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FINC 371 - Exam 1 (Peterson) anapaula Questions & Answers 100% Correct!! $11.99
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FINC 371 - Exam 1 (Peterson) anapaula Questions & Answers 100% Correct!!
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What is Real Estate? - ANSWERLand + Improvements Improvements = Anything reasonably permanently attached/affixed to land. What are the 6 most important things in Real Estate? - ANSWERLocation, Location, Location Timing, Timing, Timing Real Estate Special Characteristics - ANSWER1. Fixed ...

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  • August 5, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • finc 371 exam 1 peterson anapaula questions
  • finc 371 exam 1 stuvia 2024
  • what is real estate answerland improvements
  • improvements anything reasonably permanently at

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FINC 371 - Exam 1 (Peterson) anapaula Questions & Answers 100% Correct!!



What is Real Estate? - ANSWERLand + Improvements



Improvements = Anything reasonably permanently attached/affixed to land.



What are the 6 most important things in Real Estate? - ANSWERLocation, Location, Location

Timing, Timing, Timing



Real Estate
Special Characteristics - ANSWER1. Fixed Location

2. Uniqueness

3.Interdependence of land uses

4. Long life

5. Long-term commitments

6. Large transactions

7. Long gestation period



4 Main Sectors of Real Estate - ANSWER1. Residential

2. Commercial

3. Industrial

4.Ranch/Agriculture



Residential Real Estate - ANSWER1. Single Family Attached

- Duplex/ Quad-plex

- Apartment Complex (No Ownership)

- Rowhouse

- Condominium (Ownership Structure)



2. Single Family Detached

- Single Family Residence "Home"

,- Patio Home

- Zero Lot Line Home




Industrial Real Estate - ANSWER1. Manufacturing Plant

2. Oil & Gasoline Refineries



Ranch/Agricultural Real Estate - ANSWER1. Recreational

2. Land

3. Cattle Production

4. Farmland

5. Wildlife Refuge

6. Wetlands

- Mitigation Credits



4 Factors of Production in Economics - ANSWER1. Land

2. Labor

3. Capital

4. Entrepreneurship



3 Economic Attributes of Land - ANSWER1. Durable

2. Finite

3. Useful



Real Estate - ANSWER- Is the physical land and appurtenances (improvements or buildings) affixed to
the land

- Immobile and Tangible

- Natural part of land

- Building and site

- All permanent buildings attachments (fixtures)

- Attachments above and below ground

, Real Property - ANSWER- All interests, benefits, and rights inherent in the ownership of the real
estate

- Estate is a right or interest in real estate

- "Bundle of Rights" - Right to use, sell, lease, enter, give away, etc.

- When transferred, a written document must be prepared



Title - ANSWEROwnership rights to real property

(Actual Ownership)



Deed - ANSWERDocument used to convey right from one property to another

(Document showing ownership)



Lease - ANSWERConveys the rights of use and possession of the real property under the agreed upon
terms

(Ownership is not transferred)



Personal Property (aka "Chattel") - ANSWERMovable items or property that are not permantely
affixed to , or part of, the real estate



Fixture - ANSWERAn article that was once personal property, but has since been installed or attached
to the land or building in a rather permanent manner

- Considered Real Estate



Trade Fixtures (aka "Chattel Fixture") - ANSWERAn article that is owned and attached to a rented
space or building by a tenant and used in conducting business



Testing for Fixture Status (3) - ANSWER1. Test of Intent of the Parties

2. Test of Attachment

3. Test of Adapability



Test of Intent of the Parties - ANSWERIntention of the party who attached the item

* Best to have it written in Real Estate Contract *

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