any marks/damages
Physical rights include...
✓ ~~~ underground rights (mineral, oil, and gas), surface rights, private air rights, and fly-
over rights (public)
Owning real estate gives you a certain bundle of rights, like...
✓ ~~~ right to use/occupy enter, sell, lease, give away
Fee simple estate
✓ ~~~ implies absolute ownership (all the sticks in the bundle of rights) but limited by
taxation, eminent domain, police powers, escheat
leased fee interest
✓ ~~~ landlord's right
, leasehold interest
✓ ~~~ tenant's right
real estate generates over 25% of U.S. GDP
✓ ~~~ housing alone accounts for almost 20%
generates nearly 70% of local government revenue through...
✓ ~~~ property tax
creates jobs for nearly
✓ ~~~ 9 million Americans
re values are determined by interactions in three sectors (textbook)
✓ ~~~ user/space markets, capital markets, governmental sector
Figure 1 of the re proces, w/ Graaskamp
✓ ~~~ space consumer, spaces producers, public infrastructures
demand and supply side of user markets are very specific to LOCATION and
BUILDING TYPE. what does this imply?
✓ ~~~ that user/space markets are very segmented compared to other integrated markets,
like gasoline, steel, financial capital, and other homogeneous commodities that can be
moved from place to place
re is illiquid because...
✓ ~~~ it can't sell quickly
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