busi330

Question 1

real estate

Answer 1

physical assets like land and improvements

Question 2

real property

Answer 2

legal rights attached to land, cant be touched but can be appraised and sold

Question 3

personal property

Answer 3

tangible but not affixed to the real estate

Question 4

characteristics of real property

Answer 4

immobility, durability of improved land, indivisibility of services, divisibility of ownership

Question 5

fixture

Answer 5

apart of property

Question 6

chattel

Answer 6

personal property, not affixed to the real estate

Question 7

factors of value

Answer 7

scarcity, demand, utility, and purchasing power

Question 8

ceiling price

Answer 8

max a buyer will pay

Question 9

floor price

Answer 9

max a seller will accept

Question 10

market value

Answer 10

most probable price which a property shall bring in a competitive open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus

Question 11

value in use

Answer 11

value of property as it is currently used- ALR

Question 12

taxable value

Answer 12

defined by governments for tax situations such as for estate, capital gains or gift tax purposes

Question 13

synergistic value

Answer 13

value of combined interests is greater then the value of single interest

Question 14

lending value

Answer 14

mortgage

Question 15

going concern value

Answer 15

is tied to business, franchise with a drive through may not be best for franchise that doesnt need it

Question 16

book value

Answer 16

accounting