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Real Est. Test #2

QuestionAnswer
REAL ESTATE MARKET ANALYSIS The study of whether when/where/how real estate improvements will or should be made.
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.
POLICE POWER Used to justify zoning ordinanaces, building codes, and similar things intended to promote public welfare.
TAXATION
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.
TITLE INSURANCE Protection against loss arising from problems connected to the title to your property.
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
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.
ESSENTIALS OF A VALID LEASE Description of property, consideration, term of the lease, agreement of the parties, signed by the parties.
LEASEHOLD ESTATES: ESTATE FOR YEARS Terminates at a specific time
LEASEHOLD ESTATES: ESTATE FROM YEAR TO YEAR NO exact termination date but will end on annual anniversary.
LEASEHOLD ESTATES: MONTH TO MONTH
LEASEHOLD ESTATES: TENANCY AT WILL May terminate at any time (either by landlord or tenant)
LEASEHOLD ESTATES: TENANCY AT SUFFERANCE The situation where a tenant who lawfully took possession remains in possession, unlawfully, after the lease has ended.
GROSS LEASE Flat rental amount (apartments)
PERCENTAGE LEASE Based on % of sales (retail)
NET LEASE Tenant pays items such as taxes, insurance, and repairs
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.
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.
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.
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...
ASSET MANAGEMENT SKILL SET asset pricing, financing, urban economics, investment analysis, appraisal analysis, property mgmt, MBA/Masters in Real Estate
PROPERTY MANAGEMENT DUTIES Marketing the property, selecting tenants, signing leases, collecting rent, repairing and maintaining property, communication with owners, maintaining tenant relationships.
BENEFITS OF RENTING High mobility, no management responsibility, no down payment needed, possibly no maintenance responsibility
BENEFITS OF OWNING Forced savings: largest single investment, tax shelter, potential capital appreciation (asset increasing in value), pride of ownership, tax shelter upon sale
MULTIPLE LISTING SERVICE A suite of services that enables brokers to: establish contractual offers of compensation, accumulates information to enable appraisals
USES OF TECHNOLOGY IN REAL ESTATE Listing properties, finding an agent, research, financing
Created by: 63204265