REAL 4000- Midterm Exam Guide - Comprehensive Notes for the exam ( 63 pages long!)
13 Oct 2017
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January 11, 2017 (test question: why are real estate markets unique?) Real estate: tangible assets: two parts, the physical structure improvements, on the land buildings and other permanent attachments (fences, walls, etc. , to the land (infrastructure) paved surfaces streets, parking, sidewalk, etc. Real property vs. real estate: often in professional practice (and in our text) the terms real property and real estate are treated interchangeably. Why is real estate unique? (test 1 question based off these points) Property rights and ownership interests: the legal side of ownership determines what you can and cannot do with physical real estate in which you possess an interest, two main types of legal interests, possessory interests. Include the right of exclusive possession: also known as estates, two main types, freehold estates, most common form: fee simple absolute. Estate: what you normally think of as.
