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Colibri Real Estate Chapter 1 Questions And Answers With Verified Solution Already Passed!!!
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Colibri Real Estate Chapter 1 Questions And Answers With Verified Solution Already Passed!!!
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Colibri Real Estate Chapter 1 QuestionsAnd Answers With Verified Solution
Already Passed!!!
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
What are the three physical characteristics of land? - ANSWER✔✔- Immobile or
permanent
- Indestructible
- Non-homogenous or unique
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.
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
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
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