Real Estate Final (quizzes 3-13)
B. in boundary disputes
Adverse possession typically occurs A. in divorce settlements. B. in boundary disputes. C. in disputes over water or mineral rights. D. as a result of a violation of a restrictive covenant.
B. reasonable consideration
All of the following are required elements of any valid contract involving real estate except A. mutual assent B. reasonable consideration C. parties with legal capacity D. a lawful purpose
A. easement
An ________ is a legal right use the property owned by someone else in a specified manner. A. easement B. eminent domain C. enroachment D. estoppel
C. fraud
As required in each state's statute of ______, all contracts involving land or items attached to it must be in writing before a court will enforce them. A. limitations B. real property C. fraud D. real estate
B. Option to buy contract
Bill owns a large tract of land in the area that is currently worth approximately $4,000 per acre, but will be worth much more if a proposed highway is built nearby. Sarah is willing to pay $12,000 per acre if the highway plans are finalized within six months, but if the decision to build the highway is postponed or rejected she will have no use for the property. What type of contract would be most appropriate from Sarah's perspective? A. Right of first refusal B. Option to buy contract C. Earnest money contract D. Escrow arrangement
B. qualifying
The process of evaluating a prospective buyer's ability to purchase a listed property is called A. negotiation B. qualifying C. presentation D. agency
D. highest net return over the useful life of the property
The property manager's primary objective is to secure for the owner the A. highest gross return over the life of the property B. shortest payback of the original investment C. highest cash return on the property at the time of reversion D. highest net return over the useful life of the property
D. ad valorem tax.
The property tax is a(n) A. federal tax B. income tax C. sales tax D. ad valorem tax
....
The property tax is an _________ tax, which means that it is levied as a percentage of value. A. ad nauseum B. et cetera C. et alegori D. ad valorem
D. ad valorem
The property tax is an _________ tax, which means that it is levied as a percentage of value. A. ad nauseum B. et cetera C. et alegori D. ad valorem
B. dollars per thousand dollars of assessed value.
The property tax rate is expressed as A. a percentage of market value. B. dollars per thousand dollars of assessed value. C. dollars per hundred dollars of assessed value. D. a percentage of assessed value.
A. very dependent upon how the appraiser makes adjustments between the comparables and the subject property
The sales comparison approach is A. very dependent upon how the appraiser makes adjustments between the comparables and the subject property B. highly dependent upon determination of the capitalization rate C. strongly based upon the principle of anticipation D. the least reliable method available
B. real estate asset market
Transactions involving the transfer of real estate ownership are said to occur in the A. real estate space market B. real estate asset market C. real estate development industry D. real estate system
A. real estate space market
Transactions involving the transfer of rights to use real estate are said to occur in the A. real estate space market B. real estate asset market C. real estate development industry D. real estate system
D. When the same person is both listing agent and selling agent
Under what conditions does one agent normally receive all of the commission in a transaction? A. Never B. With permission of the buyer C. With permission of the seller D. When the same person is both listing agent and selling agent
A. seller
Unless specifically stated in the provisions for a sales contract, when a buyer defaults, the earnest money usually goes to the A. seller B. buyer C. broker, if one is used D. broker and the seller equally
A. easements in gross.
Utility companies that have rights to place electric lines, phone lines, cable TV, gas lines, etc., hold A. easements in gross. B. easements appurtenant. C. gross estates. D. servient estates.
D. a complete legal description of the property
Valid real estate leases do not require A. contractual capacity of the parties involved B. consideration C. that the use of the premises be for a lawful purpose D. a complete legal description of the property
C. fair-market value
Valuation of property for tax purposes is generally based on A. present value B. cost C. fair-market value D. future value
C. a and b
Violations of state laws regulating the real estate profession may lead to A. revocation of a license B. suspension of a license C. a and b D. none of the above
D. $112,500
What is the market value of a house that pays a tax of $292.50? A. $35,000 B. $75,000 C. $45,000 D. $112,500
A. 4
What is the months supply in a market that is absorbing 360 units per year and has 30 vacant, completed units and 90 units under construction? A. 4 B. 0.33 C. 4.33 D. 40
A. Ground
What type of lease typically has the longest duration? A. Ground B. Commercial C. Residential D. Industrial
C. dual
When a single broker represents both parties in a real estate transaction, a ________ agency may exist. A. fiduciary B. buyer/seller C. dual D. fiduciary
A. net-net-net
When the lease pays the operating expenses, the insurance premiums and the real estate taxes, the lease is a _________ lease. A. net-net-net B. net C. graduated-rent D. net-net
B. Sales comparison approach
Which appraisal approach would be most accurate in the valuation of a ten-year-old single family dwelling? A. Cost approach B. Sales comparison approach C. Income approach D. Substitution
A. Cost approach
Which approach would probably be most accurate in the valuation of a church? A. Cost approach B. Gross income multiplier C. Income approach D. Sales comparison approach
C. Income approach
Which approach would probably be most accurate in the valuation of a shopping center? A. Cost approach B. Gross income multiplier C. Income approach D. Sales comparison approach
B. Performance zoning
Which is not an appropriate means to seek a zoning change? A. Judicial relief B. Performance zoning C. Seeking a special use permit D. Seeking a variance
A. Performance zoning
Which is not an appropriate means to seek a zoning change? A. Performance zoning B. Seeking a variance C. Seeking a special use permit D. Judicial relief
A. Appointment
Which is not an appropriate method for establishing an easement? A. Appointment B. Implication C. Reservation D. Prescription
D. All of the above
Which of the following are legitimate methods for creating easements? A. Express grant B. Implied grant C. Express reservation D. All of the above
B. Title contingency
Which of the following concepts describes a provision in a real estate contract that allows the parties to cancel the contract if the seller is not able to correct issues that affect the marketability of the title to the property? A. Proration B. Tile Contingency C. Agreement for deed D. Contractual capacity
D. A house sold under normal market conditions
Which of the following is considered representative, thus, usable as a comparable sale for a market-value estimate? A. A voluntary sale in lieu of foreclosure B. A forced tax sale C. A sale to a family member D. A house sold under normal market conditions
A. rearranging the furniture
Which of the following is generally NOT a legitimate reason for the landlord to enter the property without permission? A. rearranging the furniture B. repairing a burst water pipe C. repairing some wiring D. replacing the carpet
A. Intention to mislead
Which of the following is not a necessary element of misrepresentation? A. Intention to mislead B. Making a false statement material to a transaction C. Client justifiably relies on a statement D. Injury results to the client
D. Computation of the accrued depreciation
Which of the following is not a step in the income approach to value? A. Estimation of the net operating income B. Selection of the capitalization rate C. Capitalization of the income D. Computation of the accrued depreciation
D. A and b both
Which of the following serves as an indicator of the balance between supply and demand in a market? A. Vacancy rate B. Rent levels C. Construction starts D. A and b both
A. Price and market value are identical
Which of the following statements about property value is not true? A. Price and market value are identical B. Market value is the most probable selling price C. Market value does not reflect tax shelter benefits D. The owner's specific rights affect market value
D. Brokers take ownership of the item being transferred for at least a brief moment in time
Which of the following statements is not true about brokers? A. Brokers serve as an intermediary in a transaction B. Brokers receive compensation in the form of commission for their services C. Brokers often specialize in certain property types D. Brokers take ownership of the item being transferred for at least a brief moment in time
A. Contract
Which of the following terms represents an exchange of promises between two or more persons, conditioned on certain events? A. Contract B. Option C. Clause D. Escrow
D. All of the above
Which of the following uncertainties should a well-written sales contract contain provisions for? A. Inability of the seller to remove defects in the title B. Inability of the buyer to obtain financing C. Destruction of the premises prior to closing D. All of the above
D. All of the above
Which of the following uncertainties should a well-written sales contract contain provisions for? A. Inability to the seller to remove defects in the title B. Inability of the buyer to obtain financing C. Destruction of the premises prior to closing D. All of the above
B. Names of the grantor and grantee
Which of the following would you not expect to find among the elements of a lease? A. Expiration date or termination procedure B. Names of the grantor and grantee C. Description of the premises D. Terms of the lease
B. Qualifying
Which step in the sales process determines whether prospects are ready, willing, and able to buy a particular property? A. Listing B. Qualifying C. Negotiating D. Closing
C. downward sloping
With price on the vertical axis and quantity on the horizontal axis, the demand curve for most real estate space markets is A. flat B. upward sloping C. downward sloping D. u-shaped
A. FIRREA
Regulation of the appraisal profession is largely due to A. FIRREA B. state initiatives C. local government initiatives D. industry efforts
B. encumbrances.
Restrictions and limitations on real estate imposed by both private and public entities are collectively known as A. enroachments. B. encumbrances. C. eminent domain. D. easements.
A. air rights.
Rights to real estate apply to the surface of the earth, the space above it, and the space below it. Rights to the space above the surface of a parcel are called A. air rights. B. levitation rights. C. Jordan rights. D. mineral rights.
D. option to buy
Sometimes a party is interested in buying a property but is not yet ready to sign a sales contract. The _______ contract is one way to ensure that the property will not be sold to another buyer until the contract expires. A. right-of-first-refusal B. bill-of-sale C. right-of-last-refusal D. option to buy
C. Jane could purchase the neighboring property as a means of eliminating the easement.
Suppose Jane buys a property subject to an easement that gives the next-door neighbor the legal right to drive across a portion of her property. Which of the following statements are consistent with the nature of easements? A. If Jane wishes to terminate the easement, she could sell the property to someone else. B. If Jane wished to terminate the easement, she could send a certified letter to the neighborhood stating her desires and effectively end the neighbor's rights. C. Jane could purchase the neighboring property as a means of eliminating the easement. D. There is absolutely no way to terminate this type of easement without incurring legal liability.
B. Jim is well within his rights o withdraw the offer before it expires, provided Carol has not accepted it.
Suppose Jim makes a written offer to buy Carol's property that expires two days later at 5:00 p.m. The next day, Jim finds a property he likes better and decides to withdraw his offer. Which of the following statements is true? A. Jim is well within his rights to withdraw the offer before it expires, even if Carol has signed it. B. Jim is well within his rights o withdraw the offer before it expires, provided Carol has not accepted it. C. Jim has no rights to withdraw the offer, and must hope Carol does not accept it before it expires automatically. D. Jim is well within his rights to withdraw the offer provided Carol has not notified Jim of acceptance.
B. No, because kelly did not accept John's offer.
Suppose John faxes a signed, written offer to Kelly to purchase her real estate for $100,000. Kelly agrees to all of the terms of John's offer, except she marks through the $100,000 figure and writes in $105,000, signs the offer and faxes it back to John. Do the parties now have a valid contract? A. No because faxed documents are not acceptable for legal purposes. B. No, because kelly did not accept John's offer. C. Yes. D. Yes, because John can cancel the contract at his discretion because kelly altered his offer.
B. mortgagee.
The lender who holds a financial security interest in a property pledged as collateral by a borrower is called a A. mortgagor. B. mortgagee. C. dominant estate. D. servient estate.
C. homogeneity, heterogeneity
As a general rule for tenant selection, the property manager seeks _______ in residential tenants and ________ in commercial tenants. A. homeogeneity, homogeneity B. heterogeneity, heterogeneity C. homogeneity, heterogeneity D. heterogeneity, homogeneity
D. b and c only
A __________ is authorized to perform residential appraisals regardless of transaction amount or complexity under Appraisal Foundation guidelines. A. licensed appraiser B. certified residential appraiser C. certified general appraiser D. b and c only
B. lien.
A claim on property as security for a debt or other obligation is known as a(n) A. encroachment. B. lien. C. easement. D. profit.
B. assigning
As a tenant, you want to turn over all the rights and responsibilities of your unexpired lease to a new tenant. By doing so, you are _______ your leasehold interest. A. releasing B. assigning C. subleasing D. substituting
A. percentage
A lease of property used for commercial purposes under which the rent payments are based on some percentage of sales made on the premises is called a ________ lease. A. percentage B. net-net C. net D. step-up
A. Easement
A legal right to use the property owned by someone else in a specified manner is known as an A. Easement B. Eminent domain
A. Franchise
A local brokerage firm that pays an initial fee plus a percentage of gross receipts in order to be affiliated with a national firm is called a A. Franchise B. Relocation service C. MLS (multiple listing service) D. MLF (multiple listing firm)
B. sells or leases property for other people for compensation
A real estate license required for anyone who: A. sells or leases their own property B. sells or leases property for other people for compensation C. all of the above D. none of the above
A. tenant
A renewal option protects the A. tenant B. property manager C. landlord D. broker
A. license.
A revocable right to temporarily use real estate for a specific purpose is a(n) A. license. B. encroachment. C. profit. D. easement.
C. $3,900
A sales contract specifies a 6 percent commission. 40 percent of this commission goes to the listing agent, 20 percent goes to the selling agent and 40 percent goes to the brokerage firm. How much commission will the seller pay when his or her property sells for $65,000? A. $3,120 B. $1,560 C. $3,900 D. $2,340
B. sells property for other people
A state license is required for anyone who A. sells their own property B. sells property for other people C. a and b D. none of the above
A. 6.00
A tax of $300 on an assessed value of $50,000 is indicative of a millage rate of A. 6.00 B. 3.00 C. 0.30 D. 0.06
B. $20 per $1,000 of assessed value.
A tax rate of 20 mills indicates a tax of A. $20 per $1,000 of appraised value. B. $20 per $1,000 of assessed value. C. $20 per $100 of assessed value. D. $20 per $100 of appraised value.
B. may be terminated by either party at any time with proper notice
A tenancy at will A. renews automatically every period B. may be terminated by either party at any time with proper notice C. conveys the property to a tenant for a stated period of time D. allows the tenant to occupy the premises as long as he or she wills
D. expires at the end of the stated term
A tenancy for a stated period A. is of an indefinite duration B. may be terminated by either party at any time C. provides the least legal protection D. expires at the end of the stated term
A. is of an indefinite duration
A tenancy from period to period A. is of an indefinite duration B. conveys the property to the tenant for a stated period of time C. may be terminated by either party at any time D. provides the least legal protection
D. a graduated lease
A type of lease designed to protect the lessor, where lease payments grow over time according to a schedule specified in the lease agreement, is known as A. a percentage lease B. a reappraisal lease C. an escalation lease D. a graduated lease
D. the right of the first refusal
A typical sales contract would state all of the following except A. purchase price B. disposition of the earnest money C. conditioning upon the buyer obtaining financing D. the right of the first refusal
B. receives it
An offer becomes an enforceable contract when it is accepted by the party who A. makes it B. receives it C. tenders it D. delivers it
B. encroachment.
An unauthorized invasion or intrusion of an improvement is known as an A. escheat. B. encroachment. C. estoppel. D. easement appurtenant.
B. larger as a percentage on residential properties
Commissions in the real estate brokerage industry tend to be A. larger in absolute size on residential properties B. larger as a percentage on residential properties C. larger as a percentage on commercial properties D. the same regardless of property size, type, or value.
A. Prescription
Congress has regularly used the president's yard as a short-cut for countless years without permission. The president put up a fence to stop the traffic. A judge sats the fence must come down, an easement has been created. What method has been used to create the easement? A. Prescription B. Appointment C. Implication D. Reservation
A. repressed
Contracts may be all of the following except A. repressed B. written C. expressed D. oral
A. zoning.
Private restrictions that limit ownership interests in real property include all of the following except A. zoning. B. easements. C. adverse possession. D. licenses.
D. net income multiplier
Dividing the price of a comparable property by its gross annual income results is a ____________ which can be used to estimate the value of a subject property. A. gross income multiplier B. cost optimizer C. capitalization rate D. net income multiplier
B. restrictive covenants
Promises made by a landowner or predecessor in title about how the land will or will not be used are known as A. zoning laws. B. restrictive covenants. C. deed restrictions. D. b and c only
B. restrictive covenants.
Public restrictions on ownership rights include all of the following except A. property-tax liens. B. restrictive covenants. C. zoning. D. power of eminent domain.
A. greater than
Generally speaking, the risk associated with equity assets is ________ the risk of debt assets. A. greater than B. less than C. about the same
D. All of the above
Governmental powers over private property rights include A. power of taxation B. power of escheat C. police power D. All of the above
D. The sales contract should specify the answer
If the improvements on a piece of real property are destroyed by fire, wind or some other hazard during the time the sales contract is in effect, who suffers the loss during this time? A. The seller always B. The buyer always C. The seller and buyer equally D. The sales contract should specify the answer
D. Exclusive right-to-sell listing
If you were the listing broker, which of the various listings would you most prefer? A. Open listing B. Exclusive-agency listing C. Multiple listing D. Exclusive right-to-sell listing
C. no change in equilibrium price
In a space market with a flat (horizantal) supply function, an increase in demand for space would be met with A. a decrease in equilibrium price B. an increase in equilibrium price C. no change in equilibrium price D. stagnant deflation
A. an increase in equilibrium price
In a space market with an upward sloping supply function, and increase in demand for space would be met with A. a increase in equilibrium price B. an decrease in equilibrium price C. no change in equilibrium price D. stagnant deflation
D. to be in writing
In addition to the standard requirements for a contract to be valid, the statute of frauds requires contracts involving real estate A. to be for a lawful purpose B. to provide adequate consideration from the buyer C. to identify parties with capacity D. to be in writing
B. Dominant estate.
In an easement appurtenant, the property that benefits from the easement is known as A. Servient estate. B. Dominant estate. C. Gross estate. D. Encroachment
A. Anticipation and change
In analyzing the direction and degree of change in factors affecting market value, the appraiser is using which of the following principles? A. Anticipation and change B. Substitution and highest and best use C. Change and substitution D. Contribution and regression
B. property manager
In property management, the management agreement establishes an agency relationship between the owner of the property and the A. tenants B. property manager C. property manager and the tenants D. maintenance staff
B. Buyer
In real estate, who may sue for specific performance to have a contract fulfilled? A. Buyer's broker B. Buyer C. Listing broker D. The seller and the listing broker together
B. Tax depreciation
In the cost approach to value, which factor of depreciation is not used? A. Physical deterioration B. Tax depreciation C. Functional obsolescence D. Economic obsolescence
C. net operating
In the income approach, ________ income is capitalized to obtain an estimate of value. A. net investment B. gross investment C. net operating D. gross operating
B. agent, principal
In the legal relationship known as "agency," the ______ is authorized by the _______ to transact business on his or her behalf. A. principal, agent B. agent, principal C. seller, broker D. broker, agent
A. fiduciary
In the typical agency relationship between sellers and brokers, brokers are the __________ of sellers, and must protect their clients' best interest at all times. A. fiduciary B. subagent C. principal D. agency
C. developmental
Intensity of use is also known as _________ density. A. financial B. urban C. developmental D. economic
B. valid
Like all contracts, a lease becomes _______ when it is delivered and accepted A. void B. valid C. voidable D. invalid
A. No intention to mislead
Of the elements listed below, which of the following is not a criteria of fraud? A. No intention to mislead B. Making a false statement material to a transaction C. Client justifiably relies on a statement D. Injury results to the client
A. Class A buildings
Office buildings in a market that generate the highest rents per square foot are called A. Class A buildings B. Class B buildings C. Class C buildings D. Class D buildings
D. 0.001
One mill is equal to A. 0.0001 B. 0.01 C. 0.1 D. 0.001
A. prepaid discount points
One would expect to find each of the following except _______ in the proration section of the sales contract. A. prepaid discount points B. any current taxes C. other special assessments D. prepaid property insurance premiums
D. all of the above
Real estate assets compete with other capital market assets in A. private equity markets B. public equity markets C. public debt markets D. all of the above
A. listing agreement
The ________ is the contract that defines the relationship between the property owner and the real estate broker. A. listing agreement B. buyer representation agreement C. MLS clause D. a and b only
A. management agreement
The agency relationship between the property owner and manager is defined in a contract called a A. management agreement B. listing agreement C. compensation agreement D. rent schedule
C. percentage of the gross sales price
The commission paid in the real estate brokerage industry is normally A. a percentage of the mortgage B. a fixed dollar amount per transaction C. percentage of the gross sales price D. included as discount points paid at the closing
D. identifies future public development needs.
The comprehensive general plan A. identifies all nuisances. B. is mandatory for all municipalities. C. identifies lot sites in residential development. D. identifies future public development needs.
B. vary from state to state.
The creation, filing, priority, and termination of mechanic's liens A. are the same for all of the 48 contiguous states. B. vary from state to state. C. are federal laws. D. are controlled by each individual city within a state.
A. values in the asset market are greater than or equal to cost of production (including normal profits to the developer)
The development industry tends to add new space to the real estate system when A. values in the asset market are greater than or equal to cost of production (including normal profits to the developer) B. rents in the space market fall below normal occupancy levels C. suppliers of space demand higher returns on their investments (net of costs) D. the "months supply" indicator rises above normal levels
B. replacement cost
The estimated cost of building an equally functional structure using modern methods and costs is generally referred to as the A. reproduction cost B. replacement cost C. substitution cost D. reproduction value
D. All of the above
The first step of the valuation process, definition of the problem, includes with of the following? A. Identifying the property and property rights being appraised B. Specifying the date of valuation C. Determining the purpose of the appraisal D. All of the above
C. a freehold interest is an ownership interest.
The primary difference between freehold and leasehold estates is A. the number of rights is greater with leasehold estates. B. leasehold estates involve property that have no liens. C. a freehold interest is an ownership interest. D. a freehold estate can only be possessory.
B. guide buyers and sellers through the complexities of real estate transactions
The primary function of the real estate brokerage industry is to A. match properties and customers B. guide buyers and sellers through the complexities of real estate transactions C. provide legal representation to clients D. a and b only
D. All of the above
The principle of substitution is the basis for which approach to valuation? A. Comparable sales B. Cost C. Income D. All of the above
C. is based upon the concept of present value
The income approach A. cannot be used for residential property B. depends upon a good estimate of economic depreciation C. is based upon the concept of present value D. is always the most accurate of the three approaches
C. a property does not lessen in value when police power is exerted.
The key difference between police power and the power of eminent domain is that A. in eminent domain, there is no appeal to a higher authority. B. under police power the owner is entitled to no compensation. C. a property does not lessen in value when police power is exerted. D. eminent domain can only be used to further the public good.
C. habitability
The landlord is considered to have made an implied warranty that the premises are fit for use. This warranty is the warranty of A. occupancy B. enjoyment C. habitability D. further assistance
D. Conveying the value estimate to the client
The last step of the valuation process, report of defined value, includes which of the following? A. Identifying the property and property rights being appraised B. Specifying the date of valuation C. Reconciling approaches D. Conveying the value estimate to the client
D. mortgagee
The lender in a mortgage arrangement is known as the A. grantee. B. grantor. C. mortgagor. D. mortgagee
B. mortgagee, mortgagor
The lender in a mortgage arrangement is referred to as the _______, while the borrower is known as the ________. A. mortgagor, mortgagee B. mortgagee, mortgagor C. mechanic, lienee D. lienee, mechanic
A. Special lien.
The mortgage document used as an encumbrance on an owner's title is an example of a A. Special lien. B. Broad lien. C. General lien. D. Judgement lien.
A. a fee based on a percentage of gross income
The most common form of compensation for property managers is A. a fee based on a percentage of gross income B. a fee based on a percentage of the net income C. weekly, monthly, or annual salary D. a fee based on a percentage of after-tax cash flow
B. securing of mortgage financing
The most frequently encountered and most important contingency associated with the typical residential sales contract is the A. payment of the earnest money B. securing of mortgage financing C. mutual assent of the parties D. determination of the purchase price
D. zoning.
The most widely employed method of regulating the use of land is A. site-plan review. B. subdivision regulation. C. building codes. D. zoning.
C. accepts the offer
The offeree creates a contract when he or she A. makes the offer B. alters the offer C. accepts the offer D. counters the offer
C. lenders.
The people protected by mechanic's liens include all of the following except A. suppliers of materials. B. architects and engineers on construction projects. C. lenders. D. anyone who furnishes labor for construction, repair, or alteration of a building.
C. vacancy rate
The percentage of the total amount of space in a market that is unoccupied at any given point in time is called A. months supply B. absorption rate C. vacancy rate D. pipeline
C. real estate sales associates must work for licensed real estate broker rather than operate their own brokerage operation.
The primary difference between a real estate broker and a real estate sales associate is that A. real estate sales associated are not "brokers" in general sense of the word. B. real estate sales associates need to be licensed by the government, but brokers must be licensed. C. real estate sales associates must work for licensed real estate broker rather than operate their own brokerage operation. D. real estate brokers need not be licensed by the government, but sales associates must be licensed.
B. neighborhood center
The smallest class of shopping center is called A. community center B. neighborhood center C. regional center D. superregional center
D. effective gross income
The stabilized income which a property is expected to generate after allowances for vacancies and bad debt is called the A. gross operating income B. net operating income C. gross potential income D. effective gross income
D. assessed
The value of a property established for the purpose of computing property taxes is the _________ value. A. discounted present B. appraised C. fair market D. assessed
C. anticipation
The value of future benefits or future utility is the basis of the principle of A. substitution B. determination C. anticipation D. contribution
B. most probable selling price
The value that real estate appraisers generally estimate is market value, which is synonymous with A. value in use B. most probable selling price C. reproduction cost D. investment value
B. One possessor must hold the claim for the entire statutory period.
To claim a property under adverse possession, which is not a requirement under the law? A. The claim must be continuous. B. One possessor must hold the claim for the entire statutory period. C. The possession must be actual and exclusive, that is, in the manner of a reasonable owner. D. The claim must be open and notorious.
B. multiplies the assessed value by the tax rate.
To determine the tax bill on an individual property, one A. divides the budgeted amount by total property value. B. multiplies the assessed value by the tax rate. C. divides the assessed value by the tax rate. D. multiplies the market value by the assessment rate.
C. Market value, investment value
________ is the value of a property to a typical investor, and ______ is the value of a property to a particular investor. A. Value in use, value in exchange B. Investment value, market value C. Market value, investment value D. Investment value, value in exchange
A. Rearranging the furniture
_________ is generally not a legitimate reason for the landlord to enter the property without permission? A. Rearranging the furniture B. Repairing a burst water pipe C. Repairing some wiring D. Replacing the carpet