REAL 4000 Test 1 - UGA Dr. Martin; Questions & Answers 100% Solved
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Course
REAL 4000 UGA
Institution
REAL 4000 UGA
REAL 4000 Test 1 - UGA Dr. Martin; Questions
& Answers 100% Solved
1. mortgage
2. financial crisis
3. recession Correct answer-3 phases of 2007 collapse
3 ways to describe "Real Estate" Correct answer-1. identify the tangible assets of land
and buildings
2. denote the bundle of rights ass...
REAL 4000 Test 1 - UGA Dr. Martin; Questions
& Answers 100% Solved
1. mortgage
2. financial crisis
3. recession Correct answer-3 phases of 2007 collapse
3 ways to describe "Real Estate" Correct answer-1. identify the tangible assets of land
and buildings
2. denote the bundle of rights associated with the ownership of property
3. activities related to the acquisition, operation, disposition of physical assets
durability Correct answer-poorly built real estate and the effects of decisions in real
estate last a long time
lumpiness Correct answer-real estate gets added to the market in relatively large chunks,
hard to determine when to start a big development project
imperfect information Correct answer-impossible to know the value of real estate, seller
typically knows more about a property than the buyer does
price dispersion Correct answer-range of potential values for a property, no single known
value
, REAL 4000 Test 1 - UGA Dr. Martin; Questions
& Answers 100% Solved
high transaction costs Correct answer-brokerage fees (5-10%), search costs, reduces the
return of flipping houses
immobility Correct answer-supply cannot be shifted to another market = surpluses and
shortages can co-exist
consume a product, consume the location (unavoidable)
perfect heterogeneity Correct answer-impossible for two locations to have the same
location, every property has a location monopoly, no perfect substitutes
1. user market
2. financial/capital market
3. government sector Correct answer-Which markets is real estate influenced by?
basic rights Correct answer-government is expected to support you in your claims
non-revocable and enduring
personal rights Correct answer-derive from the Constitution and Bill of Rights
, REAL 4000 Test 1 - UGA Dr. Martin; Questions
& Answers 100% Solved
property rights Correct answer-oldest notion of the law
includes:
1. exclusive possession
2. use and enjoyment
3. dispostion
surface rights Correct answer-rights to the land and everything permanently attached to
it, includes raw land, improvements to the land (clearing, rezoning), and improvements on the
land (buildings)
subsurface rights Correct answer-rights to the ground below the the surface of the
property
air rights Correct answer-rights to the reasonable distance above the surface of your
property, relates to the interference of enjoyment (drones)
fixtures Correct answer-an object formerly personal property, but becomes real property
through attachment
freehold interests Correct answer-a property that you have the rights to/own for an
indefinite period of time, like a house
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