Exam (elaborations)
AYOP Principles of Real Estate 1 Questions with correct Answers
- Course
- Institution
AYOP Principles of Real Estate 1
[Show more]
Content preview
AYOP Principles of Real Estate 1Fixity - answer land and buildings and other improvements to land require long periods
of time to pay for themselves (investment permanence)
Situs - answer location preference from an economic standpoint rather than
geographical
Economic Characteristics of Land - answer scarcity, modification, fixity, situs
3 physical characteristics of land - answer on-homogeneity, immobility, and
indestructibility
Texas Real Estate License Act - answer Passed in 1949 and created TREC. It consists
of 9 members, 6 Brokers & 3 General public members; appointed by the governor and
approved by 2/3 of the senate present
5th Amendment - answer states that a citizen cannot have property taken from them
w/o due process of law or just compensation
Ordinance - answera local law
Capital Gains Tax - answera tax levied on the returns that people earn from capital
investments, like the profits from the sale of stocks or a home
Fair Housing Act - answerThe federal law that prohibits discrimination in housing based
on race, color, religion, sex, handicap, familial status, and national origin
Real Estate Settlement Procedures Act (RESPA) - answerFederal law that ensures that
residential buyers and sellers receive full disclosure of all settlement charges
National Association of Realtors - answerlargest trade group, founded in 1908
Methods of Property Valuation - answerAssessed value, estimated sales value,
investment value, replacement value
Assessed Value - answerValue established for tax purposes by local
municipalities(market value)
Estimated Sales Value - answerfound by examining sales prices of comparable
properties recently sold in the area
Investment Value - answerthe value of the property to a particular investor
, Replacement Value - answeramount it would cost to replace a property(insurable value)
Liquidation Value - answeran estimated amount that could be gained if the property was
quickly sold in a low-demand market(auction, foreclosure)
What affects demand? - answerpopulation, employment/wages, and demographics
The Business Cycle - answerExpansion, recession, depression, and revival
6 Categories of Real Estate - answerResidential, commercial, industrial, mixed-use,
agricultural, special purpose
Real Property - answerimmobile
Personal Property - answermobile
Fixtures - answerpersonal property that becomes real property once attached to land or
structure. Must look at attachment, adaptation, and intention of the installer.
Emblements - answerannually planted crops that belong to the tenant(not owner), part
of real estate when selling
Severance - answerthe action of ending a RE relationship, removing anything attached
to land, or when gov. uses eminent domain
Trade Fixtures - answerPersonal property(booth, bars, etc.) used in a business and can
be removed by the lessee when the lease terminates.
manufactured home - answera housing unit that is fully or partially assembled in a
factory before being moved to the living site, personal property unless attached to land
Fee Estate - answerAn indefinite, exclusive and absolute legal ownership interest in a
parcel of real estate
Key Elements of Location - answeremployment, culture, governmental structures, social
services, transportation
Condominium Concept - answeran individual can own airspace on a piece of land that
someone else owns, common elements are divided interest
Co-Operative - answeran organization that is owned by members and customers, who
pay an annual membership fee and share in any profits
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77764 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
