COLIBRI REAL ESTATE CHAPTER 1
CORRECT 100%
What five economic characteristics affect the value of land in the marketplace?
(D.U.S.T.S) - ANSWER1. 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
Define the "right to use" and it's limitations - ANSWERThe 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? - ANSWERLittoral
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? - ANSWEROriginal
Intention
Severance
Affixing
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. -
ANSWERThe 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. - ANSWERA 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. -
ANSWERThe right of Possession
The right to Transfer Interests
The right to Encumber
The right to Exclude
The right to Use
CORRECT 100%
What five economic characteristics affect the value of land in the marketplace?
(D.U.S.T.S) - ANSWER1. 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
Define the "right to use" and it's limitations - ANSWERThe 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? - ANSWERLittoral
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? - ANSWEROriginal
Intention
Severance
Affixing
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. -
ANSWERThe 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. - ANSWERA 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. -
ANSWERThe right of Possession
The right to Transfer Interests
The right to Encumber
The right to Exclude
The right to Use
