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Real Estate > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

What is the purpose of the SLA (Singapore Land Authority)?

A

The SLA manages state land resources, oversees land-related policies, and ensures effective land use in Singapore.

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2
Q

What does HDB (Housing and Development Board) focus on?

A

HDB is responsible for public housing development, planning, and management, providing affordable housing solutions for Singaporeans.

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3
Q

What role does BCA (Building and Construction Authority) play?

A

BCA oversees the building and construction sector, focusing on building safety, quality, and sustainability in the built environment.

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4
Q

What is the function of JTC (Jurong Town Corporation)?

A

JTC develops and manages industrial infrastructure and land in Singapore to support businesses and economic growth.

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5
Q

What is the purpose of URA (Urban Redevelopment Authority)?

A

URA is responsible for land-use planning and urban development to create a vibrant and sustainable urban environment.

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6
Q

What does MAS (Monetary Authority of Singapore) oversee?

A

MAS is Singapore’s central bank, responsible for monetary policy, financial regulation, and maintaining the stability of the financial system.

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7
Q

What is IRAS (Inland Revenue Authority of Singapore) responsible for?

A

IRAS manages tax collection, tax policy, and enforcement of tax laws in Singapore.

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8
Q

What role does SFA (Singapore Food Agency) play?

A

SFA ensures food safety, security, and sustainability in Singapore’s food supply through regulation and management.

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9
Q

What is the purpose of NEA (National Environment Agency)?

A

NEA is responsible for environmental protection, public health, and managing Singapore’s environmental and sustainability policies.

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10
Q

What does CEA (Council for Estate Agencies) regulate?

A

CEA regulates the real estate agency industry, ensuring professionalism and compliance with real estate laws and regulations.

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11
Q

What 3 types of Residential types are there in the Master Plan?

A
  1. Landed Houses
  2. Condominium
  3. HDB Flats
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12
Q

What 3 categories fall under non-residential?

A
  1. Commercial
  2. Industrial
  3. Others
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13
Q

What 3 types of Commercial types are there in the Master Plan?

A
  1. Office
  2. Retail Shops
  3. Shophouses
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14
Q

What 2 types of Industrial types are there in the Master Plan?

A
  1. Factory
  2. Warehouse
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15
Q

What 3 types of Others types are there in the Master Plan?

A
  1. Singapore Flyers
  2. Power Station
  3. Museum
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16
Q

What is a title deed?

A

A title deed is a legal document that proves ownership of a property or land.

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16
Q

What are the 2 main ways for Recognition of Real Estate Ownership?

A
  1. Deeds
  2. Titles
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17
Q

What 3 types of properties use Certificate of Titles? ie. “Land Titles”

A
  1. Land / Landed Property
  2. Building
  3. Hotels
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18
Q

What 4 types of properties use Subsidiary Strata Certificate of Titles? ie. “Strata Titles”

A
  1. Condominium Apartments
  2. Offices
  3. Shops
  4. Factory
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19
Q

What type of property uses Subsidiary Certificate of Titles? ie. “Strata Lease Titles”

A

HDB Flats

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20
Q

What type of Properties are under leases in Singapore?

A

JTC Properties

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21
Q

What is a freehold property?

A

A freehold property is owned outright by the owner indefinitely, including both the land and any structures on it.

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22
Q

What is a leasehold property?

A

A leasehold property is owned for a specific duration as defined in a lease agreement, with ownership of the land typically retained by the freeholder.

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23
Q

What is a subsidiary proprietor?

A

A subsidiary proprietor is an individual or entity that owns a specific unit within a strata-titled property, such as a condominium or apartment complex.

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24
Q

Who manages the common property in strata-titled properties?

A

Management Corporations

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25
Q

What is a land parcel?

A

A land parcel is a specific piece of land defined by boundaries and identified by a unique identifier, often for ownership or development purposes.

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26
Q

How are land parcels legally identified in Singapore?

A

Survey District - Lot Number

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27
Q

How many Town Subdivisions (TS) are there - City Area?

A

30

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28
Q

How many Mukims (MK) are there - Rural Area?

A

34

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29
Q

How many Survey Districts are there?

A

64

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30
Q

What is the numbering range for Land Lots?

A

1 to 69999 & 90000 to 99999

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31
Q

What is the numbering range for Strata Lots?

A

U1 to U999999

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32
Q

What is the numbering range for Accessory Lots?

A

A1 to A9999

33
Q

What is the numbering range for Airspace Lots?

A

70000 to 79999

34
Q

What is the numbering range for Subterranean Lots?

A

80000 to 89999

35
Q

What do lot numbers end with?

A

A check alphabet

36
Q

What authority is responsible for the management of land parcels in Singapore?

A

Singapore Land Authority (SLA).

37
Q

What system is used for the identification and legal description of land parcels?

A

Lot Base System.

38
Q

What does the Land Title Registry do?

A

It maintains records of land ownership and legal interests in real properties in Singapore.

39
Q

What is the purpose of the Record of Land Information (Folio)?

A

It records history of lot creation and provides information on amalgamation and subdivision of all lots in Singapore.

40
Q

How can individuals search for property information in Singapore?

A

Property information can be searched online through the Integrated Land Information Service (INLIS).

41
Q

What happens during a land subdivision?

A

No more land title for the old lot and new title lots are created

42
Q

What happens during a strata subdivision?

A

Original title lot remains and new strata lots & common property are created

43
Q

What is considered the instrument in the old land title registration system?

A

Deed as Instrument.

44
Q

What type of contract is associated with the old Deed System?

A

Deed of Conveyance.

45
Q

How far back does one typically trace the root of title in the old system?

A

15 years of root of title.

46
Q

Is it compulsory to register deeds in the old land title registration system?

A

No, it is not compulsory to register.

47
Q

When is the title passed in the old deed system?

A

The title is passed by the act of parties when the deed of conveyance is signed, sealed, and delivered.

48
Q

What act governs the registration of deeds in the old system?

A

Registration of Deed Act.

49
Q

What are the types of instruments used in the modern Torrens system?

A

CT, SSCT, or SCT as instruments.

50
Q

What types of contracts are associated with the modern Land Title Registration System?

A
  1. Option to Purchase
  2. Sales & Purchase Agreement
51
Q

Is registration compulsory in the modern Torrens system?

A

Yes, registration is compulsory.

52
Q

How is ownership established in the modern land title system?

A

Ownership is established by the act of registration.

53
Q

What are the advantages of the modern Torrens system?

A

The process is quick and transparent.

54
Q

What acts govern the modern Torrens system?

A

Land Title Act and Land Title Strata Act.

55
Q

What is a key advantage of the Torrens system regarding registered titles?

A

Registered titles are guaranteed by the State and cannot be challenged (indefeasible) unless there is fraud or forgery.

56
Q

What does “indefeasible” mean in the context of the Torrens system?

A

It means that the title is secure and cannot be invalidated or contested as long as no fraud or forgery has occurred.

57
Q

How can property information be accessed in the Torrens system?

A

All relevant information can be found through title searches via the Integrated Land Information Service (INLIS).

58
Q

What types of rights are typically excluded from the Torrens system?

A

Short-term tenancies and statutory easements affecting someone’s property are excluded.

59
Q

What principles form the foundation of the Torrens system?

A

Curtain & Mirror Principle

60
Q

What is a statutory easement?

A

A statutory easement is a right granted by law that allows an individual or entity to use a portion of another person’s property for a specific purpose, while the property owner retains title.

61
Q

What is the Curtain Principle in the Torrens system?

A

The Curtain Principle states that interested parties (e.g., buyers) do not need to investigate beyond the Certificate of Title (CT) as it contains all necessary information about ownership.

62
Q

What is the Mirror Principle in the Torrens system?

A

The Mirror Principle asserts that the register accurately reflects all interests affecting the land, meaning it shows a complete and truthful account of ownership.

63
Q

How is a market defined?

A

A market is defined as a place where buyers and sellers meet to conduct commercial dealings.

64
Q

What factors determine the value, cost, and price of real estate items traded?

A

They are determined by the forces of supply and demand in the market.

64
Q

What is a sub-sale?

A

When a buyer signs an agreement to purchase the unit from a developer or property owner. The sale of unit before the issuance of these documents
1. Certificate of Statutory Completion
2. Subsidiary Strata Certificates of Title or Certificates of Title for all the units in the development

65
Q

What is a Certificate of Statutory Completion?

A

It is an official document issued by the relevant authorities confirming that a building or development complies with all necessary regulations and has been completed as per approved plans.

66
Q

Why can’t a market boom be sustained due to demand?

A

There is no real increase in demand; supply continues to increase to cater to “fake” demand, leading to an oversupply situation.

67
Q

How do buyers contribute to the unsustainability of a market boom?

A

Buyers purchase beyond their financial means, resulting in bad debts when they cannot meet their obligations.

68
Q

How do banks contribute to the unsustainability of a boom?

A

Banks over-lend, and their valuations do not accurately reflect the true market value of properties.

69
Q

What are 3 characteristics of Real Estate Market?

A

Volatile, Localised and Segmented

70
Q

What are the 4 physical characteristics of real estate?

A
  1. Immobility
  2. Heterogeneity
  3. Indestructibility
  4. Indivisibility
71
Q

What are the 4 economic characteristics of real estate?

A
  1. Illiquidity
  2. High Transaction Cost
  3. Inflation Hedge
  4. Long Term Management
72
Q

What is a REIT?

A

A real estate investment trust is a company that owns, operates or finances income-producing real estate

73
Q

Who are the investors in a REIT?

A

Investors are considered unit holders.

74
Q

How are REIT assets managed?

A

Assets are held by an independent trustee on behalf of unit holders.

74
Q

How is income distributed to unit holders in a REIT?

A

The majority of rental income is distributed to unit holders as dividends (at least 90% of net income after tax)

75
Q

What are legal conveyance fees?

A

Legal conveyance fees are costs associated with the legal process of transferring property ownership from one party to another.

76
Q

What is a boom?

A

Sudden rise in prices of real estate within a short period.

77
Q

What is an upswing?

A

Increase transaction activities (ie. price, volume, occupancy rates). Usually represents recovery of property market

78
Q

What is a downswing (contraction)?

A

Slow down of property transactions. Production slows down, sales start to drop because of a decline in demand.

79
Q

What is a depression?

A

Slumping prices, low volumes and lack of buyers. Usually represents a prolonged period of low prices and activity.

Real Estate (19 decks)

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