0

Question 1

What is property

Answer 1

Property is anything that can be owned a tangible asset e.g building or intangible asset eg lease

Question 2

The 3 ways the term r.e is used.

Answer 2

To refer to a tangible asset
To denote the bundle of right
Refer to the R. E industry

Question 3

What is R. E and what does land include

Answer 3

R.e is the land and its permanent improvements

Land includes
The rights to the air space above its up to a certain height
The surface of the land
The subsurface and down to the surface of the earths core including any minerals contained there in

Question 4

What bundle of rights

Answer 4

Rights I benefits services that R. Provides e.g right to shelter, privacy and security

Question 5

Dwelling and cluster housing, sectional title, share block

Answer 5

Dwelling, free standing permanent beetling on single identifiable piece of land

Cluster housing, each house is on a subdivided peace of land, owner owns, both house and land, owner has separate title deed for property

St complex is divided into different sections, each section was a different owner, different -rights to owners (exclusive rights or use of common areas )

Sb owned leased by company, share owner gets to occupy building, only has usage rights, share are notrecognised as immovable property

Question 6

Characteristics of r. E markets

Answer 6

Durable assets, government influence, information is costly and difficult to to find transactional costs, large economic unit, unique location and heterogeneity

Question 7

Difference between r.e markets and efficient markets

Answer 7

Heterogenous asset, few buyers and sellers per deal, high exit and entry transactional costs, no central mechanism, lack of information supply and demand imbalances, time lapse between new information and new supply