Chapter 1 Book Notes

Chapter 1 Book Notes - Chapter 1 Book Notes Property-...

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Chapter 1 Book Notes Property- anything that can be owned or possessed Tangible assets- physical things such as land and machinery o Real estate- the land and its permanent improvements o Improvements ON the land- any fixed structures such as buildings, fences, walls, and decks o Improvements TO the land- component necessary to make the land suitable for building construction or other uses. Things such as sewage, walkways, and streets. o Land- includes land and often improvements to it Raw Land- Larger area that does not include any improvements o What distinguishes real property from personal property? Real property refers to property that is permanently affixed to the group. Personal property is something such as a mobile home that can be in multiple locations. Different places recognize mobile homes differently. Intangible assets- non-physical things such a s rights and patents A Bundle of Rights o Real estate can be viewed as a bundle of intangible rights These rights are to services that real estate provides such as security and shelter
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This note was uploaded on 02/08/2012 for the course REAL EST 306 taught by Professor Mccabe during the Spring '12 term at Wisconsin.

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Chapter 1 Book Notes - Chapter 1 Book Notes Property-...

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