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Exam (elaborations)

Real Estate 306 Exam 1 Questions and Answers 100% Verified
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  • Course
  • Real Estate 306
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  • Real Estate 306

Co ownership types: - - Condominium - Cooperative - Timeshare Land - may include more than the earth, may also include improvements to the land personal property - things that are movable & not permanently affixed to the land Ownership rights - Real estate provides people with this "bundle of ...

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  • August 2, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Real Estate 306
  • Real Estate 306

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PatrickKaylian

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Real Estate 306 Exam 1
Co ownership types: - - Condominium

- Cooperative

- Timeshare



Land - may include more than the earth, may also include improvements to the land




personal property - things that are movable & not permanently affixed to the land



Ownership rights - Real estate provides people with this "bundle of rights"

- Rights to:

Use/Occupy

Sell

Lease

Give away

Do all or none

"real property" vs. real estate

security

privacy

location



User markets - characterized by competition among users for physical locations and space



CApital markets - Serve to allocate financial resources among households & firms requiring funds

,Property markets - Determine the required property-specific investment returns, property values,
capitalization rates & construction feasibility



Capitalization rate - The ratio of a property's annual net income to its value

- fundamental measure used in Real estate



Capitalization rate equation - = Net operating income Yr. 1 / total value of property



Fee simple estate - - Implies absolute ownership (all sticks in the bundle) limited by taxation,
eminent domain, police powers, escheat



Easements - Right to use land for specific/ limited purpose

Raw land - large land area with no improvements

appurtenant: - dominant - benefits from easement

servient - constrained/limited by easement



Affirmative easement: - Gives dominant parcel some intrusive use of servient parcel

- driveway or access right of way

- Sewer line

- Drainage

- Common Wall



Negative easement: - allows no instrusion onto servient parcel

- Light & air easement

- Scenic easement



In gross easement: - Right to use land unrelated to parcels, only servient, no dominant involved

- lay pipeline, powerline

, - run irrigation ditch

- billboard

- harvest timber



* transferrable from land title *



Restrictive covenants: - Covenants that impose restrictions on land use; created at conveyance of
land to a new owner.



* need to know before purchase, alters how you can use land



Restrictive covenants examples - - setback lines, (distance from road), height restrictions

- Minimum floor area

- No freestanding structures

- No chain link fences

- No RVs/ Boats parked in street view

- No external antenna

- Use professional lawn service

property - refers to anything that can be owned or possessed



Forms of Direct Co-Ownership - - Tenancy in common

- Joint tenancy

- Tenancy by entirety

- Condominium

- Timeshare



Tenancy in common - - Default form of ownership, if no further direction is given

- undivided share of the whole

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