REE 3043 Paul Black- FIU Exam #1|
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Real State - Answer✅✅Land and improvements to the land-house, structures built
on the land. The land such as mineral rights, oil, gold, Air rights.
Air Rights - Answer✅✅The ability to buy the right to build a higher building.
Example: Miami beach buying selling zones. In NYC you must buy air rights of an
adjoining property, exam Trump Tower
Real property - Answer✅✅Anything that won't fall out of a house if turned up -
side down. It's attached to the house/building.
Personal Property - Answer✅✅Not attached to the house/ building ( real property)
Exam: Table, furniture, fridge, Anything you can unplug and it doesn't cause damage
to the property.
, Fixture - Answer✅✅when something was at one time personal property and then it
became attached to real property is now considered to be real property. If not on
the contract, then no valid.
Law of fixture - Answer✅✅If attached and the purchase contract is silent on this
issue, then the fixture stays in the house. Exam: The chandelier exam.
Real state professions - Answer✅✅Agent, broker, financing, litigation,
management, developer, constructor, appraiser, architect, land planner, analyst, etc.
Infrastructure - Answer✅✅Services that are built by the government. Exam: Roads,
Water, Sewer lines, Public schools, Police, Fire, Parks, Libraries, Government services.
Urban sprawl - Answer✅✅When someone builds way too far. Concurrency was
created to prevent (leap-frogging)
Concurrency (con: TWO) Currency: Same time - Answer✅✅Two things happening
at the same time.
1. Impact to society: Someone building 100 homes- more kids, more roads needed.
2. Infrastructure: Is built to satisfy this impact- response of the government to that
impact.
Gestation period - Answer✅✅Time from when a project is conceived, until it's
complete and available for occupancy. Exam: Pregnancy.
Value Creation - Answer✅✅When the value of something (what someone will pay
for it) exceeds its cost.
Highest and best use - Answer✅✅Use of land that produces the greatest long term
economic return. Has 3 criteria
1. Legal use of the land: Must conform to zoning
2. Practical use of the land: Practical use of the land
3. Feasible use of " " : Is the deal financially feasible?
Interim Use - Answer✅✅A temporary use of land. Exam: Drive in movies, Mobile
home park, parking lots, Circus, Parking.
Adaptive Reuse - Answer✅✅The use of a building for something other than what it
was originally used for. Exam: Building that was a house and is now a CPA's office or.
church that is now a restaurant (Residential to residential is not an example)
Leasehold Estate - Answer✅✅Tenant gets the right to use for a certain period of
time Exam: apart rental.
Freehold State - Answer✅✅Ownership interest
Brand New Exam Questions with
100% Correct Clear Verified
Answers|All Graded A+|Latest
Premium Update|100%
Guaranteed Success.
Real State - Answer✅✅Land and improvements to the land-house, structures built
on the land. The land such as mineral rights, oil, gold, Air rights.
Air Rights - Answer✅✅The ability to buy the right to build a higher building.
Example: Miami beach buying selling zones. In NYC you must buy air rights of an
adjoining property, exam Trump Tower
Real property - Answer✅✅Anything that won't fall out of a house if turned up -
side down. It's attached to the house/building.
Personal Property - Answer✅✅Not attached to the house/ building ( real property)
Exam: Table, furniture, fridge, Anything you can unplug and it doesn't cause damage
to the property.
, Fixture - Answer✅✅when something was at one time personal property and then it
became attached to real property is now considered to be real property. If not on
the contract, then no valid.
Law of fixture - Answer✅✅If attached and the purchase contract is silent on this
issue, then the fixture stays in the house. Exam: The chandelier exam.
Real state professions - Answer✅✅Agent, broker, financing, litigation,
management, developer, constructor, appraiser, architect, land planner, analyst, etc.
Infrastructure - Answer✅✅Services that are built by the government. Exam: Roads,
Water, Sewer lines, Public schools, Police, Fire, Parks, Libraries, Government services.
Urban sprawl - Answer✅✅When someone builds way too far. Concurrency was
created to prevent (leap-frogging)
Concurrency (con: TWO) Currency: Same time - Answer✅✅Two things happening
at the same time.
1. Impact to society: Someone building 100 homes- more kids, more roads needed.
2. Infrastructure: Is built to satisfy this impact- response of the government to that
impact.
Gestation period - Answer✅✅Time from when a project is conceived, until it's
complete and available for occupancy. Exam: Pregnancy.
Value Creation - Answer✅✅When the value of something (what someone will pay
for it) exceeds its cost.
Highest and best use - Answer✅✅Use of land that produces the greatest long term
economic return. Has 3 criteria
1. Legal use of the land: Must conform to zoning
2. Practical use of the land: Practical use of the land
3. Feasible use of " " : Is the deal financially feasible?
Interim Use - Answer✅✅A temporary use of land. Exam: Drive in movies, Mobile
home park, parking lots, Circus, Parking.
Adaptive Reuse - Answer✅✅The use of a building for something other than what it
was originally used for. Exam: Building that was a house and is now a CPA's office or.
church that is now a restaurant (Residential to residential is not an example)
Leasehold Estate - Answer✅✅Tenant gets the right to use for a certain period of
time Exam: apart rental.
Freehold State - Answer✅✅Ownership interest
