9 terms

Real Estate Unit 3


Terms in this set (...)

What is the difference between tangible and intangible property, and how do each apply to real and personal property?
Tangible is physical, visible, and material while intangible is abstract with no physical existence.
All real property is tangible, but personal property may be either tangible (computers, furniture, cars) or intangible (trademarks, copyrights, listing agreements).
List at least 6 types of real estate real property and the uses for each.
Residential - human living
Commercial - generating income
Investment - held by owners for investment purposes, usually not owner occupied
Industrial - warehouses, factories, etc.
Agricultural - growing crops and raising livestock
Special purpose - doesn't fall into other categories: churches, hospitals, schools, etc,; could be parks, shorelines, etc.
Unimproved or undeveloped land - no building or residents
If residential properties are defined as providing dwelling places for individuals or families, are hotels and motels considered residential properties? Why or why not?
No, hotels and motels are not residential properties because they are considered to be only temporary housing.
What is the difference between a warehouse property and a manufacturing property?
A warehouse property focuses on storage and distribution of goods.
Manufacturing buildings are large facilities designed to accommodate the equipment for various manufacturing processes.
What is the difference between office properties and industrial properties?
Office properties house executive, administrative, and operational department. Industrial properties house production, manufacturing, distribution, and warehousing functions. Often, there is no clear difference between the two since many properties include both office space and warehouse or manufacturing uses.
List and describe the five types of office buildings by size and architecture.
Research and Development - 1-2 stories with 50% office or lab space and the rest, workshops, storage, or light manufacturing
Low-rise - 1-3 stories with no elevator
Garden office - 1-5 stories with extensive landscaping
Mid-rise - 4-15 stories with one elevator
High-rise - more than 15 stories with multiple elevators, not considered skyscrapers.
In zoning terms, what is mixed-use development, and where would a mixed-use building most commonly be found?
Mixed-use development allows for the combination of residential, commercial, industrial, office, or other land uses. It is most commonly found in a downtown area close to public transportation.
What is an anchor tenant and why is one critical to a retail center?
This is the main tenant at the shopping center and one that most lenders require before agreeing to financing for the center.
List and describe six types of retail centers.
Strip centers - usually have a convenience store, dry cleaner, beauty salon, or small restaurant; up to about 30,000 sq feet.
Neighborhood centers - usually have supermarket, drugstore, shipping store; up to about 60,000 to 100,000 sq feet.
Malls - complex of shops with walkways and parking areas; could be enclosed or covered
Regional centers - anchored by 1 or 2 department stores of at least 50,000 sq feet; include clothing, furniture stores
Mega malls - super regional centers with about 1 million sq feet and 3 more department stores
Outlet centers - for specific manufacturers at a discount.