Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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
Popular Real Estate sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards