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MI Real Estate > Chap 1 - Intro To Real Estate Principles > Flashcards

Chap 1 - Intro To Real Estate Principles Flashcards

1
Q

What increases economic land supply?

A

Land Utilization

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2
Q

What do values do in homogenic neighborhoods?

A

Stabilize

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3
Q

Soil Conditions, Parcel Size, and Topography are examples of what type of physical factor of land use?

A

Natural

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4
Q

What has the greatest effect on land use?

A

Location

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5
Q

Tax Rates, Wage Levels, and Interest Rates are examples of ________ factors of land use

A

Economic

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6
Q

Values ______ in heterogenic neighborhoods

A

Fluctuate

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7
Q

Streets, Availability of Public Utility, and Adjacent Land Use Patterns are what type of physical factor or land use

A

Artificial

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8
Q

Location is also called?

A

Situs

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9
Q

Indestructiblity is also called?

A

Permanence

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10
Q

Are components of Real Estate are separable?

A

Yes

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11
Q

Permanence of Investment Concept

A

Land can’t be consumed when used

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12
Q

What type of characteristic of land is the “Permanence of Investment”

A

Economic

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13
Q

The Allodial System is an example of a?

A

Land use control

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14
Q

What’s the allodial system?

A

When land is owned and controlled by individuals

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15
Q

Concept of Indestructibility

A

Land can’t be destroyed

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16
Q

What type of characteristic of land is the Concept of Indestructibility

A

Physical

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17
Q

What % of MI economy id real estate related?

A

60-68

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18
Q

Scarcity/ Limited Availability concept

A

Land is in fixed supply

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19
Q

What type of characteristic of land is Scarcity/ Limited Availability concept

A

Economic

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20
Q

Year ARELLO organized

A

1929

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21
Q

Buyer Brokerage

A

Real Estate licensee establishes contract for services with buyer

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22
Q

Each parcel of land can only have _____ highest and best uses at a time

A

1

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23
Q

Zoning laws are a example of?

A

Public Land Use

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24
Q

Exclusions of Real Property must be conveyed where and when?

A

Purchase Agreement or Offer to Purchase before sale

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25
Q

Personal Property

A

Everything readily moveable

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26
Q

Personal Property is also called?

A

Chattel

27
Q

What is ARELLO

A

Association of Real Estate License Law Officials

28
Q

What does ARELLO do?

A

Help create, administrate, and enforce license law

29
Q

Real Estate Encompasses

A

Surface below, above, and air above a land plot

30
Q

What happens @ closing?

A

1) Buyer gets Deed
2) Seller gets $
3) Broker gets $

31
Q

Contract for sale is also called?

A

Purchase Agreement or Offer to Purchase

32
Q

Contract for Sale

A

Contract to buy/ sell property from the written acceptance offer to purchase or counteroffer

33
Q

Seller can _____ , _____ , _____ , and ______ all purchase offers

A

Accept, Reject, Ignore, or Counteroffer

34
Q

Can Highest and Best Use change?

A

Yes

35
Q

Listing Contract

A

Owner of property employs real estate firm to market property for set time and price

36
Q

Real Estate also called?

A

Real Property

Realty

37
Q

Most important characteristic of land use

A

Highest and Best Use

38
Q

What land characteristic type is Immobility

A

Physical

39
Q

Immobility concept

A

Land can’t be moved

40
Q

What physical characteristic plays a major role in land value?

A

Immobility

41
Q

What’s the heterogeneity concept in RE?

A

No 2 parcels look the same

42
Q

Heterogeneity is what type of labs characteristic?

A

Physical

43
Q

Year allodial system came to US

A

1785

44
Q

Highest and Best Use

A

Use of land that will preserve land, provide most income, result in greatest land value

45
Q

Specific Performance

A

Legal concept as a remedy for breach of contract by seller, buyer, etc

“If you back out, we can sue”

46
Q

Land use controls

A

Restrictions on land use

47
Q

NAR stands for

A

National association of realtors

48
Q

NAR function

A

Preserve private property rights

49
Q

Realtor

A

Professional in real estate who subscribes to code of ethics and standards of practice given by NAR

50
Q

To be a realtor Roy must join _____

A

The NAR

51
Q

NAR organized in what year

A

1908

52
Q

________ factors of land use have definite effect on uses to which real estate can and should be used

A

Economic

53
Q

Physical land use factors can be _______ or ________

A

Natural or Artificial

54
Q

What’s the homogeneity concept in RE

A

Parcels look alike

55
Q

What type of characteristic is the homogeneity concept

A

Physical

56
Q

Real estate is

A

Land and everything attached

57
Q

Year 1st license law passed + where

A

Oregon in 1919

58
Q

Feudal system

A

Where land is owned by a king or royalty

59
Q

The feudal system is an example of a _____

A

Land use control

60
Q

Does a listing contact bind sellers in contact to sell property?

A

No

61
Q

RE Agents working with sellers are required to find _____ , _____ , and _______ for sale of property

A

Ready, willing, and able buyer

62
Q

Modification by improvement concept

A

Mods can raise or lower land values

63
Q

Mod by improvement is what type of characteristic

A

Economic

64
Q

What does the free market provide?

A

Ample time for buyer and seller to affect a mutually beneficial purchase and sale w/o pressure to urgency

MI Real Estate (3 decks)

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