In Harmonize, write a brief summary of the textbook (5 paragraphs) Chapters 11 & 12 to include the following paragraphs with headings: an overview, 3 key concepts, and a summary. Each “key concept” must include the textbook page numbers. Each paragraph needs a minimum of 3 sentences. Use the template format provided below. Refer to the model assignment (sample) following the template.
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TEMPLATE:
Overview
Key Concept from Chapter 11
Key Concept from Chapter 12
Key Concept from Chapter 11 or 12Summary
SAMPLE:
BELOW IS A SAMPLE REFLECTION SUMMARY. DO NOT COPY THE CONTENTS. IT IS A SAMPLE ONLY TO ILLUSTRATE THE STRUCTURE.
Course: BRE 126, Real Estate Finance
Student Name: Ima Success
Today’s Date: 02/20/2024
Textbook Author: Huber, W.
Chapters # 11-12
Overview
The topic of Chapter 11 is an introduction to real estate principles. This chapter covers four important concepts for the real estate student. First, the real estate licensing in California is discussed, along with the real estate market. Second, the historical influence of real property is examined. Chapter 12 topic is blah blah blah. Third, the difference between real property and personal property is spelled out clearly. And last, the chapter concludes by analyzing various methods of land description. These concepts are important because they may be on the real estate exam for licensees.
Key Concept from Chapter 11
I learned that real estate can be a profitable professional (p. 4). One of the reasons it can be profitable is because the compensation to agents is based on the sales price of the house. In California, real estate values are typically high, which translates into a high commission. The commission is always paid to the broker, but the real estate salesperson receives a portion. Many real estate agents are using social media to promote their services.
Key Concept from Chapter 12
The second thing I learned is that property owners have a “bundle of rights” (p. 5). It means they have control of certain things because they own the real estate. Generally, people view it as a bundle of sticks, with each one of them being a “right” the owner has. Their types of rights vary based on their level of ownership. For example, homeowners have the right to possess (live in) their houses – unless they rent out the house to tenants. In that case, the tenant now has the right to possess the house.
Key Concept from Chapter 11
The third concept I learned is the definition of real property (p. 6). There are four things that define real property: land, affixed to the land, appurtenant to the land, or immovable. These items “tests” are what separates real property from personal property. For example, a refrigerator can be moved out of the house, so it is considered personal property. However, a fence is permanently dug into the ground so it becomes part of the real property, along with the land and the house.
Summary
This was an interesting chapter and I learned a lot about real estate. Real estate has a long and colorful history in California. There are several types of land description methods, which will probably be on the state real estate exam. I know I will have to study some of the concepts further, such as the MARIA acronym of determining personal versus real property. In addition to the knowledge of concepts, real estate involves math calculations.
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