Real Estate Principles Chapter 14
Residential property includes how many dwelling units
1-4 dwellings
1 acre is equal to how many square fee
43560
1 mile is equal to how many linear feet
5280
Which of the following is an approach used by appraisers to value property
Cost approach Income approach Sales comparison approach
Which of the following is considered a formal description of property
Government survey Metes and bounds Lot and block
That duty owed by an agent to act in the highest good faith toward the principle and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure, is known as
fiduciary duty
This is an item of personal property that has been attached to real property
fixture
This is an appraisal phrase meaning that use which, at the time of an appraisal, is most likely to produce the greatest net return to the land and/or buildings over a given period of time
highest and best use
A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is referred to as a
independent contractor
This refers to "under improved" properties surrounded by properties of greater value
law of progression
This refers to when a property is "over improved" relative to other surrounding properties in the area that are of lessor value
law of regression
The commission owed to the broker in a transaction is determined in this document
listing agreement
This is a contract whereby a mortgager agrees to use real property as security for the repayment of debt
mortgage
A broker who arranges a mortgage loan between a lender and a borrower for a fee is referred to as a
mortgage broker
The authority to act for another person is specified or all legal or financial matters is known as
power of attorney
Which category of topics accounts for the most number of questions on the State exam
practice of real estate and disclosures
The marketplace whereby loans are originated is referred to as the
primary mortgage market
This principle affirms that value is created by anticipated benefits to be derived in the future
principle of anticipation
This principle affirms that clue is created when properties tend to be similar in a particular neighborhood
principle of conformity
The rights, or interests, that an individual has in a particular piece of property are referred to as
bundle of rights
A loan whereby there is no government participation or cooperation is known as a
conventional loan
That which is immovable, including land, things affixed to land, and appurtenances is known as
real property
This is an item of removable personal property that a tenant attached to leased land for business purposes
trade fixture
The rights of a land owner or land occupier to use flowing water (such as a river) that is adjacent to the land are known as
riparian rights
All property that is not considered to be real property is known as
personal property
The supply of willing and able buyers in the marketplace or lack thereof is referred to as
demand
A common-law doctrine that makes an employer liable for the actions of an employee when the actions take place within the scope of employment is known as
respondeat superior
The marketplace whereby the loans that were originated in the primary mortgage market are brought and sold is known as the
secondary mortgage market
Zoning is an example of police power
true
The ability to give satisfaction and/or excite desire for possession is known as
utility