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Real Estate - Unit 1
| Term | Definition |
|---|---|
| Agricultural Real Estate | Includes farms, orchards, timberland, ranches, and hatcheries. |
| Appraisal | The process of estimating the market value of real estate. |
| Brokerage | Bringing together parties (buyer and seller or landlord and tenant) in a real estate transaction. |
| Commercial Real Estate | Used for business and includes retail stores and shopping malls, office buildings, theaters, and parking lots. |
| Fixity | Permanence of Investment - Investments in real estate are long term. |
| Immobility | The geographical location of the property always remains the same. |
| Indestructability | Also called durability. Land cannot be destroyed or worn out. |
| Industrial Real Estate | Includes factories, warehouses, and research and development facilities. |
| Modification | Also called improvements - states that changse in a parcel of land affect its value. The effect may be either favorable or unfavorable. |
| National Association of REALTORS | NAR - The largest and best-known professional association in the real estate industry. |
| Market Segmentation | Several different markets may operate in the same area. Market segmentation may occur in several different ways, including the type of property (residential vs. commercial) and the price range for property. |
| Nonhomogeneity | No parcel of real estate are exactly alike. |
| Residential Real Estate | Includes single-family residences, condos, cooperatives, apartments, duplexes and triplexes, town homes, and mobile homes. It also includes dwellings used for vacation hoes and retirement housing |
| Special Purpose Real Estate | Property that does not fit into the other 4 classes (residential, commercial, industrial, agricultural). These include: churches, government land, hospitals, and schools. |
| Situs | Area Preference or location. Refers to people's preference for certain areas. Considered the most important economic characteristic of real estate. |
| Scarcity | The supply of real estate is limited. There is no shortage of land use; however, there frequently is not enough in certain popular areas to meet demand. |
| Vacancy levels | A vacancy rate is the % of all units that are not occupied. While not a factor in creating demand, vacancy levels are an indication of the demand for property in an area, and there may be several rates based on the type of property. |
| Demographics | The characteristics of the population. Demographics affect not only the total demand for real estate but also the type of housing demanded. |
| REALTOR | A registered trademark of the NAR and may only be used by its members. |
| Allodial system | A legal system that recognizes full property ownership rights of individuals. Individual ownership includes the rights of possession, control, enjoyment, and disposition. |
| Real Estate | Includes all of the components in the definition of land plus artificial things (placed by humans) permanently attached. |
| Land | Refers not only to the surface of the earth but also to the area below it to the center of the earth, and above it to infinity, and to all natural things permanently attached. |
| Common law | A body of law developed through court decisions based on custom and usage. |
| Property Rights | "Bundle of legal rights" - Possession, Enjoyment, Disposition, Control, Exclusion. |
| Real Property | Includes everything in the definition of real estate and also the legal interests, rights, and privileges associated with the ownership of real estate. |
| Improvements | Any type of land development is considered an improvement to the property. Improvements include buildings, streets, fences, and sewers. |
| Raw land | That that is unimproved |
| Air Rights | Property ownership includes the rights to the space above the surface of the earth, called air rights |
| Subsurface rights | Property ownership includes rights to the ground below the surface of the earth. Includes ownership of all minerals (mineral rights). An owner may transfer ownership of the surface rights but retain the subsurface rights. |
| Personal property | Also called Chattel property or personalty. Includes any property that is not real property. Its principal characteristic is that it is movable, whereas real property is immobile. |
| Intangible Property | Cannot be seen or touched, it is represented by some type of document, such as a stock certificate. |
| Tangible Property | Includes physical things that can be seen and touched. |
| Attachment | Personal property is changed to real property. |
| Emblements | Fruits of industry - cultivated annual crops. |
| Fixture | An object that once was personal property, but has been attached to the land or a building so that it now is real property. Fixtures are real property. |
| Fruits of Industry | Cultivated annual crops are considered personal property. Called Emblements. |
| Fruits of nature | Naturally growing plants and trees that do not require cultivation are classified as real property. |
| Severance | Real property changed to personal property. |
| Trade fixture | An article attached by the tenant to the building for use in conducting a trade or business. Trade fixtures remain the personal property of the tenant. |
| 5 Classes of Real Estate | Residential, Commercial, Industrial, Agricultural, Special Purpose |
| Physical Characteristics of Real Estate | Immobility, Indestructibility, Nonhomogeneity |
| Economic Characteristics of Real Estate | Scarcity, Modification (improvements), Permanence of Investment (fixity), Area of Preference (situs) |
| Counseling | Real Estate Counselors provide independent advice to individuals and firms regarding the purchase and use of real estate investments |
| Education | Real Estate education includes instruction for both real estate practitioners and the general public. |
| Financing | Most real estate transactions include financing. |
| Property Development | Real estate development involves dividing larger parcels of land (called subdividing) and the construction of improvements such as roads and utilities. |
| Property Management | Property managers are typically responsible for finding tenants, collecting rent, and ensuring that the property is maintained. |
| Rental Finding Services | Hep tenants find rental units and landlords find tenants |
| Urban Planning | Growing area of specialization. Typically work with local governments making recommendations regarding new schools, parks, utilities, streets, and highways. |
| Home Inspection | Professional home inspectors conduct a thorough survery of a property's structure; its mechanical, plumbing, and electrical systems; and site conditions. A report is prepared providing info on the property's physical condition. |
| Tests of a Fixture | Agreement of the parties, Intention of the Parties, Method of Attachment, Adaptation of the item |
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