Chapter 1 "Introduction to Modern Real Estate Practice" Flashcards Preview

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Flashcards in Chapter 1 "Introduction to Modern Real Estate Practice" Deck (12)
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1

Uses of Real Property

Residential, Commercial, Industrial, Agriculture, Special Purpose and Mixed Use

2

7 Sources of Real Estate Law

U.S. Constitution, State Constitutions, State Laws and Regulations of State Agencies, Local Ordinances, Court Decisions, Federal Law Passed by Congress and Regulations of Federal Commissions and Agencies.

3

Common Law

affects real estate ownership and transfer which is the body of rules and principles founded on tradition and court decisions.

4

Federal Laws

Capital Gains Tax Law
Fair Housing Law
Equal Credit Law
Real Estate Settlement Law

5

State Laws

Contract Law
General Property Law
Landlord-Tenant Law
Agency Law
Real Estate License Law
Consumer Protection Law

6

Economic Characteristics

(affect the investment value)
Relative Scarcity
Improvements
Permanence of investment
Are Preference

7

Physical Characteristics

Immobility, indestructibility, and nonhomogeneity

8

Factors that affect Supply

Labor Supply
Construction Costs, and
Government Controls and Policies

9

Factors that affect Demand

Population
Demographics, and
Employment/Wage Levels

10

Business Cycles

Expansion (growth) - Recession (slow down) - Depression (the bottom) - Revival (recovery)

11

Nonhomogeneity

the fact that no two parcel of land are exactly alike

12

The real estate market is considered local in character because..

land is fixed, or immobile