Colibri Real Estate Chapter 1 Updated Exam |Questions With Verified Answers
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Colibri Real Estate
Colibri Real Estate Chapter 1 Updated Exam |Questions With Verified Answers
What five economic characteristics affect the value of land in the marketplace? (D.U.S.T.S) Correct Answer
1. Demand; The more demand a property has, the higher the value
2. Utility (Or usefulness); More space/rooms ...
what five economic characteristics affect the valu
what are the three physical characteristics of la
explain the differences between the legal concept
define special purpose real e
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Colibri real estate
Colibri real estate
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Colibri Real Estate Chapter 1 Updated Exam |Questions With Verified Answers
What five economic characteristics affect the value of land in the marketplace? (D.U.S.T.S) Correct 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? Correct Answer - Immobile or permanent
- Indestructible
- Non-homogenous or unique
Explain the differences between the legal concepts of land and real estate. Correct 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. Correct 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. Correct Answer The right of Possession
The right to Transfer Interests
The right to Encumber
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