Colibri Real Estate Chapter 1 Latest /Questions With Complete Solutions

Quiz :What five economic characteristics affect the value of land in the marketplace? (D.U.S.T.S) - Answer :1. Demand; The more demand a property has, the higher the value 2. Utility (Or usefulness); More space/rooms etc.. the more useful .. 3 bed 4 bath 1 bed 2 bath 3. Scarcity; A property will sell quickly if limited property's available 4. Transferability; Real estate is readily transferable from seller to buyer (loans available, rates are low) 5. Situs; (Site) Unique property attractiveness Quiz :What are the three physical characteristics of land? - Answer :- Immobile or permanent - Indestructible - Non-homogenous or unique Quiz :Explain the differences between the legal concepts of land and real estate. - Answer :The legal concept of Real Estate encompasses all man made structures that are "permanently" attached to the land and on top of the land itself. Quiz :Define special purpose real estate and give an example. - Answer :A property that doesn't fall into the Residential, Industrial, Commercial, Agricultural property categories; usually churches, hospitals, schools or recreational areas Quiz :Name the 5 major rights included in the bundle of rights to real estate. - Answer :The right of Possession The right to Transfer Interests The right to Encumber The right to Exclude The right to Use Quiz :Define the "right to use" and it's limitations - Answer :The right to use a property refers to the right to use it in certain ways like, mining, building or landscaping depending on the local zoning and legality of use. One's right to use must not infringe on another's right to use and e