Real Estate Test 1
Given the following information, compute the taxable value for the particular piece of property in dollar terms: Market value of property: $500,000 Assessed value of property: 85 % of the market value of the property Exemptions: $50,000 Taxes paid: $8,250 a. $75,000 b. $375,000 c. $416,750 d. $425,000
$375,000
Given the following information, calculate the total annual tax liability of the homeowner: Market value of property: $350,000 Assessed value of property: 40 % of the market value Exemptions: $2,000 Millage Rate: 33.95 mills a. $4,685.10 b. $4,735 c. $11,882.50 d. $46,851
$4,685.10
given the following information, compute the effective tax rate for the particular piece of property in percentage terms: Market value of property: $325,000 Assessed value of property: $250,000 Exemptions: $50,000 Taxes paid: $5,363 a. 1.5% b. 2.35% c. 1.65% d. 2.68%
1.65%
To determine a property's annual tax liability in dollars, it is useful to first convert the millage rate to an annual percentage. If the millage rate is 25 mills, determine the property tax rate in percentage form. a. 0.025% b. 0.25% c. 2.50% d. 25.00%
2.50%
Given the following information, compute the property tax rate for the community in percentage terms: Total budget expenditures: $108 million Total non-property tax income: $50 million Total assessed value of all properties: $2 billion Total exemptions: $550 million a. 2.5% b. 4.0% c. 10.0% d. 12.0%
4.0%
Tax rates are usually stated in mills. Assuming the tax rate in percentage terms is 6.5%, convert this rate to mills. a. 0.065 mills b. 6.5 mills c. 65 mills d. 650 mills
65 mills
A comprehensive plan usually deals with which of the following elements a. land uses b. population c. public services d. natural resources e. all of these choices are correct
All of these choices are correct
an important distinction is the difference between an easement and a license. All of the following characteristics pertain to a license except: a. a license is revocable b. a license can be granted orally c. a license is enduring d. a license grants permission to use another's land for a specific and limited purpose
a license is enduring
which of the following is an example of a negative easement appurtenant? a. a driveway easement across one parcel to another b. rights-of-way for roads c. a common drive easement where owners of adjoining lots must permit each other to use a driveway lying on their shaped property line d. a scenic easement used to restrict construction on adjacent parcels so as to preserve a valued view
a scenic easement used to restrict construction on adjacent parcels so as to preserve a valued view
In the history of eminent domain, the Kelo v. New London, Connecticut decision of the U.S. Supreme Court in 2005 affirmed the possibility of a community being: a. prohibited from using eminent domain b. restricted to use of eminent domain for actual government (public) land uses c. able to use eminent domain to acquire property for private development if it serves public purpose and the current land use is blighted d. able to use eminent domain to acquire property for private development if it serves public purpose even if the current land use is not blighted
able to use eminent domain to acquire property for private development if it serves public purpose even if the current land use is not blighted
which of the following is NOT important to the location of most commercial properties? a. access to customers b. visibility c. access to schools d. availability of communications infrastructure
access to schools
real estate taxes represent the largest single source of revenue for a large portion of local governments. Most property taxes are applied in relation to the value of the property, or in other words, they are: a. effective tax rates b. ad valorem taxes c. tax-exempt d. regressive
ad valorem taxes
An owner of land may involuntarily and unknowingly give up the rights to land. When a fee simple interest is conveyed to a new owner without a deed and without the consent or knowledge of the original owner, this is said to be conveyed by: a. prescription b. adverse possession c. accretion d. reliction
adverse possession
An easement is the right to use land for a specific and limited purpose. Which of the following easements involves a relationship between two parcels of land, is a permanent feature of both parcels involved, and gives the dominant parcel some intrusive use of the servient parcel? a. affirmative easement appurtenant b. negative easement appurtenant c. easement in gross d. license
affirmative easement appurtenant
In their comprehensive plan, local governments must include a "reasonable and fair" component of new housing construction for lower-income families. This requirement is referred to as the: a. economic and environmental impact requirement b. concurrency requirement c. affordable housing allocation requirement d. extraterritorial jurisdiction requirement
affordable housing allocation requirement
property rights can be divided into two classes, real and personal. Which of the following is an example of real property? a. vehicles b. stocks and bonds c. patents d. an office building
an office building
the city of Baltimore installed a new water main along a main roadway. The city decided to charge the property owners along this main roadway a proportional cost of the the water main. If a property owner refuses to pay their proportional share of the cost, the city may file a: a. property tax lien b. assessment lien c. general lien d. mechanics' lien
assessment lien
the purpose of acknowledgement in a deed is to confirm that the deed is, in fact, the intentiona nd action of the grantor. Acknowledgement is always required for a deed to: a. be valid (enforceable) b. be placed in the public record c. convey what the grantor does not possess d. forego the offering of consideration as part of the transaction
be placed in the public record
Property taxes are a major source of revenue for a. the federal government b. school districts c. local governments d. state governments e. both local governments and school districts
both local governments and school districts
The most recent approach to zoning, form-based zoning, creates a map of segregation of a. land uses b. building shapes c. property taxes d. performance standards
building shapes
Real estate values derive from the interaction of three different sectors in the economy. Which of the following sectors serves to allocate financial resources among households and firms requiring funds? a. user market b. capital market c. government d. property market
capital market
an example of a real estate asset that trades in the public debt market is a: a. real property b. real estate operating company c. equity REIT d. commercial mortgage-backed security
commercial mortgage-backed security
specific liens derive dirrectly from events related to a property. One such lien is established when the issuance of bonds is used to finance improvements within a private community. This type of lien is more commonly referred to as an : a. property tax lien b. mortgage lien c. community development district lien d. mechanics' lien
community development district lien
which of these is not a requirement of a valid deed? a. competent grantor b. competent grantee c. in writing d. habendum clause e. delivery
competent grantee
Growth management laws at the state level require local jurisdictions to plan for and meet certain requirements. One such requirement prohibits local development unless adequate infrastructure, schools, police/fire protection, and social services have been put in place first. This requirement is referred to as the a. economic and environmental impact requirement b. concurrency requirement c. affordable housing requirement d. extraterritorial district requirement
concurrency requirement
By the power of eminent domain, the government can take private property for public purpose through due process and with just compensation. The process of exercising this power is known as: a. testate b. intestate c. foreclosure d. condemnation
condemnation
eminent domain is the right of government to acquire private land, without the owner's consent, public use, with due process and just compensation. The legal procedure for exercising the right of eminent domain is referred to as: a. growth restriction b. urban sprawl c. blighted development d. condemnation
condemnation
which of the following covenants in a deed promises that the property will not be claimed by someone with a better claim to title? a. covenant of seizin b. covenant against encumbrances c. covenant of quiet enjoyment d. exceptions and reservation clause
covenant of quiet enjoyment
The covenants in a deed are the most important differences among types of deeds. Which of the following covenants promises that the grantor truly has good title and the right to convey it? a. covenant of seizin b. covenant against encumbrances c. covenant quiet enjoyment d. exceptions and reservations clause
covenant of seizin
Based on your understanding of the rules for determining when an object becomes a fixture, which of the following items would most likely be considered a fixture at the time of sale? a. custom (built-in) bookshelves b. refrigerator in a single-family residence being sold c. fence installed by the tenant of a rental property d. curtains
custom (built-in) bookshelves
based on your understanding of the supply and demand dynamics of user/space markets, the new construction units would, all else equal, cause which of the following effects? a. decrease in equilibrium rental rates and decrease in property value b. decrease in rates increase in value c. increase in rates decrease in value d. increase in rates and value
decrease equilibrium rental rates and decrease property value
In considering the acquisition of real property, it is important to remember that certain factors may limit ownership rights. Which of the following is an example of a situation in which ownership rights can be fully removed from the property? a. land use controls b. leasehold interests c. homeowner association bylaws d. defaulted lien
defaulted lien
The expected stream of rental income is capitalized into value by converting expected future cash flows into present value through a process called: a. amortization b. discounted cash flow analysis c. direct capitalization d. proforma
discounted cash flow analysis
leasehold estates are often defined as the temporary conveyance of all the following parts of the traditional bundle of rights typically associated with real estate ownership except: a. possession b. use c. disposition d. enjoyment
disposition
If documents conveying interests in real property are properly recorded in the public records, they are binding or enforceable on all persons, regardless of whether those persons are aware of the documents, by the: a. statute of frauds b. recording statutes c. doctrine of constructive notice d. doctrine of actual notice e. evidence of title acts
doctrine of constructive notice
Once a document conveying an interest in real property is placed in the public records it is binding on the public, whether or not they make an effort to learn of it. Based on the common law tradition, this policy is known as the: a. statute of frauds b. doctrine of constructive notice c. habendum clause d. actual notice
doctrine of constructive notice
When identifying an easement appurtenant, the parcel of land that benefits from the right to use the land in question is referred to as the: a. dominant parcel b. servient parcel c. licensed parcel d. gross parcel
dominant parcel
the RIGHT to use land for a specific and limited purpose is more commonly referred to as an: a. easement b. restrictive covenant c. license d. lien
easement
While the vast majority of conveyances of real property are private grants through a deed, there are multiple wasy in which voluntary conveyance can occur without a deed. Which of the following types of easements can occur if a landowner gives an adjacent landowner permission to depend on her land? (E.g., A landowner may give a neighbor permission to rely on sewer access or drainage across his or her land) a. easement by prior use b. easement of necessity c. easement by estoppel d. dedication
easement by estoppel
all of the following are modes of conveying real property involuntarily without a deed except: a. title by adverse possession b. easement by estoppel c. action of water d. easement by prescription
easement by estoppel
all of the following are modes of conveying real property voluntarily without a deed except: a. implied easement b. easement by estoppel c. dedication d. easement by prescription
easement by prescription
jayden owns 150 acres between a highway and a public beach. the state would like to construct a road directly from the highway to the beach across a number of beach front properties including jayden's. the space for this road would be considered a: a. implied easement b. easement in gross c. negative easement appurtenant d. positive easement appurtenant
easement in gross
When a landowner subdivides land in a way that causes a parcel to be landlocked, it is possible for property to be voluntarily conveyed without a deed. If the landlocked parcel has no prior path of access, which of the following types of easements will automatically be created to make the land useful? a. easement by prior use b. easement of necessity c. easement by estoppel d. dedication
easement of necessity
Proposals for large-scale developments must be accompanied by studies that analyze the project's effect on the surrounding area. This requirement is referred to as the: a. economic and environmental impact of requirement b. concurrency requirement c. smart growth requirement d. extraterritorial jurisdiction requirement
economic and environmental impact requirement
The right of government to acquire private property, without the owner's consent, for public use in exchange for just compensation is referred to as: a. inverse condemnation b. regulatory taking c. eminent domiain d. dedication
eminent domain
an example of a real estate asset that trades in the public equity market is a: a. real property b. home mortgage c. equity REIT d. commercial mortgage-backed security
equity REIT
Zoning ordinances that tend to exclude lower income groups by large lot size, or that do not adequately provide low- and moderate-income housing are referred to as: a. special uses b. nonconforming uses c. conforming uses d. exclusionary uses
exclusionary uses
While most real property in the United States is privately owned, government regulations limit private property use and therefore play an important role in the determination of property value. Proponents of government intervention argue that regulation is needed to address the unintended and unaccounted for consequences of one land user upon others, more commonly referred to as: a. incomplete information b. locational monopoly c. externalities d. urban sprawl
externalities
which of the following types of ownership estates is the most complete bundle of rights, and therefore carries the greatest value? a. fee simple absolute b. fee simple conditional c. ordinary life estate d. legal life estate
fee simple absolute
which of the following types of ownership estates is the most complete bundle of rights, and therefore carries the greatest value? a. fee simple absolute b. fee simple conditional c. ordinary life estate d. legal life estate
fee simple absolute
When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include: a. fences b. walkways c. sewer systems d. streets
fences
A new form of land use control that replaces zoning by land use type with zoning by building or development types is a. form-based zoning b. PUD c. performance requirements d. impact fees e. urban planning
form-based zoning
Although deeds can only deliver what a grantor actually owns, they can still vary in "quality." Which of the following types of deeds is considered to be the "highest quality" because it contains the full set of legal promises the grantor can make? a. general warranty deed b. special warranty deed c. deed of bargain and sale d. quitclaim deed
general warranty deed
the "highest-quality" form of deed is the a. general warranty deed b. special warranty deed c. deed of bargain and sale d. quitclaim deed e. judicial deed
general warranty deed
which of the following types of liens is automatically superior to any other lien? a. government property tax and assessment lien b. mortgage lien c. lien arising from a court judgement unrelated to ownership of the property d. mechanics' lien
government property tax and assessment lien
Initially used to survey the Old Northwest Territory (Ohio, Indiana, Illinois, and Michigan) in 1789, which of the following methods of land description relies on townships and section numbers as essential units of identification? a. metes and bounds b. subdivision plat lot and block number c. government rectangular survey d. tax parcel number
government rectangular survey
In a deed, the person or entity conveying the real property interest is more commonly referred to as the: a. grantor b. grantee c. guarantor d. guarantee
grantor
which of the following clauses contain in a deed defines or limits the type of interest being conveyed? a. recital of consideration b. words of conveyance c. covenant d. habendum clause
habendum clasue
The interest being conveyed by a deed is specified in the: a. words of conveyance b. habendum clause c. property description d. exceptions and reservations clause e. covenant of seizin
habendum clause
Each commercial property has unique features, whether it is its age, the building design of its structures, occupancy or its location. As such, real estate markets consist of assets that are considered: a. homogenous b. heterogenous c. substitutes d. complements
heterogeneous
In the state of Florida, for example, homeowners may qualify for a tax exemption in which up to $50,000 will be deducted from the assessed value of the property before taxes are calculated as long as the property owner occupies a home as the family's principal residence and has claimed residency within the state. This exemption is better known as the: a. ad valorem exemption b. affordable housing exemption c. growth moratorium d. homestead exemption
homestead exemption
Real estate markets differ from other asset classes by having all of the following characteristics except: a. local market b. high transaction costs c. segmented market d. homogenous product
homogenous product
among the following four categories, which is the largest asset category in the portfolio of the average US household? a. housing b. pension assets c. deposits and money market funds d. government and corporate bonds
housing
Negative externalities can diminish a property's value by imposing costs on the community at large. In order to offset this detrimental impact, economists advocate "internalizing" these externalities by implementing: a. performance standards b. impact fees c. growth moratoriums d. planned unit developments
impact fees
If a landowner sells the front part of a parcel of land, retaining the back portion as a "land-locked" parcel, and if there is an existing informal path across the front parcel to the back one, the seller is likely to retain the path as a (an): a. easement in gross b. joint driveway easement c. implied easement by prior use d. easement by estoppel e. prescriptive easement
implied easement by prior use
Storm water drainage systems are best described as: a. tangible assets b. improvements to the land c. intangible assets d. improvements on the land
improvements to the land
Externalities in land use include all except: a. leapfrog development b. increased storm runoff from paving c. traffic congestion d. inability to judge the quality of a structure, once built e. noise created by a land use
inability to judge the quality of a structure, once smelt
After a structure is built, it is impractical for even a building expert to fully assess the quality of the construction and the safety hazards it may harbor. This is an example of which of the following problems that plagues private real estate markets? a. externalities b. incomplete information c. locational monopoly d. holdout
incomplete information
based on your understanding of the supply and demand dynamics of user/space markets, an increase in demand for leasable space would, all else equal, cause which of the following effects? a. decrease in equilibrium rental rates and prop value b. decrease in equil rates and increase in value c. increase in rates and decrease in value d. increase in rates and value
increase equilibrium rental rates and increase property value
the term real estate is used in 3 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: a. tangible asset b. intangible asset c. parallel asset d. personal asset
intangible asset
At times, government activities or regulation may result in "taking" most of an owner's property rights and value. In these cases, a property owner may seek compensation under a concept called: a. inverse condemnation b. regulatory taking c. eminent domain d. dedication
inverse condemnation
which of the following would be considered a tangible asset? a. land b. lease agreement c. mortgage d. listed REIT
land
While leasehold interests are considered estates, they differ from freehold estates in all of the following respects EXCEPT: a. leasehold estates are limited in time b. the right of disposition is diminished with a leasehold estate c. leasehold estates are not titled interests d. leasehold estates are possessory interests
leasehold estates are possessory interests
nonpossesssory interests (i.e., bundles of real property rights that do not include possession) include all of the following except: a. leasehold interests b. easements c. restrictive covenants d. liens
leasehold interests
factors that make it uniquely difficult to establish clear title in real estate compared to most personal property items include a. size of real estate b. length of ownership history in real estate c. value of real estate d. land use controls e. serious deficiencies of property law in the US
length of the ownership history in real estate
A lien is an interest in real property that serves as security for an obligation. Which of the following is an example of a general lien? a. property tax and assessment lien b. mortgage lien c. lien arising from a court judgement unrelated to ownership of the property d. mechanics' lien
lien arising from a court judgement unrelated to ownership of the property
Especially in terms of retail properties, which of the following attributes is considered the most likely to result in drastic value differences between otherwise similar properties? a. structural attributes b. financing attributes c. location attributes d. land attributes
location attributes
In efficient financial markets, unregulated competitive bidding should bring about the most productive use of an asset and the price paid for that asset should reflect fair value based on its usefulness. In real estate, this is not always the case. For example, there is no substitute for certain pieces of land which gives the owner a bargaining advantage in determining the value of the land. This feature of real estate markets is commonly referred to as: a. incomplete formation b. local monopoly c. positive externality d. negative externality
locational monopoly
following the completion of a contract for construction or other improvements to a property, a contract has the right to establish a lien on a property as a protection against the case that a property owner defaults on the construction contract and/or fails to pay for the completed work. this lien is more commonly referred to as an: a. property tax lien b. mortgage lien c. assessment lien d. mechanics' lien
mechanics' lien
one of the most important requirements of a land description is for it to be unambiguous. which of the following methods of property description is the most unambiguous and is appropriate for use in legal documents? a. street address b. tax parcel number c. reference to prominent features of the land (monuments, river banks, roads) d. metes and bounds
metes and bounds
Real estate is property, which can be either a tangible or an intangible asset. Which of the following would be considered an intangible asset? a. land b. building c. mortgage d. fence
mortgage
A contemporary planning movement that explicitly advocates a traditional grid pattern of development designed to give pedestrian life priority over motor vehicles (e.g., including narrowed streets with houses close to the street and garage access through side alleys) is commonly referred to as: a. urban sprawl b. urban service area c. traditional residential planning d. new urbanism
new urbanism
When a zoning ordinance is revised, some existing land uses then fall outside the new zoning classification. These land uses are referred to as: a. special uses b. nonconforming uses c. conforming uses d. exclusionary uses
nonconforming uses
A deed is a special form of written contract used to convey a permanent interest in real property. Unlike most contracts, a deed requires: a. both parties to be legally competent and of legal majority age b. only the grantee to be legally competent c. only the grantor to be legally competent and of legal majority age d. both parties to make promises to perform
only the grantor to be legally competent and of legal majority age
deeds are a special form of contract that serves as the primary means for conveying interests in real property. Unlike most normal business contracts, a deed requires: a. both parties to perform b. only the grantee to perform c. only the grantor to perform d. neither party to perform
only the grantor to perform
A traditional zoning ordinance includes all of the following EXCEPT: a. minimum setback requirements b. minimum lot dimensions c. provisions or special use districts d. performance standards
performance standards
Brian just began graduate school at the local university and is looking to rent an apartment. A family friend has decided to lease him a two bedroom, one bathroom cottage through an oral agreement with no definite lease period outlined. Which of the following leasehold estates best describes Brian's situation? a. tenancy for years b. tenancy at sufferance c. periodic tenancy d. tenancy by the entirety
periodic tenancy
Traditional zoning regulations are criticized for often being too rigid in forcing uniform types of development. One proposed solution to this issue allows traditional zoning requirements to vary in exchange for an enhancement to the community, such as the construction of a park. This is more commonly referred to as a: a. planned unit development b. performance standard c. impact fee d. growth restriction
planned unit development
the most common form of legal description for urban residential property is the a. street address b. tax parcel number c. plat lot and block number d. metes and bounds description e. government rectangular survey
plat lot and block number
Zoning is an exercise of which type of general limitation on property rights? a. eminent domain b. taxation c. police power d. escheat e. all are right
police power
If a neighboring land owner drives across a person's land openly and consistently for a number of years the neighbor may acquire an easement by: a. estoppel b. implication c. accretion d. prescription e. necessity
prescription
participants in the capital markets can be divided into 4 main categories: private equity, public equity, private debt, and public debt. Bank lending as a source of financing for the acquisition of real property occurs in the: a. private equity market b. public equity market c. private debt market d. public debt market
private debt market
A deed used mainly to clear up possible "clouds" or encumbrances to title (conflicting interests) is the: a. general warranty deed b. special warranty deed c. deed of bargain and sale d. quitclaim deed e. judicial deed
quitclaim deed
Considered a "questionable conveyance of title" by most courts, which of the following types of deeds is worded to imply no claim of title, but rather only convey what interest the grantor actually has? (Hint: This type of deed may be used by a developer to convey certain lands of a subdivision to the local government through dedication.) a. general warranty deed b. special warranty deed c. deed of bargain and sale d. quitclaim deed
quitclaim deed
capital markets can be divided into 4 main categories: private equity, private debt, and public debt. An example of real estate asset that trades in the private equity market is a: a. real property b. home mortgage c. equity REIT d. mortgage-backed security
real property
laws requiring that a document conveying an interest in real property must be placed in the public records are more commonly referred to as: a. covenants b. recording statutes c. probates d. marketable title laws
recording statutes
One of the main criticisms of property taxes is that the property tax of lower income households is higher than that of higher income households, as a percentage of their respective incomes. In other words, taxes are criticized for being: a. regressive b. comprehensive c. concurrent d. extraterritorial
regressive
suppose a homeowner lives adjacent to an expanding university that is interested in acquiring her residence for future university use. to allow the homeowner to continue to retain all rights of exclusive possession, use, and enjoyment during her lifetime, yet provide the university with the rigth of dispostion, the university may want to purchase a : a. legal life estate with remainder interest b. conditional fee absolute reverted interest c. remainder interest from an ordinary life estate d. tenancy for years
remainder interest from an ordinary life estate
Tom recently purchased a home in a residential subdivision. While mowing his lawn and planting new shrubs for the first time since moving in, Tom's neighbor came outside to inform him that he was violating one of the subdivision's rules which required the use of a specific professional lawn service for all property landscaping needs. Assuming this requirement can be enforced by the subdivision authority, this would be an example of a(n): a. easement b. restrictive covenant c. lien d. estate
restrictive covenant
When identifying an easement appurtenant, the parcel of land that is constrained or diminished by the easement is referred to as the: a. dominant parcel b. servient parcel c. licensed parcel d. gross parcel
servient parcel
Most communities contain a number of tax-exempt properties. All of the following are typically included in the tax-exempt property classification EXCEPT: a. places of worship b. universities c. government owned properties d. single-family homes
single-family homes
It was not until the late 1960's that land use controls moved to the forefront of public interest, as the belief that the environment was an endless and costless resource was replaced with the notion that the world was a closed system with limited space, air, water, and other resources. Environmentalists coined which of the following terms to refer to this new point of view? a. smart growth b. the silent spring c. spaceship earth d. urban sprawl
spaceship earth
a law requiring any contract conveying a real property interest to be in writing in order to be enforceable is a modern application of the a. statute of frauds b. doctrine of constructive notice c. habendum clause d. actual notice
statute of frauds
all of the following are examples of an improvement ON the land except: a. fences b. building c. walls d. streets
streets
most often used in the description of urban property, which of the following methods of land description contains information regarding the location of various easements an may even contain a list of restrictive covenants? a. metes and bounds b. subdivision plat lot and block number c. government rectangular survey d. tax parcel number
subdivision plat lot and block number
the term real estate is used in 3 fundamental ways. when real estate is defined as the land and its improvements, it is being viewed as purely a: a. tangible asset b. intangible asset c. parallel asset d. personal asset
tangible asset
a leasehold interest for a specific period of time is more commonly referred to as: a. tenancy for years b. tenancy at sufferance c. periodic tenancy d. tenancy at will
tenancy for years
real estate consists of physical structures and infrastructure that accompany the land. All of the following are examples of an improvement TO the land except: a. walkways b. building and parking lot c. sewer system d. streets
the building and parking lot
competition for the currently available supply of locations and space coupled with the existing supply of leasable space, determines: a. current level of rates for each submarket and property b. riskiness of expected cash flows of an income-producing property c. timing of expected cash flows of income-producing property d. cost of financing the purchase of a property
the current level of rental rates for each submarket and property
"New urbanism" is a term used to describe: a. growth management b. improvement of transportation systems to encourage dispersion of a city's population c. the requirement that infrastructure be available concurrently with new development d. the theory that residential and commercial uses should be integrated, streets and parking should discourage through traffic, and neighborhoods should be pedestrian-oriented
the theory that residential and commercial uses should be integrated, streets and parking should discourage through traffic, and neighborhoods should be pedestrian-oriented
All of the following statements are true in describing the determination of just compensation EXCEPT: a. the value of the property is based on its highest and best use at the time b. the value of the property is determined solely by its current use c. the value is the amount that restores the property owner to a financial position equivalent to that existing before the property was taken d. the value is the market value of the property if completely taken, or the total value of all financial loss if partially taken
the value of the property is determined solely by its current use
A principal definition of real estate is as a bundle of rights associated with the possession, use, and disposition of property. Each of the following is a fundamental characteristic of property rights EXCEPT: a. they are enforceable by the government b. they apply only to tangible assets c. they are nonrevocable d. they are enduring
they apply only to tangible assets
which of these is a widely used form of "evidence of title" a. abstract of title b. title insurance commitment c. torrens certificate d. title certificate e. general warranty deed
title insurance commitment
A public planning movement that explicitly advocates a cul-de-sac hierarchy of development, an automobile oriented society, and separated land use is more commonly referred to as: a. urban sprawl b. urban service area c. traditional residential planning d. new urbanism
traditional residential planning
If we desire to classify land by its use, land that consists of residential, industrial, commercial, and institutional land uses would be classified as: a. rural land b. federal land c. urban land d. undeveloped land
urban land
Development taking place in rural areas well beyond the urban fringe is commonly referred to as: a. urban sprawl b. holdout c. urban service areas d. homestead
urban sprawl
the demand for real estate derives from the need that market participants ( e.g., owner occupants, tenants, renters) have for shelter and convenient access to other locations. This competition for physical location and space occurs in the: a. user market b. capital market c. government sector d. property market
user market
When land use controls impose exceptional hardship and loss of value, a relief mechanism must be provided. This relief is referred to as a: a. building code b. zoning ordinance c. comprehensive plan d. variance
variance
Real estate is defined as land and its permanent improvements. Which of the following is an example of an improvement TO the land? a. fence b. building c. water and sewer systems d. personal property
water and sewer systems
the type of deed offered by the grantor is communicated through a phrase such as "does herby grant, bargain, sell and convey unto..." This clause is referred to as the : a. recital of consideration b. words of conveyance c. covenant d. habendum clause
words of conveyance
Traditional land use controls (pre-1970) include: a. zoning b. building codes c. subdivision regulations d. zoning and building codes, but not subdivision regulations e. zoning, building codes, and subdivision regulations
zoning, building codes, and subdivision regulations
