REAL 4000 Test 2 Dietz, UGA REAL 4000 EXAM 3 Dietz, REAL 4000 Test 4 Dietz | Guaranteed Success
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REAL 4000
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REAL 4000
REAL 4000 Test 2 Dietz, UGA REAL 4000
EXAM 3 Dietz, REAL 4000 Test 4 Dietz |
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5 types of commercial real estate - Retail, Hotel, Office Space,
Multifamily, Warehouse/Industrial
Two types of property - tangible and intangible
tangible - physical assets that can be owned (can ...
5 types of commercial real estate - ✔✔Retail, Hotel, Office Space,
Multifamily, Warehouse/Industrial
Two types of property - ✔✔tangible and intangible
tangible - ✔✔physical assets that can be owned (can be real and personal)
intangible - ✔✔non physical assets such as stock bonds and mortgages,
leases
What three ways are the term real estate used? - ✔✔1.Tangible Asset
(Building, Raw Land, Improvements to land) 2. Bundle of rights (Exclusive
possession of the real property (you own and can exclude) Use or
enjoyment can do whatever you want within means of law Disposition
(sale) - selling the land
Can be unbundled (sticks)) 3. Real Estate as a career
Property Market Formula - ✔✔space market/capital market
,Property Value Formula - ✔✔next years NOI/ Capitalization rate
1 acre = - ✔✔43560 sq ft
1 square mile = - ✔✔640 acres
4 Quadrants of Capital Markets - ✔✔Private equity
Private debt
Public equity
Public debt
Institutional grade property - ✔✔>10 million
Investment Grade - ✔✔<10 million
What are rights? - ✔✔Claims that the government is obligated to enforce,
non revocable, enduring (not limited to memory of the owners)
Two different types of rights - ✔✔Personal & Property
Personal Rights - ✔✔guaranteed by the constitution
property rights - ✔✔the rights individuals or firms have to the exclusive use
of their property, including the right to buy or sell it
Real Property - ✔✔physical property such as land and buildings
Personal Property - ✔✔possessions such as jewelry, furniture, and boats
Fixtures - ✔✔Real property that was formerly personal property
,four rules of fixtures - ✔✔1. Manner of attachment (how attached is it to the
property..clock vs light attached to ceiling...does it cause damage when
removed quickly
2. Character of the article and manner of adaption (Dry bar in corner that
was designed for it)(other examples, church pew)
3. Intention of the parties (dominant rule): based on the customary
assumptions of the realm (will you bring the fridge when you leave?) some
places take all of the appliances
4. Relation of the Parties: Trade Fixtures - commercial real estate fixtures
that goes with the tenant when they leave
interest - ✔✔Any set of rights in real property
Estate - ✔✔a real property interest that includes the right of exclusive
possession
- non possessory interests
Two types of estates - ✔✔Ownership estate & Leasehold estate
free simple absolute - ✔✔the highest and most complete form of
ownership, potentially infinite duration
Free simple conditional - ✔✔all rights, but revocable if specific condition is
violated (UGA property revocable if iron mine is opened on ag hill)
, Ordinary Life Estate - ✔✔Estate in which the property owner retains all
rights of exclusive possession, use, and enjoyment for life while a
subsequent owner holds a remainder interest that follows the life estate.
Legal Life Estate - ✔✔A form of life estate established by state law, rather
than created voluntarily by an owner. It becomes effective when certain
events occur. See dower, curtesy, and homestead for legal life estates
used in some states.
Tenacy for years - ✔✔does not have to be a year long
-a lease must be in writing if for more than one year to be enforceable
- specific amount of time
periodic tenacy - ✔✔no definite length of time
-often by oral
- exit period is 6 months
- no specific end length
Tenacy at Will - ✔✔a leasehold estate with no specified termination date or
specified period of time. Either party can end at any time. i.e. caretaker -
auto ends at death of tenant or landlord. (unlike other leasehold estates)
Tenacy at sufferance - ✔✔prior lease is over and tenant has not left;
under disagreement tenant told to leave but stays anyways
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