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FINC 371-Exam 1 Questions & Answers 100% Correct!! €12,76
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FINC 371-Exam 1 Questions & Answers 100% Correct!!
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real estate - ANSWERLand and things attached to it such as buildings and other improvements to the land - immobile and intangible - natural part of land six most important things in RE - ANSWERlocation (x3) timing (x3) real property - ANSWERconsists of the legal interests associated with o...

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  • 5 augustus 2024
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  • 2024/2025
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  • finc 371 exam 1 questions answers 100 correct
  • finc 371 exam 1 stuvia 2024
  • real estate answerland and things attached to it
  • six most important things in re answerlocation

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FINC 371-Exam 1 Questions & Answers 100% Correct!!



real estate - ANSWERLand and things attached to it such as buildings and other improvements to the
land

- immobile and intangible

- natural part of land



six most important things in RE - ANSWERlocation (x3)

timing (x3)



real property - ANSWERconsists of the legal interests associated with ownership of the physical real
estate; estate is a right or interest in RE



personal property - ANSWERlegal interests in all other types of properties, so movable items such as
automobiles, furnitures, boats, clothing

aka chattel



characteristics of real estate - ANSWERfixed location, uniqueness (heterogeneous) , interdependence
of land uses, long life, long-term commitments, large transactions, long gestation period (makes the
supply of RE slow to respond to increases in demand)



gestation period - ANSWERthe time between the conception of a development project and its actual
completion and subsequent entry into available supply may be several years.



careers in RE - ANSWER* RE brkg

* property mgmt

* RE finc

* appraisal

* consulting

* development and construction

* corporate AM

* legal experts

* land planners

,use of land depends on - ANSWER1. provision of public services

2. nearby land uses

3. general economic vitality of neighborhood and community




lower interest rates --> - ANSWERreal estate prices go up



4 factors of production - ANSWERland, labor, capital, entrepreneurship



economic attributes of land - ANSWERis durable, supply is finite, is useful to people



title - ANSWERownership rights to real property



property - ANSWERany objects that can be owned or possessed - RE, vehicles, books, clothing



deed - ANSWERdocument used to convey the rights from one party to another; when ownership
rights to real property are transferred



lease - ANSWERdocument used to convey the rights from the property owner to the tenant; conveys
the rights of use and possession of real property under agreed on-terms but DOES NOT transfer
ownership rights to the property



fixture - ANSWERpersonal property that becomes real property when it is attached to the land or a
building



tests for fixture status - ANSWER1. test of intent of the parties

2. test of attachment

3. test of adaptability



trade fixtures - ANSWERpersonal property used in a trade or business such as machinery, office
equipment and office cubicles to the building without losing the right to remove these items at the
termination of the lease - aka chattel fixture

, test of intent of the parties - ANSWERbest way is by a written agreement that states clearly which
items are to be considered part of the real estate and which are to be considered personal property



test of attachment - ANSWERwould it cause damage to the land or building if was removed



test of adaptability - ANSWERitems that have been specifically adapted to the real estate; issue
considered in this test is whether removal of the item would substantially alter the usefulness of the
remaining RE



air rights - ANSWERreal property rights to the space above the earth's surface; pie-shaped beginning
at the earth's center and extending through the surface to a reasonable distance

-transferable



mineral rights - ANSWER- Real property rights to the minerals and other useful materials that exist
below the surface



- Transferable



water rights - ANSWERwho has the right to withdraw water from the land



rights relating to navigable bodies of water - ANSWERowner aka littoral proprietor generally owns
the land to the high-water mark (the government usually owns the land underneath the water);
owners are called littoral proprietors;

5 principal classifications of RE in private mkt place - ANSWER1. owner-occupied residential

2. renter-occupied residential

3. commercial

4. industrial

5. farm/agricultural



residential real estate - ANSWER- single family attached

- duplex/quadplex

- apt complex

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