Chapter 01 and 2 Flashcards
1
Q
Land
A
Earths surface extending to the earths core ad upward to Infiniti
2
Q
Real Estate
A
Land plus man made improvements
3
Q
Real property
A
real estate plus the benefits and rights that go along with ownership
4
Q
Bundle of legal rights
A
- Right of possession
- Right to control property within the framework of the law
- Right of enjoyment (in legal matter)
- Right of exclusion
- Right of disposition ( to sell, will, transfor)
5
Q
Chattel
A
Personal property
6
Q
Emblements
A
Annually cultivated crops
7
Q
Severance
A
The process of turning real property into personal property
8
Q
Annexation
A
The process of turning personal property into Real property
9
Q
Types of Real Property
A
- Residential
- Commercial
- Industrial
- Agricultural
- Mixed use
- Special purpose
10
Q
Factors that affect supply
A
- Labor force, construction, and material cost
- Government controls and financial policies
11
Q
Factors that affect demand
A
- Population
- Demographics
- Employment wages and levels
12
Q
Appurtenance
A
A right, privilege, or improvement belonging to and passing with ownership
13
Q
Situs
A
Area preference
14
Q
Physical Characteristics of Real Property
A
- Immobility
- Indestructibility
- Uniqueness ( nonhomogeneity)
15
Q
Economic Characteristics of Real Property
A
- Scarcity
- Improvements
- Area Preference ( Situs)
- Permanence of Investment
