Chapter 14 quiz
Residential property includes how many dwelling units...?
1-4 dwellings
1 acre is equal to how many square feet...?
43560
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
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
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 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
The marketplace whereby the loans that were originated in the primary mortgage market are bought and sold is known as the...?
secondary mortgage market
Zoning is an example of police power...? (t/f)
true
1 mile is equal to how many linear feet...?
5280
That duty owed by an agent to act in the highest good faith toward the principal 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 refers to "under-improved" properties surrounded by properties of greater value...?
law of progression
The commission owed to the broker in a transaction is determined in this document...?
listing agreement
This is a contract whereby a mortgagor agrees to use real property as security for the repayment of debt...?
mortgage
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 ability to give satisfaction and/or excite desire for possession is known as...?
utility
The authority to act for another person in 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 value is created by anticipated benefits to be derived in the future...?
principle of conformity
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
This refers to when a property is "over improved" relative to other surrounding properties in the area that are of lesser value...?
law of regression
A broker who arranges a mortgage loan between a lender and a borrower for a fee is referred to as a...?
mortgage broker
All property that is not considered to be real property is known as...?
personal property
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