What five economic characteristics affect the value of land in the
marketplace? (D.U.S.T.S) correct answers1. Demand; The more demand a
property has, the higher the value
2.Utility (Or usefulness); More space/rooms etc.. the more useful .. 3
bed 4 bath > 1 bed 2 bath
3. Scarcity; A property will sell quickly if limited property's available
4.Transferability; Real estate is readily transferable from seller to
buyer (loans available, rates are low)
5. Situs; (Site) Unique property attractiveness
What are the three physical characteristics of land? correct answers-
Immobile or permanent
- Indestructible
- Non-homogenous or unique
Explain the differences between the legal concepts of land and real
estate. correct answersThe legal concept of Real Estate encompasses all
man made structures that are "permanently" attached to the land and on
top of the land itself.
Define special purpose real estate and give an example. correct answersA
property that doesn't fall into the Residential, Industrial, Commercial,
Agricultural property categories; usually churches, hospitals, schools or
recreational areas
Name the 5 major rights included in the bundle of rights to real
estate. correct answersThe right of Possession
The right to Transfer
Interests The right to
Encumber
The right to
Exclude The right
to Use
Define the "right to use" and it's limitations correct answersThe right to
use a property refers to the right to use it in certain ways like, mining,
building or landscaping depending on the local zoning and legality of use.
One's right to use must not infringe on another's right to use and enjoy the
property
What's the difference between Littoral rights and Riparian rights? correct
answersLittoral rights apply to properties bordering still standing bodies of
water like oceans while Riparian rights apply to properties bordering moving
bodies like rivers
What are the legal tests that determine if an item is a fixture? correct
answersOriginal Intention