real estate part3

What is a sketch that shows the location, size, and shape of any improvements on a property being surveyed?

Spot survey

Applying a capitalization rate to the net operating income is one way to determine a property's ______ value.

Investment

Which of the following is NOT recommended during a downcycle?

Increase your advertising.

Margie needs to know the square footage for the first floor of the condo her client is interested in buying. The kitchen is 10 feet by 15 feet, the living/dining combo is 20 feet by 25 feet, and the office and bedroom are each 10 feet by 10 feet. What's the total square footage?

850 square feet

Lance purchased a home, but he won't own any real estate—just shares in a corporation. This is because his new home is ______.

A cooperative

Rhonda is an unrepresented buyer who's purchasing Tony's townhome. Gary represents Tony in the sale of his property. What's Rhonda's relationship to Gary?

A fiduciary

Which of the following defines the term 'lis pendens'?

A legal notice that a lawsuit is pending that affects the title of a property.

Which of the following best describes a buyer agency agreement?

A legally binding, written contract between a potential property buyer and a buyer's agent

What's a special assessment?

A levy local government applies to individual parcels of real estate that will benefit from road or other infrastructure improvements

Who can request a CLUE report?

A property owner

What type of buyer is most likely to be involved in an assignment of contract?

A wholesaler

Who is entitled to reimbursement from the Real Estate Recovery Trust Account?

Aggrieved persons affected by a license or certificate holder's wrongdoing

To what properties does the Texas seller's disclosure of property condition law apply?

All single-family residential properties

What is a special flood hazard area?

An area where flood insurance is mandatory

Which of the following could a listing agreement be considered?

An employment contract between a licensee representing the brokerage company and a seller

In Texas, when is a licensee required to provide an agency disclosure?

At the time that the licensee is having the first substantive dialogue about a specific property with the party whom they are not representing in the transaction

What's the permanent marker used primarily for marking datums when measuring elevation?

Benchmark

A property manager who _______ must have a license.

Collects rent

Which one of the following says that real estate acquired by either spouse during a marriage (in most cases) is considered community property?

Community property rights

Which written notice must the seller of unimproved real property that is to be used for residential purposes provide to the purchaser of the property, on or before the effective date of a sales contract for the property?

Conditions Under Surface

With which type of government power is a property owner compensated when the government imposes an involuntary title conveyance for the public good?

Eminent domain

Justin decided to build a privacy fence around his yard. He thought the fence was along the property line, but it turns out he built it one foot inside his neighbor's property. What will an inspector document as existing on the neighboring property?

Encroachment

Joe gave land to a school, but still wanted to have some control over its use, so a deed was prepared that gave the school title as long as the land is used for educational purposes. What type of interest does the school have?

Fee simple determinable

Which type of an estate doesn't end automatically when the stated event or condition occurs?

Fee simple subject to a condition subsequent

Commingling is ______.

Forbidden by law in all states

Which of the following best explains how the statute of frauds protects consumers?

It provides requirements that contracts have to meet to be legally enforceable.

Which of the following statements about an easement appurtenant is TRUE?

It's a permanent right that runs with the land.

Harmony is looking at the legal description on her purchase contract. It mentions that the plat of her property is recorded in Map Book 12, page 14, at the county courthouse. What type of legal description is this?

Lot and block

If the land is described as "Beginning at the great oak 60 yards from the center of the Rock River that runs north to south through the county," what type of legal description is being used?

Metes and bounds

The list price is the price for which the _____ has agreed to sell a property.

Owner

Who are the parties to a property management agreement?

Owner and agent

Which of the following, when done for others and for compensation in Texas, may be done by someone who does not hold a real estate license?

Performing official duties as a public officer, such as in a state-sanctioned property condemnation

What does the lot and block system use to develop a property's legal description?

Plat references

According to the Department of Justice, an agreement between competitors to establish or adhere to uniform price discounts is a type of which antitrust violation?

Price fixing

What's the main point of the statute of frauds?

Real estate purchase and sale contracts must be in writing to be enforceable.

Which of these scenarios describes a voluntary lien?

Sharon purchased a condo and now the lender has a mortgage lien on the property.

What signifies that a survey is certified and represents a guarantee of accuracy?

Surveyor's stamp

The property management agreement cements what relationship between the property manager and the owner?

The agency relationship

Although she was not part of writing up the sales contract between the seller and the buyer, Trisha believes she should be compensated for finding the buyer and shepherding the transaction to its conclusion. Her reason for making this assertion is likely based on ______.

The concept of procuring cause

Marshall is a home inspector who is walking the lot of the property he's inspecting with a survey in hand. Which of the following will he note as an encroachment on the inspection report?

The neighbor installed a basketball hoop next to his driveway, six inches over the property line.

Simon is a buyer represented by Peter. Peter shows Simon several homes currently on the market. What is Peter's relationship to the sellers, if he doesn't represent them?

The sellers are Peter's customers.