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Ch 1. Learning Obj.

Textbook Ch. 1 Beginning of Ch. Learning Objectives; Review/Trouble Concepts

TermDefinition
What are the classes of real estate property? 1. Real property- land+ everything permanently attached to land, including improvements. 2. Personal property (chattel)- everything not land or not permanently attached to land. Readily movable. Bill of sale= transfers ownership of personal property.
Physical characteristics of land? U- Uniqueness (Nonhomogeneity) [requires market be local; ea. parcel of land's location makes it unique] P- Permanence (Indestructibility) I- Immobility [causes market to be local in character & a market slow to react to s+d]
Economic characteristics of land? S- Scarcity L- Location (situs) I- Improvements P- Permanence of Investment
Concepts of land use and development: -Highest & best use -Land use controls -Investment objectives -Scope of real estate business -Real estate market
Highest & Best Use concept of land Attained by intelligent use of capital, labor, & other resources to improve land and its productivity. Use that will provide property owner best possible investment return over time. Only 1 best use for specific land at a time & it changes w/ time.
Land use controls: #1: Public land use restrictions/controls Public: -city planning & zoning -state and regional planning, building codes. -suitability for occupancy requirements. -environmental control laws. - Also gov't ownership of land: public buildings, public parks, watersheds, streets, and highways.
Land use controls: #2. Private land use restrictions/controls Private: - protective or restrictive covenants made by developers. -restrictive individual deeds (private deed restrictions requiring continuation or prohibition of a specified land use). -use restrictions imposed on a lessee in a lease contract.
Real estate investment objectives: The 3 ways to profit from a real estate investment 1. Appreciation 2. Positive Cash Flow - property's gross effective income >total operating expenses. 3. Tax Advantage - appreciation/gains being taxed @ capital gain rate < investor's marginal tax rate when property is sold + from prop. tax, insurance .
Scope of real estate business and the real estate market Specialties in r.e. include: -brokerage (specializations include farm + land, residential, commercial, & investment property brokerage) -property management -appraising -financing -construction -prop. development -r.e. education -gov't service.
Factors affecting real estate supply - labor force availability - construction & material costs - government controls - financial policies
Factors affecting real estate demand - population - demographics - employment & wage levels
Laws that affect real estate - contracts - state & local zoning - fed and state environmental regulations & tax laws
Supply and demand when supply increases and demand remains the same, prices go DOWN when demand goes down and supply remains the same, prices go UP
9 types of housing 1. single fam. 2. aparts. 3.condos 4.cooperatives (own stock in building not units) 5.Planned Unit Dev.(PUDs- com.w/markets, post office) 6.Mixed-Use Dev.(MUDs - houses + retail) 7.Modular Home / Manufactured (prefab) 8.Mobile Homes 9.Timeshares
Housing affordability and factors for loans FHA - Federal Housing Authority VA - Dept. of Veteran Affairs PITI - (Principle, Interest, Taxes & Insurance) - cannot exceed 28% of monthly gross
6 types of real property 1 - Residential 2 - Commercial 3 - Mixed-use (both) 4 - Industrial 5 - Agricultural 6 - Special Purpose (church, school, government)
Created by: laurenk1996