Real Est. Test #2
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| REAL ESTATE MARKET ANALYSIS | The study of whether when/where/how real estate improvements will or should be made.
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| EMINENT DOMAIN | The governmental power to acquire private property for a public use without the landowner's consent via condemnation proceedings. Must be accompanied by just compensation.
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| POLICE POWER | Used to justify zoning ordinanaces, building codes, and similar things intended to promote public welfare.
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| TAXATION |
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| ESCHEAT | When one dies without having distributed his property by a properly executed will and has no heirs the process by which the decendent's real estate is transferred to the state.
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| TITLE INSURANCE | Protection against loss arising from problems connected to the title to your property.
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| REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) | Requires full disclosure of real estate closing costs; eliminates kickbacks; provides disclosure of all settlement costs; regulates how much escrow is required
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| LEASE | Contract under which a lessee receives certain rights in property or possession, for a stated period of time in return for consideration paid to lessor.
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| ESSENTIALS OF A VALID LEASE | Description of property, consideration, term of the lease, agreement of the parties, signed by the parties.
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| LEASEHOLD ESTATES: ESTATE FOR YEARS | Terminates at a specific time
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| LEASEHOLD ESTATES: ESTATE FROM YEAR TO YEAR | NO exact termination date but will end on annual anniversary.
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| LEASEHOLD ESTATES: MONTH TO MONTH |
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| LEASEHOLD ESTATES: TENANCY AT WILL | May terminate at any time (either by landlord or tenant)
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| LEASEHOLD ESTATES: TENANCY AT SUFFERANCE | The situation where a tenant who lawfully took possession remains in possession, unlawfully, after the lease has ended.
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| GROSS LEASE | Flat rental amount (apartments)
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| PERCENTAGE LEASE | Based on % of sales (retail)
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| NET LEASE | Tenant pays items such as taxes, insurance, and repairs
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| TRIPLE NET LEASES | When a tenant/lessee has to pay all taxes, insurance, and maintenance in addition to fixed rent; also known as hell or high water lease.
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| GROUND LEASE | Rented ground; a lessee can build/improve upon land but at the end of lease, all improvements would still belong to the landowner.
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| PROPERTY MANAGEMENT | A contractual service which provides for complete operation, care, leasing and rent collection on an agency basis between a broker and a principal (marketing, selecting tenants, collecting rent); usually reports to an asset manager.
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| ASSET MANAGEMENT | Deals with physical aspects, financing, or ownership structure of portfolio; managing portfolios, refinancing one or more properties, making recommendations for buying/selling properties...
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| ASSET MANAGEMENT SKILL SET | asset pricing, financing, urban economics, investment analysis, appraisal analysis, property mgmt, MBA/Masters in Real Estate
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| PROPERTY MANAGEMENT DUTIES | Marketing the property, selecting tenants, signing leases, collecting rent, repairing and maintaining property, communication with owners, maintaining tenant relationships.
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| BENEFITS OF RENTING | High mobility, no management responsibility, no down payment needed, possibly no maintenance responsibility
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| BENEFITS OF OWNING | Forced savings: largest single investment, tax shelter, potential capital appreciation (asset increasing in value), pride of ownership, tax shelter upon sale
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| MULTIPLE LISTING SERVICE | A suite of services that enables brokers to: establish contractual offers of compensation, accumulates information to enable appraisals
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| USES OF TECHNOLOGY IN REAL ESTATE | Listing properties, finding an agent, research, financing
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