Principles of Real Estate study guide

Principles of Real Estate study guide - Principles of Real...

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Principles of Real Estate Study Guide 1. Physical Characteristics of land a. Indestructible b. Non-homogeneity: no 2 alike c. Immobility- reason taxed 2. Economic Characteristics of land a. Scarcity b. Fixity: can't be moved, paying on it c. Situs: preference on location d. Modification: improvements 3. Difference between improvement on land and to land a. On land: fixed structures like buildings, fences, walls decks b. To land: excavation and fill, sewers and other utilities 4. Sq ft in an acre: 43,560 5. MARIA (Modification, Attachment, Relationship of Parties, Intentions of Parties, Agreement of Parties) a. Modification: custom fit b. Attachment: damaging to remove c. Relationship of parties: trade or farming fixtures d. Intentions of parties: customary practice, disclosure e. Agreement of Parties: did seller specify if it’s a fixture? 6. Fixture- real property that was formally personal property 7. Bundle of rights a. Control b. Use and enjoy c. Exclusion: keep people out d. Disposition: how to get rid of it 8. Limitations of ownership a. Police Power- the right of government to regulate private property for the protection of the general public’s health, morals, and welfare. b. Eminent domain- the right of the government to take private property for public use upon payment of just compensation (fair market value) b.i. Condemnation- the act of taking the property c. Taxation-the right of government to tax private property d. Escheat- ownership of property passes to the government if there is no will or no heirs 9. Real Property- rights associated with land plus improvements. It is transferred by a deed. 10. Difference between freehold and leasehold estates
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This note was uploaded on 02/13/2012 for the course FINC 4431 taught by Professor Starling during the Fall '11 term at Georgia Southern University .

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Principles of Real Estate study guide - Principles of Real...

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