Nevada Real Estate

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Nevada Real Estate
2012-06-27 22:48:11
Real Estate Exam Nevada

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  1. Name the 6 categories of Real Property
    • Residential
    • Commercial
    • Mixed-Use
    • Industrial
    • Agricultural
    • Special-Purpose
  2. When SUPPLY increases and DEMAND remains stable?
    prices go DOWN
  3. When DEMAND increases and SUPPLY remains stable?
    prices go UP
  4. What are the 2 characteristics of land that have the most impact on market value?
    • Uniqueness
    • Immobility
  5. What 4 factors affect real estate SUPPLY?
    • Labor force availability
    • Construction and Material Costs
    • Government Controls
    • Financial Policies 
  6. What 3 factors affect real estate DEMAND?
    • Population
    • Demographics
    • Employment and Wage Levels
  7. 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 
  8. What are the rights or Real Estate?
    • Land
    • Permanent Human-Made additions
  9. What are your LAND rights?
    • Air rights
    • Surface rights
    • Subsurface rights 
  10. Plants that do not require annual cultivation (Fructus Naturales) are considered?
    Real Estate
  11. Plants that require annual cultivation (Fructus Industriales) are considered?
    • Are known as Emblements
    • and are considered Personal Property
  12. Severance
    When you turn Real property into Personal Property
  13. Annexation
    When you turn Personal Property into Real Property
  14. 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?
  15. What are the 4 Economic characteristics of Real Estate?
    • Scarcity
    • Improvements
    • Permanence of Investment
    • Location or Area Prefrence 
  16. What are the 3 Physical Characteristics of Real Estate?
    • Immobility
    • Indestructability
    • Uniqueness 
  17. 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 
  18. The basic costs of owning a home
    • Mortgage Principal
    • Interest
    • Taxes
    • Insurance