LEVEL 3 TERMS

Question 1

Residential Properties

Answer 1

Used and approved for some sort of habitation(houses, townhomes, condominiums, and apartments).

Question 2

Industrial properties

Answer 2

Used for manufactured products or materials as distribution facilities and warehouses ( manufacturing plants, distribution facilities, warehouses, storage facilities, research facilities, data centers, shipping yards, and factories)

Question 3

Agricultural properties

Answer 3

Which are used for the commerical cultivation of food, feed, fiber. (Family and commerical farms, ranches, orchards, nurseries and greenhouses, pastures, and feedlots)

Question 4

Special-purpose

Answer 4

Created from inception with a special and often limited purpose and use in mind. (SCHOOLS, recreational facilities, cemeteries, and government held land).

Question 5

Commercial

Answer 5

Such as shopping malls and stores.

Question 6

Common Elements

Answer 6

Portions of a shared ownership property not controlled by any one owner or tenant; examples include parking lots, lobbies, fitness centers, and elevators.

Question 7

Condominium

Answer 7

Property where each owner has a seperate interest in their own unit and undivided interest in the common areas.

Question 8

Planned Unit Development(PUD)

Answer 8

A subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by PUD lot owners as tenants in common.

Question 9

Timeshare

Answer 9

A form of co-ownership where each owner has use of the property at different prescribed period of time.

Question 10

Timeshare estate

Answer 10

A right of occupancy in a timeshare project, which is coupled with an estate in a real property.

Question 11

Timeshare use

Answer 11

A license or contractual or membership right of occupancy in a timeshare project that is not coupled with an estate in the real property.

Question 12

Syndicate
3 phases: liquidation, organization, & operation

Answer 12

A group if investors that get together and combine resources to make investments they wouldnt be able to make on their own. Usually made up of one sponsor and a group of passive investors.

Question 13

Real estate investment trust (REIT)

Answer 13

A trust that invests in, owns, or acquires real property and is owned by investors who share the trust’s profits according to shares.