2719240
Description
Mind Map by Artiqa Faryaini, updated more than 1 year ago
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Created by Artiqa Faryaini
over 9 years ago
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REAL ESTATE
- Definition of Real Estate
- What is Real Estate?
- a. Real estate is
a legal term.
- b. It refers to
an interest or
a right in
property.
- c. Real estate can refer to both :
i. Tangible objects such as houses
and buildings. ii. Intangible objects
suh as a right or possession or
easement on land.
- a. Real estate is
a legal term.
- What is Real Estate?
- Real Property vs Personal Property
- Real Property
- Real property goes to the
purchaser in a property
transaction. A deed
document is used to
facilitate the transfer of
title of ownership.
- Real property goes to the
purchaser in a property
transaction. A deed
document is used to
facilitate the transfer of
title of ownership.
- Personal Property
- Personal property such as
computer, TV etc.., stays with the
seller in a transaction.
- Personal property such as
computer, TV etc.., stays with the
seller in a transaction.
- Real Property
- Fixtures & Fittings
- Fixtures
- A fixture is an object that is
permanently attached to the
floor or walls that is not
removable, it cannot be
removed without damage to
itself or to the property.
- Example,
bathroom sinks,
toilets kitchen-
built in cabinets,
air conditioners.
- Example,
bathroom sinks,
toilets kitchen-
built in cabinets,
air conditioners.
- A fixture is an object that is
permanently attached to the
floor or walls that is not
removable, it cannot be
removed without damage to
itself or to the property.
- Fittings
- A fitting is any
item that is free
standing or hung
by a nail or a
hook and it is
removable.
- Example,
paintings, carpets,
curtains lamps,
television,
computer
- Example,
paintings, carpets,
curtains lamps,
television,
computer
- A fitting is any
item that is free
standing or hung
by a nail or a
hook and it is
removable.
- Fixtures
- Physical
Characteristics of
Real Estate
- 1. Immobile
- Land is geographically
fixed. Location is the
single most important
factor in determining
value.
- Land is geographically
fixed. Location is the
single most important
factor in determining
value.
- 2. Scarce
- Land is scarce as a total
land supply is fixed.
Where land is limited in
supply, value of land
tends to be higher
- Land is scarce as a total
land supply is fixed.
Where land is limited in
supply, value of land
tends to be higher
- 3. Indestructible
- Land may be altered
but it cannot be
destroyed.
- Land may be altered
but it cannot be
destroyed.
- 4. Unique
- Real estate is unique
as no 2 parcels of land
are exactly the same.
- Real estate is unique
as no 2 parcels of land
are exactly the same.
- 1. Immobile
- Concepts of Real Estate
- Market Value
- Is an objective
estimate of the
worth of real
estate based on
different factors.
- a. Willing seller
and willing buyer
- b. probably
selling price
- c. both buyer and
seller well-informed
- d. act independently
without undue
pressure
- e.arm's length
transaction
- a. Willing seller
and willing buyer
- Is an objective
estimate of the
worth of real
estate based on
different factors.
- Value in Use
- A subjective reference
of worth from owner's
perspectives. Example,
sentimental value
- A subjective reference
of worth from owner's
perspectives. Example,
sentimental value
- Highest & Best Use
- i. Legally and
physically possible
development
potential
- ii. Transaction purposes
- iii. In contrast with existing use
- iv. Strongly influenced
by URA's development
control : land use,
height control and plot
ratio.
- i. Legally and
physically possible
development
potential
- Investment in Value
- Value or worth from a
specific investor's
perspective and
circumstances.
- Value or worth from a
specific investor's
perspective and
circumstances.
- Market Value
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