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Unit 1 Intro. To Real Estate Business > Types of Real Property > Flashcards

Types of Real Property Flashcards

1
Q

What is Residential Property?

A

Property classification for use of Single Family, Multifamily within urban, suburban, rural areas

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2
Q

What is Commercial Property?

A

Business Property for the use of office space, shopping center, parking facility, theaters, hotels

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3
Q

What is Mixed-Use Property

A

Property used for two or more commercial and residential uses within the same building

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4
Q

What is Industrial Property?

A

Property such as warehouses, factories, industrial districts, and power plants

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5
Q

What is an Agricultural Property?

A

Property like farms, timberland, ranches, and orchards

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6
Q

What is Special Purpose Property?

A

Property that is both privately owned and public owned property.

  1. Private Property use such as: places of worship, schools, cemeteries
  2. Publicly Property use such as: playgrounds, municipal service buildings, parks, and schools
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7
Q

The market for each type of real property can be divided into three main functions. Name them?

A

Buying, Selling, Renting

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8
Q

Most popular type of Real Estate Transactions?

A

Residential of Home or residential property

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9
Q

What type of Real Estate transaction offers flexibility, and less initial financial commitment?

A

Renting allows people to a better financial alternatives to home buying

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10
Q

Most popular type of housing?

A

Single-family Detached Housing

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11
Q

What type of housing has been adapted, mainly in urban areas, to be row-styled housing with owner-occupied and rental income

A

Single-family Detached

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12
Q

Housing type with no shared wall of another property?

A

Single-family Detached

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13
Q

Apartment Building was the result of housing demands in rural areas. T/F

A

False. Do to crowding in “Urban” areas like New York and Chicago, Apartment Buildings became the resolution.

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14
Q

An Apartment Complex is made up of a group of apartment buildings with the same number of units in each building. T/F

A

False. Apartment Complexes have “Varying” number of units in each building.

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15
Q

What type of housing can consist of both high-rise and low-rise buildings and may contain other amenities such as a gym, clubhouse, laundry, and storage areas?

A

Apartment Buildings

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16
Q

What housing type gives the buyer the security of home ownership, but without the maintenance and care of the home?

A

Condominium. The owner owns an individual unit and shares ownership with other unit owners on other common elements/facilities such as halls, elevators, gym.

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17
Q

What Housing Type makes the owner share ownership with other unit owners on shared elements?

A

Condominium. Unit owners share ownership of common elements like pools, gyms, golf course, halls, and elevators.

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18
Q

Condominium unit owners are responsible for maintenance and care of their homes. T/F?

A

False. Unit owners of condominiums pay a monthly fee to the governing association who make use of management companies and outside contractors

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19
Q

Corporations that register and sell their lands for housing, usually sell what type of housing?

A

Condominiums. Owner will not only own their house, but also the land that it sits on. This is also a more affordable on maintenance fees.

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20
Q

Cooperative Housing allows owners to own their units. T/F?

A

False. Unit owners “Do Not” own their units, rather the owners own shares in a corporation that holds title to the real estate.

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21
Q

What type of housing requires owners to own shares of a corporation?

A

Cooperative Housing

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22
Q

Unit owners of a cooperative housing own the title of the corporation for their units. T/F?

A

False. Unit Owners do not own the units, but hold “Shares” in a corporation that holds title over the real estate. Each owner holds a propriety lease to a specific unit in the building.

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23
Q

In what Housing Type does the unit owner receive a propriety lease for a specific unit in a building?

A

Cooperative Housing. Unit owners hold shares in a corporation that holds title to the real estate and then is given a propriety leasing.

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24
Q

PUDs are different to HOAs. T/F

A

True. PUDs can be small residential only developments or as big as a small town or community equipped with its own restaurants, shopping areas.

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25
Q

You live in a HOA or PUD area?

A

HOA. HOAs are generally neighborhoods with strict regulations regarding the way houses should look and have.

26
Q

HOAs are regulated by neighborhood volunteers. T/F

A

True

27
Q

PUDs are generally smaller and usually not bigger than HOA residential developments. T/F

A

False. Though PUDs can consist of just a few residential homes, it can also consist of not only single-family houses, but also complexes, apartments, commercial units, and recreation.

28
Q

Cooperative Housing also has units that share common walls and facilities within a larger building. T/F

A

True. Cooperative unit owners share walls and other facilities like a gym and clubhouse within a larger building

29
Q

PUDs stands for what?

A

Planned Unit Developments

30
Q

Planned Unit Developments are also known as what?

A

Master Planned Communities

31
Q

PUDs developments are built under federal specifications. T/F

A

False. PUDs or Planned Unit Developments are planned under “Special Zoning Ordinances”

32
Q

What type of Housing are developed on Special Zoning Ordinances?

A

PUDs/Planned Unit Developments or Master Planned Communities

33
Q

What type of housing is built to federal specifications?

A

Factory-Built Housing

34
Q

This type of housing can be built in a fraction of a time required by conventional construction?

A

Another type of Factory-Built Housing is the modular home, where components of the house are assembled at the prepared building site

35
Q

What type of Housing are Vacation homes and principle residences?

A

Factory-Built Housing. This type of housing is the most temporary type of housing.

36
Q

What type of housing uses assembly-line type construction?

A

Factory-Built Housing. Assembly-line type construction are done in factories where components are built and then transferred and assembled at the prepared building site.

37
Q

Housing unaffected by the elements and with increased available living space makes this type of housing enticing to home buyers and sellers. What am I?

A

Factory-Built Housing. Assembly-line type constructions are done in facilities with lower costs.

38
Q

What protects an individual from discrimination of sex, race, religion, national origin, familial status, or disability to purchase or lease a home?

A

The Fair Housing Act.

39
Q

Each owner owns a unit and is a co-owner of common areas. What am I?

A

Condominium.

40
Q

A parking facility is what kind of housing type?

A

Commercial.

41
Q

An Office Space is what type of Housing type?

A

Commercial.

42
Q

A Shopping Center is what type of Property type?

A

Commercial.

43
Q

A Theater and Parking Facility is what kind of Property/Housing Type?

A

Commercial.

44
Q

A Hotel is what type of Housing Type?

A

Commercial.

45
Q

A government-owned land is what kind of Housing Type?

A

Special Purpose.

46
Q

A Cemetery and School are what kind of Property Type?

A

Special Purpose.

47
Q

A place of worship or church falls under what Housing type?

A

Special Purpose.

48
Q

This Property Type can be on both private and public developments?

A

Special Purpose. Public or Private Schools and cemeteries are an example of this.

49
Q

An orchard falls under what Property Type?

A

Agricultural.

50
Q

A farm, ranch, and timberland falls under what Property Type?

A

Agricultural.

51
Q

Timberland is what Property Type?

A

Agricultural.

52
Q

Timberland falls under the Special Purpose of property types. T/F

A

False. Timberland is considered an Agricultural property type.

53
Q

Schools fall under Industrial property types. T/F?

A

False. Schools can be both private or public, which means it is a Special Purpose type property because of the ability to use the development as both private and public.

54
Q

Multifamily and Single Family can be considered Commercial type property. T/F?

A

False. This type of housing falls under Residential housing type.

55
Q

Government-held land is an Industrial type property specialization. T/F?

A

False. Government-held land falls under Special Purpose property type. International Parks are protected by the government and is such a Government-held land.

56
Q

Shopping centers, stores, theaters, hotels, and parking facilities are examples of special-purpose properties. T/F?

A

False. Theaters, hotels, and parking facilities are considered Commercial type properties.

57
Q

Because it is possible for a single real estate firm or an individual real estate professional to perform all the services and handle all classes of property, few firms and professionals specialize in any one type. T/F?

A

False. It is very rare and nearly impossible for any one real estate licensee or firm to conduct all services and handle all property classifications. Therefore, most firms specialize in one or two types of properties and services.

58
Q

Areas that are open and spread out with a small population is what type of area?

A

Rural. Rural areas are considered country sides.

59
Q

Areas that consists of both living and working areas and have high populations are considered what type of area?

A

Urban. Urban areas are like large cities like New York with very high populations.

60
Q

Areas that are mainly residential area with a larger population than rural areas is what type of area?

A

Suburban. Just like its name suggest, it is an area that is bigger than rural, but smaller than urban areas.

Unit 1 Intro. To Real Estate Business (4 decks)

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