Textbook Ch1

Question 1

What does Real Estate include?

Answer 1

not only our homes, our places of work, commerce, worship, government, education, recreation, and entertainment- our physical environments, natural and built.

Question 2

What is property?

Answer 2

Anything that can be owned or possessed

Question 3

Property can be a ___ asset or a ___ asset.

Answer 3

tangible or intangible

Question 4

Give examples of tangible assets.

Answer 4

physical things: automobiles, clothing, land, or buildings

Question 5

Give examples of intangible assets.

Answer 5

nonphysical things: mortgage and lease agreements, stocks, bonds, interests, patents, or trademarks

Question 6

What are improvements ON the land?

Answer 6

any fixed structures such as buildings, fences, walls, and decks

Question 7

What are improvements TO the land?

Answer 7

the components necessary to make the land suitable for building construction or other uses

Question 8

What are examples of improvement to the land?

Answer 8

streets, walkways, storm and water drainage systems, and other systems such as water, sewer, electric, and telephone utilities

Question 9

What is raw land?

Answer 9

an area that does not include any improvements

Question 10

Define personal property and an example.

Answer 10

things that are moveable and not permanently affixed to the land or structure e.g, mobile home