real estate principles final exam 100% accurate!

real estate principles final exam 100% accurate!Uses of Real Property - ANSWER (1) Residential, (2) Commercial, (3) Industrial, (4) Agricultural, (5) Special Purpose Real Estate Laws - ANSWER 1. general property laws 2. environmental laws 3. contract law 4. agency law 5. fair housing laws 6. tax laws 7. zoning and land use laws 8. real estate license law professional organizations & designations - ANSWER bundle of rights - ANSWER 1) possession 2) control 3) enjoyment 4) exclusion 5) disposition real property - ANSWER the earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in the ownership of real estate land - ANSWER the earth's surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water real estate - ANSWER the earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people subsurface rights - ANSWER are the rights to the natural resources below the earth's surface. personal property - ANSWER moveable property manufactured housing - ANSWER mobile home minerals - ANSWER A solid inorganic substance of natural occurrence. fixtures - ANSWER An article that was once personal property but has been so affixed to land or to a building that the law construes it to be part of the real estate is a fixture. trade fixtures - ANSWER Personal property used in a business and can be removed by the lessee when the lease terminates. characteristics of real estate - ANSWER physical and economic supply and demand - ANSWER - supply and price move in opposite directions - demand and price move in the same direction real estate cycles - ANSWER - expansion - recession - depression - revival home ownerships & types of housing - ANSWER - condo - coop - townhouses - planned unit development - converted use prop - retirement communities - mixed use developments - mobile homes - timeshares equity - ANSWER the property makers value minus any debts ownership & ability to pay - ANSWER PITI- Principle Interest Taxes & Insurance - check debt to income ratio income tax deductions - ANSWER 1. mortgage interest payments 2. real estate taxes 3. certain loan origination fees 4. loan discount points 5. mortgage insurance provided by US dept. of veterans capital gains - ANSWER - profits realized from the sale or exchange of an asset, i