Principles of Real Estate Chapter 14

1 - 4 dwellings

Residential property includes how many dwelling units...?

Demand

The supply of willing and able buyers in the marketplace or lack thereof is referred to as..?

Mortgage

This is a contract whereby a mortgagor agrees to use real property as security for the repayment of debt...?

Highest and Best Use

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...?

Fixture

This is an item of personal property that has been attached to real property...?

Power of Attorney

The authority to act for another person in specified or all legal or financial matters is known as...?

Independent Contractor

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...?

Listing Agreement

The commission owed to the broker in a transaction is determined in this document...?

Riparian rights

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...?

Cost Approach Income Approach Sales Comparison Approach All of the Above

Which of the following is an approach used by appraisers to value property...?

Government Survey Metes and Bounds Lot and Block All of the Above

Which of the following is considered a formal description of property...?

T (True)

Zoning is an example of police power...?

43560

1 acre is equal to how many square feet...?

5280

1 mile is equal to how many linear feet...?

Personal Property

All property that is not considered to be real property is known as...?

Law of Regression

This refers to when a property is "over improved" relative to other surrounding properties in the area that are of lesser value...?

Secondary Mortgage Market

The marketplace whereby the loans that were originated in the primary mortgage market are bought and sold is known as the...?

Law of Progression

This refers to "under-improved" properties surrounded by properties of greater value...?

Bundle of Rights

The rights, or interests, that an individual has in a particular piece of property are referred to as...?

Utility

The ability to give satisfaction and/or excite desire for possession is known as...?

Mortgage Broker

A broker who arranges a mortgage loan between a lender and a borrower for a fee is referred to as a...?

Respondeat Superior

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...?

Conventional Loan

A loan whereby there is no government participation or cooperation is known as a...?

Fiduciary Duty

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...?

Real Property

That which is immovable, including land, things affixed to land, and appurtenances is known as...?

Primary Mortgage Market

The marketplace whereby loans are originated is referred to as the...?

Trade Fixture

This is an item of removable personal property that a tenant attached to leased land for business purposes...?

Principle of Anticipation

This principle affirms that value is created by anticipated benefits to be derived in the future...?

Principle of Conformity

This principle affirms that value is created when properties tend to be similar in a particular neighborhood...?

Practice of real estate and disclosures

Which category of topics accounts for the most number of questions on the State exam...?