Superior School Real Estate - Chapter 1
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What are the 5 categories of real estate? - ✔✔Residential (1-4
Units), Commercial, Industrial, Agricultural, and Special Purpose
Define Bill of Sale - ✔✔An instrument transferring ownership of personal property
Define Free Market - ✔✔An economic condition in which buyer and seller
are able to negotiate a purchase and sale without undue pressure, urgency,
or outside influences other than the law of supply and demand
, Define Highest & Best Use - ✔✔The use of land that will preserve its utility and
yield a net income in the form of rent that forms, when capitalized at the
proper rate of interest, the highest present value of the land
Define Immobility - ✔✔A physical characteristic of land describing
the impossibility of relocating land from one place to another
Define Improvements - ✔✔Structures, walls, roads, and so on
Define Indestructibility - ✔✔A physical characteristic of land meaning that land
is a permanent commodity and cannot be destroyed
Define Personal Property - ✔✔All property that is not land and is not
permanently attached to the land. Everything that is movable.
Define Real Estate - ✔✔Land and everything that is permanently attached to land.
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