REAE 3325 EXAM 1 QUESTIONS AND ANSWERS (GRADED A)REAE 3325 EXAM 1 QUESTIONS AND ANSWERS (GRADED A)REAE 3325 EXAM 1 QUESTIONS AND ANSWERS (GRADED A)REAE 3325 EXAM 1 QUESTIONS AND ANSWERS (GRADED A)
Real Estate - ANSWER-Land & things attached to it
3 ways of using real estate - ANSWER-tangible as...
3 ways of using real estate - ANSWER-tangible asset, bundle of rights,
industry/profession
bundle of rights - ANSWER-exclusive possession of real property
3 real estate values - ANSWER-user(space) markets, capital markets, gov. sectors
user market - ANSWER-market for physical real estate & where rental rates are
determines
public capital markets - ANSWER-small homogeneous units (shares) of ownership in
asset trade in public exchanges. Price quotes are available for all to see.
private capital/property markets - ANSWER-the market with less liquidity than public
markets, high transaction cost & an the absence of centralized market
property/asset market - ANSWER-market for ownership claims to real estate assets.
supply side of property market is made up of investors wanting to buy property
real property - ANSWER-property rights dealing w/ property. rights in the land &
permanent structures.
rights - ANSWER-claims that the gov. is obligated to enforce
, personal property - ANSWER-all other property with personal & household goods
fixtures - ANSWER-real property that was formerly personal property
2 rules for determining when something becomes a fixture - ANSWER-manner of
attachment, character of fixture & manner of adaptation
real property interest - ANSWER-any set of rights in real property (easements,
restrictive covenants, liens)
estate - ANSWER-a real property interest that include the right of exclusive possession
fee simple absolute - ANSWER-all possible rights
fee simple conditional - ANSWER-all rights, but revocable if specific condition is violated
Life estate w/ remainder interest - ANSWER-parents own an estate have property until
they move on but is owned by children. Ordinary is created by the owner. Legal is
created by the law.
tenancy for specific time period - ANSWER-must be written if more than 1 yr. Written
lease contract governs entirely.
period tenancy - ANSWER-no definite length of time & is often by oral agreement.
easements - ANSWER-right to use land for a specific purpose
easement of appurtenant - ANSWER-rights of use parcel of land over an adjacent
parcel & becomes part of the land
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