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Real Estate Economics
FIN 351 Quiz 1 (Ch. 1+2)
Terms in this set (20)
A lien is an interest in real property that serves as security for an obligation. Which of the following is an example of a general lien?
lien arising from a court judgment unrelated to ownership of the property.
A principal definition of real estate is as a bundle of rights associated with the possession, use, and disposition of property. Each of the following is a fundamental characteristic of property rights except
they apply only to tangible assets.
All of the following are examples of an improvement on the land except
An important distinction both practically and conceptually is the difference between an easement and a license. All of the following characteristics pertain to a license except
a license is enduring.
Capital markets can be divided into four main categories: private equity, public equity, private debt, and public debt. An example of a real estate asset that trades in the private equity market is
Capital markets can be divided into two broad categories: equity interests and debt interests. Equity investors in real estate expect to earn a return on their investment through the
collection of rent and price appreciation.
Considered a fundamental pricing metric in commercial real estate markets, the ratio of a property's annual net income to its market value is more commonly referred to as a(n)
If we desire to classify land by its use, land that does not include any improvements to the land would be categorized as
"raw" or underdeveloped land
Property rights can be divided into two classes, real and personal. Which of the following is an example of real property?
Real estate is defined as land and its permanent improvements. Which of the following is an example of an improvement to the land?
Real estate is property, which can be either a tangible or an intangible asset. Which of the following would be considered an intangible asset?
Real estate values derive from the interaction of three different sectors in the economy. Which of the following sectors serves to allocate financial resources among households and firms requiring funds?
Restrictive covenants impose constraints on the use of the land, yet are limited in terms of their enforcement. All of the following are true regarding the enforcement of restrictive covenants except
restrictive covenants are public in nature and therefore can be enforced by those who do not hold a legal interest in the property.
The City of Grand Rapids installed a new water main on Oak Street. The city then decided to charge the property owners along Oak Street a proportional cost of the new water main. If a property owner refuses to pay his or her proportional share of the cost, the city may file a(n)
The demand for real estate derives from the need that market participants (e.g., owner occupants, tenants, renters) have for shelter and convenient access to other locations. This competition for physical location and space occurs in the
Which of the following is an example of a negative easement appurtenant?
a scenic easement used to restrict construction on adjacent parcels so as to preserve a valued view
Which of the following is an example of an affirmative easement appurtenant?
a driveway easement across one parcel to another
Which of the following types of liens is automatically superior to any other lien?
Property tax and assessment lien
Which of the following types of ownership estates is the most complete bundle of rights, and therefore carries the greatest value?
fee simple absolute
Which of the following would most likely be involved in the Equity Capital Market:
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