Ch 1 Nature of RE (8-25-10)

Ch 1 Nature of RE (8-25-10) - Chapter1 The Nature of Real...

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Chapter 1 The Nature of Real Estate and Real Estate Markets
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1-2 Real Estate is Property… Real estate is property (and more) Property = anything owned/possessed As established/protected by the government (or brute strength in the absence thereof) Types of property: Tangible: Physical such as cars, clothes, land and buildings Real property (non-movable) and personal property (movable) Intangible: Non-physical such as financial interests (stocks, bonds), intellectual property (copyrights, patents, trademarks), contractual rights (purchase contracts, employment contracts), and most importantly for us, rights associated with tangible real property (possession/exclusion, use/enjoyment, disposition, etc.)
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1-3 “Real Estate” used three ways… 1. Tangible property Improvements to the land (“ infrastructure ”; = below) Excavation (remove) and fill (add) Sanitary sewer, utilities, storm water (detain/retain) Roads, curbs, gutters, sidewalks Structures on the land E.g., buildings (“ vertical improvements ”) Land Developed land ” (improvements to the land) Raw land ” or “ undeveloped land ” (no improvements) Acre ” = 43,560 sf/209’ square (≈ football field w/out the end zones ) Folsom Field
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1-4 “Real Estate” used three ways cont’d… 1. Intangible property …the bundle of rights Possession/exclusion Use/enjoyment Disposition (sell, lease, gift, devise) Pledge (mortgage/deed of trust) Extraction (minerals, logging, farming) Control (public government/laws; private restrictive covenants) Can be bundled/unbundled in many ways We will spend the rest of the course looking at the bundle of rights and how it effects ownership, use, and ultimately, value
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1-5 “Real Estate” used three ways cont’d… 3. Industry and profession Brokerage (sale/lease)
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Ch 1 Nature of RE (8-25-10) - Chapter1 The Nature of Real...

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