Zoning very limited in function
Zoning Issues and Concepts (Variance) - ANSWER- exception to requirements granted
due to hardship
Why Condo? - ANSWER- price, amenities, security home/away, no maintenance
-Where rental rates are determined
What determines real estate values? - ANSWER- 1. User (space) Markets
User Market - ANSWER- Market for the physical real estate.
-Use or enjoyment, Can use as rental property to generate cash flow
-uniqueness of location
-Uniform density
Uneven across geographic areas
Types of Traditional Controls - ANSWER- Building codes, zoning, subdivision
regulations
Traditional Planning - ANSWER- -Separated uses
Trade fixtures (personal property)
TLUC: Zoning - ANSWER- -use zoning map
TLUC: Subdivision regulations - ANSWER- elected subdivision officials
TLUC: Planning and Administration - ANSWER- created in zoning ordinance
TLUC: Building Codes - ANSWER- codes continue to evolve with fire standards being
updated and building material
TLUC: Board of Adjustment - ANSWER- working through board is very long and hard to
do
Time-Share Ownership - ANSWER- A type of ownership that permits several individuals
to hold legal title to a property. The units are sold in time intervals.
Time required is usually half of the payment period
The "Revolution" in Land Use Controls - ANSWER- Pre-1970: Little interest in land use
controls
Tenancy by the Entirety - ANSWER- joint tenancy for husband and wife
Tangible Property - ANSWER- Physical assets that can be owned
Supply Side: Real estate owners/ operators who rent space to tenants
Subdivision restrictions: Owners, mortgage loan holders, and renters
Structures (improvements on the land) EX: Adding a house or adding sewers
-street sewers etc
State law governs notice of termination
standards for streets sewers and water systems
Specific Liens - ANSWER- arise from ownership and use of the property
Special Assesments - ANSWER- taxes for specific public improvements affecting
property
-Sewers and other utilities
-setback requirements front side back
Segmentation of User Markets - ANSWER- Both supply and demand of user markets
are very specific to location and building type.
-Roads and driveways
risk free rates of various maturities (i.e., the Treasury "yield" curve)
Rights - ANSWER- Claims the government is obligated to enforce
Restrictive Covenants Enforcement - ANSWER- Enforcement by court injunction
, Restrictive Covenants - ANSWER- covenants that impose restrictions on land use;
created at conveyance of land to a new owner
required risk premiums for risky investments
reliable and countercyclical
Relation of Parties - ANSWER- Variant of rule of intention
Real property - ANSWER- physical property such as land and buildings
Real Estate Law,
Real Estate FNBSLW 348-01 (EXAM 1)
Questions With Answers 2025
Real Estate as an industry and profession - ANSWER- Brokerage, Development,
Real estate as a tangible asset - ANSWER- "Raw" land
Real estate as a bundle of rights - ANSWER- -Exclusive possession of the real property
Radon
Public Market Equity/Owners - ANSWER- Public real estate investment trusts (REITs)
and real estate operating companies
Public Market Debt/Lenders - ANSWER- Commercial mortgage backed securities
(CMBS) and mortgage REITs
Public Capital markets - ANSWER- -Small homogenous units (shares) of ownership in
assets trade in public exchanges
Property Taxes on real Estate - ANSWER- Largest source of government income
Property rights - ANSWER- -exclusive possession
Property Markets - ANSWER- Market for ownership claims to RE assets
Property market is integrated, not segmented like user market
Property management,
-Projected demand for various land uses (public, residential, nonresidential)
-Project needs for public services (utilities, streets, schools, parks and recreation,
safety)
Private Market Equity/Owners - ANSWER- Individuals, partnerships, LLC, private equity
funds, hedge funds
Private Market Debt/Lenders - ANSWER- Finance companies, insurance companies,
private lenders
Private Capital Markets - ANSWER- -Absence of centralized market (or even price lists)
-Priority placed on
easy ingress and egress
-Price quotes available for all to see
Power of Eminent Domain - ANSWER- The government's right to take property for a
public purpose on payment of just compensation to the property owner.
Post Revolution Controls - ANSWER- impact fees, performance standards, PUDs,
environmental laws
Poorly administered
Planned Unit Development - ANSWER- -Mixed density
Personal rights are - ANSWER- constitutional rights
personal property - ANSWER- possessions such as jewelry, furniture, and vehicles
Periodic Tenancy - ANSWER- No definite length of time
Zoning Issues and Concepts (Variance) - ANSWER- exception to requirements granted
due to hardship
Why Condo? - ANSWER- price, amenities, security home/away, no maintenance
-Where rental rates are determined
What determines real estate values? - ANSWER- 1. User (space) Markets
User Market - ANSWER- Market for the physical real estate.
-Use or enjoyment, Can use as rental property to generate cash flow
-uniqueness of location
-Uniform density
Uneven across geographic areas
Types of Traditional Controls - ANSWER- Building codes, zoning, subdivision
regulations
Traditional Planning - ANSWER- -Separated uses
Trade fixtures (personal property)
TLUC: Zoning - ANSWER- -use zoning map
TLUC: Subdivision regulations - ANSWER- elected subdivision officials
TLUC: Planning and Administration - ANSWER- created in zoning ordinance
TLUC: Building Codes - ANSWER- codes continue to evolve with fire standards being
updated and building material
TLUC: Board of Adjustment - ANSWER- working through board is very long and hard to
do
Time-Share Ownership - ANSWER- A type of ownership that permits several individuals
to hold legal title to a property. The units are sold in time intervals.
Time required is usually half of the payment period
The "Revolution" in Land Use Controls - ANSWER- Pre-1970: Little interest in land use
controls
Tenancy by the Entirety - ANSWER- joint tenancy for husband and wife
Tangible Property - ANSWER- Physical assets that can be owned
Supply Side: Real estate owners/ operators who rent space to tenants
Subdivision restrictions: Owners, mortgage loan holders, and renters
Structures (improvements on the land) EX: Adding a house or adding sewers
-street sewers etc
State law governs notice of termination
standards for streets sewers and water systems
Specific Liens - ANSWER- arise from ownership and use of the property
Special Assesments - ANSWER- taxes for specific public improvements affecting
property
-Sewers and other utilities
-setback requirements front side back
Segmentation of User Markets - ANSWER- Both supply and demand of user markets
are very specific to location and building type.
-Roads and driveways
risk free rates of various maturities (i.e., the Treasury "yield" curve)
Rights - ANSWER- Claims the government is obligated to enforce
Restrictive Covenants Enforcement - ANSWER- Enforcement by court injunction
, Restrictive Covenants - ANSWER- covenants that impose restrictions on land use;
created at conveyance of land to a new owner
required risk premiums for risky investments
reliable and countercyclical
Relation of Parties - ANSWER- Variant of rule of intention
Real property - ANSWER- physical property such as land and buildings
Real Estate Law,
Real Estate FNBSLW 348-01 (EXAM 1)
Questions With Answers 2025
Real Estate as an industry and profession - ANSWER- Brokerage, Development,
Real estate as a tangible asset - ANSWER- "Raw" land
Real estate as a bundle of rights - ANSWER- -Exclusive possession of the real property
Radon
Public Market Equity/Owners - ANSWER- Public real estate investment trusts (REITs)
and real estate operating companies
Public Market Debt/Lenders - ANSWER- Commercial mortgage backed securities
(CMBS) and mortgage REITs
Public Capital markets - ANSWER- -Small homogenous units (shares) of ownership in
assets trade in public exchanges
Property Taxes on real Estate - ANSWER- Largest source of government income
Property rights - ANSWER- -exclusive possession
Property Markets - ANSWER- Market for ownership claims to RE assets
Property market is integrated, not segmented like user market
Property management,
-Projected demand for various land uses (public, residential, nonresidential)
-Project needs for public services (utilities, streets, schools, parks and recreation,
safety)
Private Market Equity/Owners - ANSWER- Individuals, partnerships, LLC, private equity
funds, hedge funds
Private Market Debt/Lenders - ANSWER- Finance companies, insurance companies,
private lenders
Private Capital Markets - ANSWER- -Absence of centralized market (or even price lists)
-Priority placed on
easy ingress and egress
-Price quotes available for all to see
Power of Eminent Domain - ANSWER- The government's right to take property for a
public purpose on payment of just compensation to the property owner.
Post Revolution Controls - ANSWER- impact fees, performance standards, PUDs,
environmental laws
Poorly administered
Planned Unit Development - ANSWER- -Mixed density
Personal rights are - ANSWER- constitutional rights
personal property - ANSWER- possessions such as jewelry, furniture, and vehicles
Periodic Tenancy - ANSWER- No definite length of time
