Quiz 1 Review
1. Tangible vs intangible
a. Tangible: physical assets (you can touch feel or see; and have value)
b. Intangible: symbolic value (stocks, bonds, mortgages)
2. Differences between land and raw land
a. Land: the earth that has improvements made to the land
b. Raw land: larger area of land that does not include any improvements
3. Government influences on real estate: a. Eminent domain: can seize property for a price b. Police regulatory power: Police can enforce rules c. Building codes: strong buildings in hurricane weather, smoke detectors, etc. d. Taxation: they have the right to tax
4. What portion of US households own their home: Two-thirds
5. Property attributes: Location, school district, area surrounding the property
6. Buying and Selling Properties:
a. Grantor: must be of legal age, must be legally competent, must sign deed
b. Grantee: must be identified, no need to be competent, no need to be of legal of age
7. Bundle of rights: A set of legal rights afforded to the real estate title holder. The bundle of rights can include the right of possession (the property is owned by the title holder), the right of control (the owner controls the property's use), the right of exclusion (the holder can deny people access to the property), the right of enjoyment (the holder can use the property in any legal manner) and the right of disposition (the holder can buy or sell the property).
8. Fixtures: real property that was formally personal property (rules: manner of attachment, charter of the article and manner of adaptation; custom windows, church pews, custom designed furniture)
9. Personal Property: Non-permanent structures; personal and household goods, intellectual property, music
10. Types of ownership estates:
a. Direct: tenancy in common, joint tenancy, tenancy in entirety
b. Indirect: LLC, Partnership, Corporation, REIT,