Superior School Real Estate - Chapter 1 Rated 100% Correct!!

Real Property includes... - The earth's surface downward to the center and upward to infinity Real Estate includes... - Improvements, buildings, fences, and trees/plants attached What is evidenced by a deed? - Title and conveyance What are the other terms for personal property? - Chattel or Personalty The document used to transfer personal property is -A bill of sale Physical Characteristics of Real Property are - Immobile, Permanence or indestructibility, and unique Define Heterogeneity - The quality or state of being diverse in character or content Define Non-homogeneity - A physical characteristic of land describing that land as a unique commodity Economic Characteristics of Real Property - SLIP - Scarcity, Location, Improvements, Permanence What is the most important economic factor of real estate? - The Concept of Situs Highest and Best Use is - the one single use that provides the greatest return and maximizes the value of the real estate Land Use Controls are - public, private and governmentWhat are the 5 categories of real estate? - Residential (1-4 Units), Commercial, Industrial, Agricultural, and Special Purpose