Podcast Beta
Questions and Answers
What does a Real Estate Investment Trust (REIT) do?
What is the primary purpose of an eminent domain?
Which of the following can be considered a function of a REIT?
Eminent domain is best described as what type of legal right?
Signup and view all the answers
A company that offers shares to the public and earns income from real estate operations is known as?
Signup and view all the answers
What is a loan used to purchase real estate, where the property's value serves as collateral for the loan?
Signup and view all the answers
Which term describes the process of gradually paying off a loan through regular payments?
Signup and view all the answers
Which document establishes ownership of a property?
Signup and view all the answers
What is an expert assessment of a property's value called?
Signup and view all the answers
What is the final step in a real estate transaction where the property title is transferred from the seller to the buyer?
Signup and view all the answers
Which term defines a limited interest in land, meaning a right to use another's land for a specific purpose?
Signup and view all the answers
Which of the following describes a legal claim against a property used as collateral for a debt?
Signup and view all the answers
What is the difference between the market value of a property and the amount owed on any mortgage against it?
Signup and view all the answers
Study Notes
Real Estate Terminology
Property Valuation and Ownership
- Appraisal: expert assessment of a property's value for various purposes
- Deed: legal document establishing property rights
- Title: legal document establishing ownership of a property
- Fair Market Value: highest price a willing seller would accept for a property
Real Estate Transactions
- Closing: final step in a real estate transaction, transferring property title and settling finances
- Mortgage: loan to purchase real estate, using the property as collateral
- Lien: legal claim against a property, used as collateral for debt
- Collateral: property or asset used to secure a loan
Property Rights and Restrictions
- Easement: limited interest in land for a specific purpose (e.g., utility service)
- Zoning: laws regulating property use in specific geographic districts
- Eminent Domain: government's legal right to use private land for public projects (e.g., roadways)
Financing and Investment
- Interest Rate: percentage of a loan charged by a lender to a borrower
- Amortization: gradual payment of a loan through regular installments
- Equity: difference between a property's market value and mortgage debt
- Real Estate Investment Trust (REIT): company owning, operating, or financing income-producing real estate, offering public shares
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of real estate concepts, including Real Estate Investment Trusts (REITs) and Eminent Domain. Learn about the legal aspects of real estate and how they impact the industry.
