Colibri Real Estate Chapter 1 Questions and Answers 100% Pass

Colibri Real Estate Chapter 1 Questions and Answers 100% Pass What five economic characteristics affect the value of land in the marketplace? (D.U.S.T.S) - Answer- 1. 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? - Answer- - Immobile or permanent - Indestructible - Non-homogenous or unique Explain the differences between the legal concepts of land and real estate. - Answer- The 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. - Answer- A property that doesn't fall into the Residential, Industrial, Commercial, Agricultural property categories; usually churches, hospitals, schools or recreational areas