Real Estate Principles and Practices - Details

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1) Chapter 1 View

Questions:

36 questions

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What are 5 Types of Real Property?

Residential; Commercial; Mixed Use; Agricultural; Special Use

What is Caveat Emptor?

The principle that it is the buyers responsibility to check the quality and sustainability of a good before the purchase.

What happens to housing prices when supply increases and demand remains stable?

Prices go down. Greater supply means producers need to attract more buyers, so prices decrease.

What happens to prices when demand increases and supply remains stable?

Prices go up. Greater demand means producers can raise prices to compete for business.

What are 6 major supply constraints?

Labor Force; Construction; Material Costs; Government Control; Financial Policies; Local Government.

What are 5 major Demand Constraints?

Population; Demographic; Population; Employment; Wage

What is Immobility?

The Inability of a property to move to satisfy demand when supply is low.

What are the "Bundle of Legal Rights"?

Possession, Control of Property; Enjoyment; Exclusion; Disposition.

What are the 2 major Aspects of a title?

Ownership, ("Bundle of Legal Rights"); Deed proving Ownership

What is Appurtenance?

The rights or privileges with a property.

What is Accretion?

An increase in the owners land resulting from the deposits of soil by the waters action.

What is Avulsion?

The sudden removal of soil by an act of nature.

What is Littoral Rights?

The Ownership rights to land which border a navigable waterway.

What is the acronym to remember for a legal test of a fixture? What does each letter stand for?

MARIA

What are 4 Key economic characteristics of real estate?

1. Scarcity 2. Improvements 3. Permanence of investments 4. Area Preference

What is an Emblement?

The Profit from growing crops that have been sown.

What are Fructus Naturales?

The natural growing things in nature than do not require cultivation.

What is Fructus Industriales?

The Things created by man to produce and not by nature. Considered Personal Property.

What is a trade fixture?

A piece of property that a tenant has attached to the land to conduct business.

What is a Chattel Fixture?

Any piece of personal property that is not attached and can be removed.

What does the Civil Rights Act of 1866 do?

It Prohibits discrimination based on race in every real estate property transaction.

What is an Administrative Law Judge, (ALJ)

A Judge that hears lawsuits from an aggrieved person seeking relief through administrative proceedings

What is Blockbusting?

The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into a neighborhood will have some sort of negative impact on property values.

What is Conciliation?

The Resolution of a complaint by obtaining assurance that the person against whom the complaint was filed will remedy any violation that may have occured.

What is Redlining?

The act of of refusing to make mortgage loans or issue insurance policies in specific area for reasons other than the economic qualifications of the applicant.

What is Megan's Law?

It requires the Ohio sex offender registration and notification law sent to members of the community if a sex offender lives in the area.

What is Fee Simple Ownership?

The Owner is entitled to all the rights to the property.

What are 4 examples of Liens?

1. Real Estate Taxes 2. Mortgages 3. Judgements 4. Mechanics Liens

What is an encumbrance?

Gives either an individual or business some degree of use or control of the property, but does not rise to ownership or possession.

What is the Acronym to remember the 4 Government powers? and what are they?

PETE Power Eminent Domain Taxes Escheat

What is Lis Pendens?

Meaning Litigation pending. A notice filed of a pending legal action affecting the title to or possession of the property.