Question

1. What is real Estate? Be specific! What are you buying when you buy a house,...

1. What is real Estate? Be specific! What are you buying when you buy a house, property or investment property? Think the sticks I used in class!

2. What is a real estate contract? What are the essential elements of a contract? Be specific. How important are contracts? Who are the professionals involved in the process in a real estate contract negotiations.

3. What is a lease? What are the essential elements of a legal lease? Be specific. Who are the professionals involved in negotiating a lease? Is there a difference between a residential lease and commercial lease? If so, what is the difference. Be specific.

6. What is Zoning? Where does a municipalities power of zoning come from? What is zoning for? How does zoning affect land use? How does zoning affect the size and shape of buildings? What is re-zoning? How can zoning make my neighborhood better?

8. What is “gentrification”? How does it effect a community? Is it positive? Negative? In what way does it impact the economics of a neighborhood and city. Please be specific.

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Answer #1

Ques 1)

Real Estate refers to property including land and buildings as well as the natural resources surrounding the property. The various categories of Real Estate include Residential, Commercial, Industrial.

A house is a residentail form of real estate intended for possession by human beings. When we buy a house, it is surely a real estate investment.

A property includes the land, building and other things attached to the land but it is wider in scope than real estate in the sense that it includes certain rights over the land/building. For eg, rights to inhabit possessed by landlords.

An investment property is a type of real estate property that is purchased with a motive to earn return in the form of rent, resale etc. Hence, this is real estate.

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