Unit 1 Key Terms Flashcards Preview

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Flashcards in Unit 1 Key Terms Deck (7)
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1

land

- the earth's surface
- extends downward to the center of the earth with subsurface rights, and
- stretches upward to infinity with air rights

2

real estate includes:

- land at, above, and below the earth's surface
- all things permanently attached to the land both natural and man-made

3

real property includes:

- interests,
- benefits, and
- rights that are atomically included in the ownership of land and real estate.

4

The characteristics of real estate are:

Physical
- Immobility
- Indestructibility
- Uniqueness
Economic
- Scarcity
- Location
- Improvements
- Permanence of Investment

5

real estate brokerage

the business of bringing people together in real estate transaction conducted by:
- a broker
- a provisional broker

6

appraisal:

the process of estimating a property's value

7

property management:

conducted by a property manager, person or company hired to maintain and manage on behalf