Bob Hogue Real Estate |517 Questions| With Correct Answers.

Bundle of Legal Rights {Ans: An ownership concept describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession, and control.}Income Approach {Ans: A method for estimating the market value of a property based on the present and future income the property can be expected to generate.}Economic Life {Ans: The period of time a property may be expected to be profitable or productive; useful life.}Estate for years {Ans: }Cost Approach {Ans: A method for estimating the market value of a property based on the cost to buy the site and to construct a new building on the site, less depreciation.}Corporation {Ans: an artificial or fictitious person formed to conduct specified types of business activities.}