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Intro RE Principles

Terms and questions from Ch. 1 of Michigan RE Test book

QuestionAnswer
Define Real Estate( or real property/realty) Land and everything that is permanently attached to the land.
Define Personal property Everything that is not real property-ie not permanently attached.
What are the 3 Physical Characteristics of Real Property? 1. Immobility 2. indestructibility (permanence) 3. Heterogeneity (uniqueness).
What are the 4 Economic Characteristics of Real Property? 1. Scarcity/limited Availability 2. Permanence of Investment(ownership desirable) 3. Location 4. Modification by Improvement
Which 1 of the 4 Economic Characteristics has greatest effect on value? Location!
What are some of the economic factors that affect Land Use? Local Property Tax assessments, Tax rates, wage and employment levels, availability of financing, interest rates, growth in a community, zoning, fire regulations, building codes and community planning.
In relation to land, what are 3 things needed to utilize Highest and Best Use? 1. Preserves land utility 2. Provides greatest income 3. Results in greatest present value.
What is the difference between a fuedal system and an allodial system in relation to land use controls? Fuedal-owned/controlled by the king Allodial-individuals have private ownership
Define Investment in relation to Real Estate. Acquisition/control of property expecting income or profit.
Define the term REALTOR and his relation to the NAtional Assoc. of REALTORS(NAR). Realtor-Real Estate Professional who subscribes to the "Code of Ethics and Standards of Practice" developed and governed by the NAR(1908).
What is ARELLO? Assoc. of Real Estate License Law Officials- developed in 1929 -organization of license law officials to create, administer and enforce license laws.
What is a Listing Contract? Property owner employs brokerage to market property for a period of time at certain price and terms.
What is Leverage? Use of someone else's money to enhance your own.
Define supply and demand in relation to Real Estate. greater the supply of a real property compared to demand, the lower the value. lower the supply in relation to demand, greater the value.
Why is Real Estate sometimes a good example of the Free-Market concept? Seller and Buyer can agree on mutually beneficial price without pressure/urgency.
Created by: jenkij