REAL 4000 Dietz, REAL 4000 Test 2 Dietz, UGA REAL 4000 EXAM 3 Dietz, REAL 4000 Test 4 Dietz Exam Questions With Correct Answers
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UGA REAL 4000
Institution
UGA REAL 4000
REAL 4000 Dietz, REAL 4000 Test 2 Dietz,
UGA REAL 4000 EXAM 3 Dietz, REAL
4000 Test 4 Dietz Exam Questions
With Correct Answers
5 types of commercial real estate - answerRetail, Hotel, Office Space, Multifamily,
Warehouse/Industrial
Two types of property - answertangible and intangible
tangi...
REAL 4000 Dietz, REAL 4000 Test 2 Dietz,
UGA REAL 4000 EXAM 3 Dietz, REAL
4000 Test 4 Dietz Exam Questions
With Correct Answers
5 types of commercial real estate - answer✔✔Retail, Hotel, Office Space, Multifamily,
Warehouse/Industrial
Two types of property - answer✔✔tangible and intangible
tangible - answer✔✔physical assets that can be owned (can be real and personal)
intangible - answer✔✔non physical assets such as stock bonds and mortgages, leases
What three ways are the term real estate used? - answer✔✔1.Tangible Asset (Building, Raw
Land, Improvements to land) 2. Bundle of rights (Exclusive possession of the real property (you
own and can exclude) Use or enjoyment can do whatever you want within means of law
Disposition (sale) - selling the land
Can be unbundled (sticks)) 3. Real Estate as a career
Property Market Formula - answer✔✔space market/capital market
Property Value Formula - answer✔✔next years NOI/ Capitalization rate
1 acre = - answer✔✔43560 sq ft
1 square mile = - answer✔✔640 acres
4 Quadrants of Capital Markets - answer✔✔Private equity
Private debt
Public equity
Public debt
Institutional grade property - answer✔✔>10 million
What are rights? - answer✔✔Claims that the government is obligated to enforce, non revocable,
enduring (not limited to memory of the owners)
Two different types of rights - answer✔✔Personal & Property
Personal Rights - answer✔✔guaranteed by the constitution
property rights - answer✔✔the rights individuals or firms have to the exclusive use of their
property, including the right to buy or sell it
Real Property - answer✔✔physical property such as land and buildings
Personal Property - answer✔✔possessions such as jewelry, furniture, and boats
Fixtures - answer✔✔Real property that was formerly personal property
four rules of fixtures - answer✔✔1. Manner of attachment (how attached is it to the
property..clock vs light attached to ceiling...does it cause damage when removed quickly
2. Character of the article and manner of adaption (Dry bar in corner that was designed for
it)(other examples, church pew)
3. Intention of the parties (dominant rule): based on the customary assumptions of the realm (will
you bring the fridge when you leave?) some places take all of the appliances
4. Relation of the Parties: Trade Fixtures - commercial real estate fixtures that goes with the
tenant when they leave
interest - answer✔✔Any set of rights in real property
Estate - answer✔✔a real property interest that includes the right of exclusive possession
- non possessory interests
Two types of estates - answer✔✔Ownership estate & Leasehold estate
free simple absolute - answer✔✔the highest and most complete form of ownership, potentially
infinite duration
Free simple conditional - answer✔✔all rights, but revocable if specific condition is violated
(UGA property revocable if iron mine is opened on ag hill)
Ordinary Life Estate - answer✔✔Estate in which the property owner retains all rights of
exclusive possession, use, and enjoyment for life while a subsequent owner holds a remainder
interest that follows the life estate.
Tenacy for years - answer✔✔does not have to be a year long
-a lease must be in writing if for more than one year to be enforceable
- specific amount of time
periodic tenacy - answer✔✔no definite length of time
-often by oral
- exit period is 6 months
- no specific end length
Tenacy at Will - answer✔✔a leasehold estate with no specified termination date or specified
period of time. Either party can end at any time. i.e. caretaker - auto ends at death of tenant or
landlord. (unlike other leasehold estates)
Tenacy at sufferance - answer✔✔prior lease is over and tenant has not left;
under disagreement tenant told to leave but stays anyways
Modern Leaseholds - answer✔✔Many states adopted residential landlord and tenant laws to
solve problems (tenants in resident real estate are more protected)
Easement - answer✔✔the right to use land for a specific and limited purpose
Easement Appurtenant - answer✔✔a right of use that continues from owner to owner that
involves a relationship between two parcels of land: a dominant parcel that benefits from a
servient parcel
Affirmative Easement - answer✔✔Easement that gives the dominant tenement owner the right to
use the servient tenement.
Negative Easement - answer✔✔allows the holder to prevent the servient owner from performing
an act on the servient land (eg: building their house higher so owner can preserve view of ocean)
Easement in gross (commercial easement) - answer✔✔Piece of land unrelated to any other
parcel and there is an easement on it
examples : power company, hunting, roads
No dominant parcels only servient parcels
The land is transferable (railroad giving trail to the city)
exclusive easement in gross - answer✔✔conveys all rights of the easement, recipient can convey
access to others
non exclusive easement in gross - answer✔✔you sell the rights to others
License - answer✔✔Similar to an easement in gross, but conveys permission rather than right
- revocable
-automatically terminated at the death of the grantor or sale of the land
Restrictive Covenants (Deed Restrictions) - answer✔✔covenants that impose restrictions on land
use; created at conveyance of land to a new owner
Liens - answer✔✔An interest in property as security for an obligation,
If you don't pay interest they will lien your house
General liens - answer✔✔arise from events unrelated to the property
Specific Liens - answer✔✔related to specific property (mortgage), Property tax (if you don't pay
prop tax it will be collected when you sell
indirect co-ownership - answer✔✔Entity holds title, Ownership passes through the entity,
Undivided interest
Five types of direct co-ownership - answer✔✔1.Tenancy in common 2. Joint tenancy 3. Tenancy
by the entirety 4. Condominium 5. Cooperative
Tenancy in Common - answer✔✔default co ownership form, anybody can sell their interest
independently, when selling the whole thing everyone must agree
Joint tenacy - answer✔✔in joint tenancy everyone has equal share of property (no matter $),
restricts inheritance to heirs of last surviving owner
Tenancy by the Entirety - answer✔✔The joint ownership, recognized in some states, of property
acquired by husband and wife during marriage. Upon the death of one spouse, the survivor
becomes the owner of the property.
condominium - answer✔✔combines single ownership and tenancy, created
General Warranty Deed - answer✔✔A deed in which the grantor fully warrants good, clear title
to the premises. Used in most real estate deed transfers, a general warranty deed offers the
greatest protection of any deed.
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