Chap 1 - Intro To Real Estate Principles Flashcards
What increases economic land supply?
Land Utilization
What do values do in homogenic neighborhoods?
Stabilize
Soil Conditions, Parcel Size, and Topography are examples of what type of physical factor of land use?
Natural
What has the greatest effect on land use?
Location
Tax Rates, Wage Levels, and Interest Rates are examples of ________ factors of land use
Economic
Values ______ in heterogenic neighborhoods
Fluctuate
Streets, Availability of Public Utility, and Adjacent Land Use Patterns are what type of physical factor or land use
Artificial
Location is also called?
Situs
Indestructiblity is also called?
Permanence
Are components of Real Estate are separable?
Yes
Permanence of Investment Concept
Land can’t be consumed when used
What type of characteristic of land is the “Permanence of Investment”
Economic
The Allodial System is an example of a?
Land use control
What’s the allodial system?
When land is owned and controlled by individuals
Concept of Indestructibility
Land can’t be destroyed
What type of characteristic of land is the Concept of Indestructibility
Physical
What % of MI economy id real estate related?
60-68
Scarcity/ Limited Availability concept
Land is in fixed supply
What type of characteristic of land is Scarcity/ Limited Availability concept
Economic
Year ARELLO organized
1929
Buyer Brokerage
Real Estate licensee establishes contract for services with buyer
Each parcel of land can only have _____ highest and best uses at a time
1
Zoning laws are a example of?
Public Land Use
Exclusions of Real Property must be conveyed where and when?
Purchase Agreement or Offer to Purchase before sale
Personal Property
Everything readily moveable
Personal Property is also called?
Chattel
What is ARELLO
Association of Real Estate License Law Officials
What does ARELLO do?
Help create, administrate, and enforce license law
Real Estate Encompasses
Surface below, above, and air above a land plot
What happens @ closing?
1) Buyer gets Deed
2) Seller gets $
3) Broker gets $
Contract for sale is also called?
Purchase Agreement or Offer to Purchase
Contract for Sale
Contract to buy/ sell property from the written acceptance offer to purchase or counteroffer
Seller can _____ , _____ , _____ , and ______ all purchase offers
Accept, Reject, Ignore, or Counteroffer
Can Highest and Best Use change?
Yes
Listing Contract
Owner of property employs real estate firm to market property for set time and price
Real Estate also called?
Real Property
Realty
Most important characteristic of land use
Highest and Best Use
What land characteristic type is Immobility
Physical
Immobility concept
Land can’t be moved
What physical characteristic plays a major role in land value?
Immobility
What’s the heterogeneity concept in RE?
No 2 parcels look the same
Heterogeneity is what type of labs characteristic?
Physical
Year allodial system came to US
1785
Highest and Best Use
Use of land that will preserve land, provide most income, result in greatest land value
Specific Performance
Legal concept as a remedy for breach of contract by seller, buyer, etc
“If you back out, we can sue”
Land use controls
Restrictions on land use
NAR stands for
National association of realtors
NAR function
Preserve private property rights
Realtor
Professional in real estate who subscribes to code of ethics and standards of practice given by NAR
To be a realtor Roy must join _____
The NAR
NAR organized in what year
1908
________ factors of land use have definite effect on uses to which real estate can and should be used
Economic
Physical land use factors can be _______ or ________
Natural or Artificial
What’s the homogeneity concept in RE
Parcels look alike
What type of characteristic is the homogeneity concept
Physical
Real estate is
Land and everything attached
Year 1st license law passed + where
Oregon in 1919
Feudal system
Where land is owned by a king or royalty
The feudal system is an example of a _____
Land use control
Does a listing contact bind sellers in contact to sell property?
No
RE Agents working with sellers are required to find _____ , _____ , and _______ for sale of property
Ready, willing, and able buyer
Modification by improvement concept
Mods can raise or lower land values
Mod by improvement is what type of characteristic
Economic
What does the free market provide?
Ample time for buyer and seller to affect a mutually beneficial purchase and sale w/o pressure to urgency
