REE3043 EXAM 1 UF STUDY GUIDE 2026
Tangible - Answers - Physical assets such as land, automobiles, and buildings
Intangible - Answers - Nonphysical assets such as stocks, bonds, patents, financial
claims
Bundle of Rights - Answers - D.U.P.E
Improvements on Land - Answers - any fixed structures such as buildings, fences,
walls, and decks
Improvements to Land - Answers - components necessary to make the land suitable for
building construction or other uses
Personal Property - Answers - things that are movable and not permanently affixed to
the land
User Markets - Answers - competition among users for physical locations and space,
very "local" and highly competitive, physical real estate
Capital Markets - Answers - serve to allocate financial resources among households
and firms requiring funds (ROI), stocks and bonds, "public"
Property Markets - Answers - determine the required property-specific investment
returns, property value, capitalization rates, and construction feasibility
Capitalization Rate - Answers - ratio of the properties annual net income to its value
Private Market (Equity/Owners) - Answers - individuals, partnerships, LLC, private
equity funds, hedge funds
Private Market (Debt/Lenders) - Answers - banks, thrifts, insurance companies, finance
companies, private lenders
Public Markets (Equity/Owners) - Answers - publicly traded real estate investment trusts
(REITS) and real estate companies
Public Markets (Equity/Owners) - Answers - commercial mortgage backed securities
(CMBS) and mortgage REITS
Primary characteristics of real estate assets - Answers - heterogeneity and immobility
Heterogeneous - Answers - each property has unique features
Tangible - Answers - Physical assets such as land, automobiles, and buildings
Intangible - Answers - Nonphysical assets such as stocks, bonds, patents, financial
claims
Bundle of Rights - Answers - D.U.P.E
Improvements on Land - Answers - any fixed structures such as buildings, fences,
walls, and decks
Improvements to Land - Answers - components necessary to make the land suitable for
building construction or other uses
Personal Property - Answers - things that are movable and not permanently affixed to
the land
User Markets - Answers - competition among users for physical locations and space,
very "local" and highly competitive, physical real estate
Capital Markets - Answers - serve to allocate financial resources among households
and firms requiring funds (ROI), stocks and bonds, "public"
Property Markets - Answers - determine the required property-specific investment
returns, property value, capitalization rates, and construction feasibility
Capitalization Rate - Answers - ratio of the properties annual net income to its value
Private Market (Equity/Owners) - Answers - individuals, partnerships, LLC, private
equity funds, hedge funds
Private Market (Debt/Lenders) - Answers - banks, thrifts, insurance companies, finance
companies, private lenders
Public Markets (Equity/Owners) - Answers - publicly traded real estate investment trusts
(REITS) and real estate companies
Public Markets (Equity/Owners) - Answers - commercial mortgage backed securities
(CMBS) and mortgage REITS
Primary characteristics of real estate assets - Answers - heterogeneity and immobility
Heterogeneous - Answers - each property has unique features
