ch1 day1

When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include:

• fences

• walkways

• sewer systems

• streets

The term real estate is used in three fundamental ways. When real estate is defined as the land and its improvements, it is being viewed as purely a(n):

• tangible asset

• intangible asset

• parallel asset

• personal asset

The term real estate is used in three fundamental ways. When real estate is defined as a bundle of rights associated with ownership and the use of the site and improvements, it is being viewed as purely a(n):

• tangible asset

• intangible asset

• parallel asset

• personal asset

All of the following are examples of an improvement on the land EXCEPT:

• fences

• building

• walls

• streets

Real estate is defined as land and its permanent improvements. Which of the following is an example of an improvement to the land?

• fence

• building

• water and sewer systems

• personal property

Real estate consists of the physical structures and infrastructure that accompany the land. All of the following are examples of an improvement to the land EXCEPT:

• walkways

• the building and parking lot

• sewer system

• streets

Real estate is property, which can be either a tangible or an intangible asset. Which of the following would be considered an intangible asset?

• land

• building

• mortgage

• fence

Which of the following would be considered a tangible asset?

• land

• lease agreement

• mortgage

• listed REIT

If we desire to classify land by its use, land that does not include any improvements to the land would be categorized as:

• “raw” land

• building site

• developed land

• property infrastructure

If we desire to classify land by its use, land that consists of residential, industrial, commercial, and institutional land uses would be classified as:

• rural land

• federal land

• urban land

• undeveloped land