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Name the 6 categories of Real Property
When SUPPLY increases and DEMAND remains stable?
prices go DOWN
When DEMAND increases and SUPPLY remains stable?
prices go UP
What are the 2 characteristics of land that have the most impact on market value?
What 4 factors affect real estate SUPPLY?
- Labor force availability
- Construction and Material Costs
- Government Controls
- Financial Policies
What 3 factors affect real estate DEMAND?
- Employment and Wage Levels
What are the rights of Real Property (Bundle of Legal Rights)
- right of Possession
- right of Control
- right of Enjoyment
- right of Exclusion
- right of Disposition
What are the rights or Real Estate?
- Permanent Human-Made additions
What are your LAND rights?
- Air rights
- Surface rights
- Subsurface rights
Plants that do not require annual cultivation (Fructus Naturales) are considered?
Plants that require annual cultivation (Fructus Industriales) are considered?
- Are known as Emblements
- and are considered Personal Property
When you turn Real property into Personal Property
When you turn Personal Property into Real Property
Legal Test of a Fixture
- Annexation: Can the item be moved without damaging the property?
- Adaptation: Is the item being used as real or personal property?
- Agreement: Have the parties agreed on it?
What are the 4 Economic characteristics of Real Estate?
- Permanence of Investment
- Location or Area Prefrence
What are the 3 Physical Characteristics of Real Estate?
The decision to buy or to rent property involves considering
- How long a person wants to live in a particular area
- A person's financial situation
- Housing affordablility
- Current mortgage interest rates
- Tax consequences of owning versus renting property
- What might happen to home prices and tax laws in the future
The basic costs of owning a home
- Mortgage Principal