BUSN347 Unit 1
The ______ of real estate markets contribute(s) to segmentation. localized nature price differences importance immobility
localized nature price differences immobility
Real estate markets are ______ because ______ immobile; potential users are widely dispersed localized; competing properties are generally in close proximity localized; competing properties are widely dispersed
localized; competing properties are generally in close proximity
Important methods for maintaining quality and fairness in administration of the property tax include appeals by owners of high value properties education programs offered by organizations of property tax officials. Interventions by legislators prompted by real estate oriented supporters. requirements for standard valuation procedures imposed by state oversight offices.
education programs offered by organizations of property tax officials. requirements for standard valuation procedures imposed by state oversight offices.
Real estate, excluding primary residences, accounts for approximately ____ percent of the world's total economic wealth.
25
A square mile contains __________ acres, and each acre contains _________ square feet.
Blank 1: 640 Blank 2: 43,560
Which of the conveyances of a real property interest listed below probably would be detected only by actual notice? Marital ownership claim by a former spouse of the owner Prescriptive easement Mortgage Easement by estoppel
Prescriptive easement Easement by estoppel
Which of these types of property generally is exempt from property taxation? Private school Office building leased to a church Unprofitable hotel Office leased to local government
Private school
Which kind of right is older, personal or property? Property rights The two are roughly similar in age. Personal rights
Property rights
Which of these liens always have the same, equal, senior priority? Mortgage lien Property tax lien Assessment lien CDD lien Judgment lien
Property tax lien Assessment lien CDD lien
Failure to pay property taxes ultimately can lead to _________ and sale of the property at public auction.
Blank 1: foreclosure
Participants in real estate "user" markets include renters lenders owners investors
Renters Owners
A distinctive feature of real estate is the complexity of property and transactions. True False
true
In recent years, bottling companies in Florida and elsewhere have made people conscious of a fundamental issue in water rights, namely: who has the right to the surface of a body of water who has the right to use water who controls use of the land adjacent to a body of water Who controls the land under a body of water
who has the right to use water
Tangible assets include: office furniture cars land stock options
office furniture cars land
"Investment-grade" properties are typically valued at more than $10 million purchased by institutional investors leased to immobile investors occupied by their owners rather than other users
valued at more than $10 million purchased by institutional investors
common examples of partial exemptions for property taxes include exemptions for veterans widows apartments disabled persons historic property
veterans widows disabled persons historic property
Match each of the left-hand examples to a dimension of property rights. 1. Freedom to lock your car: 2. Freedom to decorate your house as you choose 3. Ability to demolish and replace a structure on your land 4. Ability to grow and sell crops on your land 5. Freedom to sell your property when and for how much you choose
1. Right of use and enjoyment 2. Right of use and enjoyment 3. Right of disposition 4. Right of exclusive possession 5. Right of disposition
Community property exists in __________ states, while dower/curtesy exists in ______. 25, 10 10, 15 15, 10 10, 25
10, 15
Real Estate is the source of nearly ___ percent of local government property tax revenue.
20
As reported by the Federal Reserve Board, owner-occupied housing represents approximately _____ % of the net worth of a typical U.S. household. 27 21 11 15
21
Real estate generates over _____ percent of U.S. gross domestic product.
25
Elective share has been adopted in about _______ of states in the United States. 90 percent 50 percent 25 percent 15 percent
50 percent
Developed land represents about _____% of all land in the continental U.S 19 2 21 6
6
For a typical (average) household, equity in their home(s) is equal to about ___% of the value of their home(s) and about ____% of their net worth. 70, 20 40, 15 60, 15 50, 25
60, 15
Assessed value typically is ______ percent of market value, reflecting such factors as cost of selling a property. 40 - 50 85 - 90 50 - 60 70 - 75
85 - 90
Property tax rates typically are stated not in percent but in mills, which are dollars per _________ dollars of value.
Blank 1: thousand or 1,000
For which of these legal threats would an owner be covered through title insurance, but generally not through an abstract with attorney's opinion? Local government lowering the maximum residential density on the land A failed legal challenge to title A fraudulent deed A successful lawsuit claiming title
A failed legal challenge to title A fraudulent deed A successful lawsuit claiming title
Which of these items most likely is(are) personal property? A very large television Patio furniture Hurricane shutters An oriental rug A wall-to-wall carpet, installed.
A very large television Patio furniture An oriental rug
An example of market failure due to externalities is: A water bottling plant consumes so much well water that it lowers the water table on neighboring land A person considering a house in Florida wonders whether its roof is properly secured for hurricane winds, but isn't able to determine the answer An electric company having an existing system of distribution lines that prevents competitors raises its prices faster than its costs rise A landowner who has land needed for a city sewer line asks an outrageous price for it
A water bottling plant consumes so much well water that it lowers the water table on neighboring land
Which of these are required elements of a deed? Signature of the grantee Acknowledgment Signature of the grantor Words of conveyance Correct format
Acknowledgment Signature of the grantor Words of conveyance
Which of these items is(are) real property? Air space just above the ground Land An oval area rug A kitchen stove in a home Minerals yet to be extracted Sofas and beds in a home
Air space just above the ground Land Minerals yet to be extracted
Concerning whether property taxes are regressive (higher as a percent of income as income is lower), true statements are: Benefits funded by property taxes likely favor lower income households and are the opposite of regressive. Homestead exemptions that exempt a fixed amount of otherwise taxable value make property taxes more regressive. Considering both taxes paid and benefits received, property taxes probably are not regressive. Property taxes paid can be regressive.
Benefits funded by property taxes likely favor lower income households and are the opposite of regressive. Considering both taxes paid and benefits received, property taxes probably are not regressive. Property taxes paid can be regressive.
All of the environmental laws enacted by the United States are administered by one agency, which makes the agency extremely important to land owners. This is the _____ (three letter acronym) .
Blank 1: EPA
A national law that has imposed permitting requirements on millions of acres of land, has been brought to the United States Supreme Court, and that continues to stir great controversy, is the Clean __________ Act.
Blank 1: Water
The source from which property tax revenue can be obtained is the value of the total tax ___________ less the value of property that is _________ from property taxes.
Blank 1: base Blank 2: exempt
The amount of revenue that a jurisdiction must raise from property taxes is the difference between its total __________ and its revenues from _____________ sources.
Blank 1: budget Blank 2: other or nontax
Three forms of traditional land use controls are _____________ __________________, _____________, and ________________ regulations.
Blank 1: building Blank 2: codes Blank 3: zoning Blank 4: subdivision
The legal procedure through which eminent domain is exercised is called _______________.
Blank 1: condemnation
A deed is a special form of ____________ to convey a the exact property interest.
Blank 1: contract
To derive taxable value of a property from assessed value, subtract any applicable ____________.
Blank 1: exemptions
In condemnation proceedings for eminent domain the amount of compensation to the owner must be based on ___________ and ____________ use of the property at the time it is condemned.
Blank 1: highest Blank 2: best
The largest partial exemption for property taxes is the ____________ exemption.
Blank 1: homestead
If government activity or government restrictions reduce the value of a private property sufficiently, it is possible for the property owner to sue the government to force the government to acquire the property through eminent domain. This process is known as _____________ ______________.
Blank 1: inverse Blank 2: condemnation
In condemnation, the amount of compensation that restores the property owner to a financial position equivalent to that existing before the property was taken is called ____________ compensation.
Blank 1: just
Real property, by definition includes_________ in and its _____________ _____________
Blank 1: land Blank 2: permanent Blank 3: structures
Each parcel of real estate has its own "LVS," which stands for _________ ______________ _____________
Blank 1: location Blank 2: value Blank 3: signature
In most states, the computation of taxable property value must derive from _________ value.
Blank 1: market
An ad valorem tax is levied at rates between 1.0 and 4.0 percent of a property's __________ ____________.
Blank 1: market Blank 2: value
Conflicting views of best practice in urban planning include the choice between separation of residential from non-residential _____________ and _______________.
Blank 1: mixed Blank 2: use
Eminent domain is the right of government to acquire ____________ property, without the owner's __________, for public use, in exchange for _____________ ____________.
Blank 1: private Blank 2: consent Blank 3: just Blank 4: compensation
The narrowest notion of eminent domain limits its scope to "public use," that is, for _________ facilities only, while the more common and broader view allows eminent domain to be use for "public purpose," meaning any use of clear public ___________.
Blank 1: public Blank 2: benefit
In large measure, rather than using impact fees as a means of correcting externalities, local governments have tended to use the fees purely as a source of __________.
Blank 1: revenue
Police power is the power of any government to regulate in the interest of the general health,___________, and ____________ of the citizens.
Blank 1: safety Blank 2: welfare
The main attraction of performance standards is that they can address the problematic effects (externalities) of a land use more flexibly and efficiently than the approach of conventional zoning, which is ____________ of land uses.
Blank 1: separation or segregation
In contrast to property taxes, which are based on property value, special assessments are based more on equally ________ the total cost of improvements.
Blank 1: sharing or distributing
An easement is the right to use another's land for a __________ and _____________ purpose.
Blank 1: specific Blank 2: limited
In recent decades the "public purpose" concept of eminent domain is claimed to have allowed misuse: encouraging local governments to use eminent domain to replace older private land uses with new ones simply to generate higher __________ _________.
Blank 1: tax Blank 2: revenues
The property tax is a form of ad ___________ tax that is the primary source of revenue for almost all forms of local government in the United States.
Blank 1: valorem
Ways that restrictive covenants can demise (end) include: Appeal by property owner to local government Change of neighborhood character Time limit by state law Suit by property owner against former owner Changing public policy Neglected enforcement
Change of neighborhood character Time limit by state law Changing public policy Neglected enforcement
For a deed, identify the requirements of a grantee. Citizen of the property country Must have signature Legally competent Clearly identifiable Legal majority age
Clearly identifiable
For a deed, identify the requirements of a grantee. Legally competent Legal majority age Citizen of the property country Must have signature Clearly identifiable
Clearly identifiable
True statements about special assessments include: Common applications are for sidewalks, street improvements, sewer extensions, etc. They are used to fund public improvements affecting a limited set of properties. The use of assessments has declined in popularity relative to property taxes. The assessments often are proportional to front footage of the lots involved.
Common applications are for sidewalks, street improvements, sewer extensions, etc. They are used to fund public improvements affecting a limited set of properties. The assessments often are proportional to front footage of the lots involved.
An automatic marital property interest that gives each spouse a 50 peercent interest is: Community property Elective share Dower/curtesy Tenancy by the entirety
Community property
Covenant in a general warrantee deed include: Covenant of good quality Covenant against encumbrances Covenant of no fraud Covenant of seizin Covenant of quiet enjoyment
Covenant against encumbrances Covenant of seizin Covenant of quiet enjoyment
In a single family home transaction, which three of these articles are most likely to be a fixture? Free-standing bird bath Custom drapes Vinyl floor covering Attached basketball goal Refrigerator
Custom drapes Vinyl floor covering Attached basketball goal
Under the Statute of Frauds, which of these must be in writing to be enforceable? Contract to buy a car Monthly lease Contract for moving services Deed
Deed
In a deed the habendum clause: Names the grantee Promises that the grantor has title Defines the interest being conveyed Imposes any restrictions sought by the grantor
Defines the interest being conveyed
Which of these easements would be an easement appurtenant? Driveway right-of-way across an adjacent parcel Sunlight easement requiring setback of adjacent buildings Easement for hunting Power line easement across one's land
Driveway right-of-way across an adjacent parcel Sunlight easement requiring setback of adjacent buildings
Which of these events can affect the chain of title for real estate? Estate settlements Deeds five-year lease Marriages Foreclosures
Estate settlements Deeds Marriages Foreclosures
Which of these risks is not mitigated by either of the main forms of evidence of title, title abstract with attorney's opinion or title insurance commitment? Fraudulent deed Erroneous land description Facts discoverable by inspection of the property Undetected claim of dower rights Undetected lien
Facts discoverable by inspection of the property
True or false: Careers in real estate are limited primarily to brokerage and leasing. True False
False
True or false: Rental rates for office properties in downtown Boston significantly affect office rental rates in downtown Atlanta. True False
False
True or false: The activities of federal, state, and local governments have little need for the services of real estate professionals. True False
False
True or false: developers normally regard the site plan review process as a friendly and predictable procedure. True False
False
Among modes of conveying real property that are involuntary, but involve a deed, which is most likely to be flawed, resulting either in litigation or failure of conveyance? Foreclosure Bankruptcy Divorce Probate Condemnation
Foreclosure
Which of these modes of title conveyance is most likely to cause conflicts or "clouds" to title? Probate Condemnation Divorce settlement Foreclosure Patent
Foreclosure
Which two of these modes of title conveyance are most prone to unresolved title conflicts? Foreclosure Bankruptcy Probate Condemnation Divorce
Foreclosure Bankruptcy
By the definition of real property, which of these is most likely to be included? Free standing garage Office on a construction site Movable storage shed Mobile home with axles
Free standing garage
Which of these possible zoning categories would exemplify the idea of form-based zoning? Free standing offices Mixed use Free standing, single occupant structures single family residential
Free standing, single occupant structures
Which of these terms best characterizes the meaning of personal rights? Freedom Influence Wealth Opportunity
Freedom
Which two of these personal rights sometimes conflicts with property rights in a shopping mall? Freedom of assembly No taking of property without just compensation Protection of life, liberty and property Freedom of expression No unreasonable search or seizure
Freedom of assembly Freedom of expression
Which of these factors would encourage a tenant to seek a tenancy for years rather than a periodic tenancy? Greater possible need to terminate quickly Uncertainty about the scale of future space needs Greater possible disruption from moving Greater need for the specific location
Greater possible disruption from moving Greater need for the specific location
Which clause in a deed defines or limits the interest being conveyed? Exceptions and reservations Delivery Words of conveyance Habendum
Habendum
A Phase I Environmental Value Assessment indicating a property is clean is legal protection to a buyer/investor: If coupled with written assurance from the owner/developer If signed by a qualified environmental consultant Under any conditions Never
If coupled with written assurance from the owner/developer
Which of these statements best characterizes the doctrine of constructive notice? If it is possible to know about a claim it is enforceable. If people are given legal notice of a claim it is enforceable. If people are explicitly advised of a claim it is enforceable. If people know about a claim it is enforceable.
If it is possible to know about a claim it is enforceable.
An example of incomplete construction information potentially contributing to market failure is the tendency of sidewalks and driveways to crack toxicity of some chemicals commonly applied to lawns Inability to examine roof nails for wind resistance once a roof is complete Inability to examine plumbing under a concrete slab
Inability to examine roof nails for wind resistance once a roof is complete Inability to examine plumbing under a concrete slab
The quitclaim deed Includes no promises about the interest that the grantor holds.. conveys whatever interest the grantor holds. is mainly a quick way of conveying title. can convey the same property interest as a general warranty deed.
Includes no promises about the interest that the grantor holds. conveys whatever interest the grantor holds. can convey the same property interest as a general warranty deed.
Characteristics of community property include: the surviving spouse receives a life estate in the real property of the marriage Is prevalent in western and south western states of the US Has been adopted by additional states in recent generations Community property includes all of the property of each spouse, regardless of source or when acquired
Is prevalent in western and south western states of the US Has been adopted by additional states in recent generations
Some challenges to the expansion of land use planning include: It requires a large and expensive staff It challenges traditional U.S. notions of democracy There are conflicting ideas of best practice It favors housing too much
It challenges traditional U.S. notions of democracy There are conflicting ideas of best practice
Characteristics of a periodic tenancy include which of these? It continue until either landlord or tenant gives proper notice of termination. The time required for notice of termination is governed by state law. It is mainly used for multi tenant properties. The rental payment period can be any length, including over one year. it can be by an oral agreement.
It continue until either landlord or tenant gives proper notice of termination. The time required for notice of termination is governed by state law. it can be by an oral agreement.
Which of these typically is true about a time-share interest? It is easily marketed and sold. It usually is a good financial investment. Its value depends on the quality of the company offering it. Information about its resale value is readily available.
Its value depends on the quality of the company offering it.
Which of these tenancies has "right of survivorship," such that the death of one co-owner results in the decedent's ownership interest being passed to the surviving owner(s)? Joint tenancy Condominium Tenancy by the entirety Tenancy in common
Joint tenancy Tenancy by the entirety
Which of these tenancies has "right of survivorship," such that the death of one co-owner results in the decedent's ownership interest being passed to the surviving owner(s)? Joint tenancy Tenancy in common Tenancy by the entirety Condominium
Joint tenancy Tenancy by the entirety
For a deed, identify the requirements of the grantor. Legally competent Signature required Citizen of the property country Of legal majority age
Legally competent Signature required Of legal majority age
In which of these freehold estates has the right of disposition been separated from the other rights? Fee simple conditional Fee simple absolute Tenancy for years Life estate
Life estate
______ government generally has the largest influence on local real estate markets. Federal Local State
Local
Which of these are among the rules used by courts to determine fixtures? Manner of attachment Relation of the parties Character of the article and manner of adaptation Value of the article Intention of the parties Tenure of the article (length of time installed)
Manner of attachment Relation of the parties Character of the article and manner of adaptation Intention of the parties
Against which of these risks is a property owner protected by title insurance? Changing waterfront boundaries Missing signature on a prior deed Eminent domain Zoning changes Damaging effects of mineral extraction
Missing signature on a prior deed
Which statements are correct concerning the impact of fixtures on real estate transactions? Fixtures automatically convey as part of real property unless explicitly excepted. In misunderstandings about potential fixtures, the buyer is always considered correct. Misunderstandings about potential fixtures can be costly, time consuming and disruptive. The potential for fixtures arises in most real estate transactions.
Misunderstandings about potential fixtures can be costly, time consuming and disruptive. The potential for fixtures arises in most real estate transactions.
Which of these liens has priority strictly according to time of creation? CDD lien Mortgage liens assessment lien Mechanics' liens
Mortgage liens Mechanics' liens
A home owner's bundle of rights is ______ affected if a local utility company has the right to access telephone poles in the owner's back yard. negatively not positively
Negatively
Failure to pay property taxes eventually leads to foreclosure sale for all types of property except: Homestead residences No exceptions for taxable properties Property leased to a religious organization Property leased to the government
No exceptions for taxable properties
Which of these property interests are likely to include an implied easement of access? Oil rights Right to a view Right to erect a power line Coal rights Timber rights
Oil rights Right to erect a power line Coal rights Timber rights
The primary difference between the two main forms of "evidence of title," abstract and attorney's opinion vs title insurance commitment, is: One has a time limit and the other does not Only one compensates for any legal costs or loss from attack on title One is from an attorney and the other is not One is based on a review of the chain of title and the other is not
Only one compensates for any legal costs or loss from attack on title
Which of these land uses can be (and commonly is) based on an easement in gross? Railroad Power line Common drive easement Irrigation ditch Reciprocal parking easement
Railroad Power line Irrigation ditch
An example of negative externalities is: Reflective glass or roof material deflects light and heat onto adjacent properties The effect on surrounding properties of outstanding architecture The effect on nearby house values of a successful public park The effect on nearby house values of a high quality elementary school
Reflective glass or roof material deflects light and heat onto adjacent properties
Which of these is an estate? Lien Remainder interest Easement Restrictive covenant
Remainder interest
A person who owns a residence as a life estate fails to have which of the basic rights that are elements of property? Right of use and enjoyment Right of conversion Right of exclusion Right of disposition
Right of disposition
If you own a condominium where there is a restriction on the color or character of window treatments (drapes or blinds) what aspect of property rights is being curtailed? Right of disposition Right of exclusive possession Right of use and enjoyment
Right of use and enjoyment
Which two of these best demonstrate personal rights rather than property rights? Right to drill for oil on your property. Right to rent out your home. Right to post election campaign signs on your lawn. Right to invite a group into your home. Right to remove trees from your property. Right to give away your car.
Right to post election campaign signs on your lawn. Right to invite a group into your home.
A vacant lot has existed in an old neighborhood as far back as anyone can remember. Over time the sequence of owners of an adjacent house have fenced it in and used it for a garden. Suddenly another adjacent owner on the opposite side of the lot finds a survey indicating that the lot was purchased by their great great grandfather nearly a century ago. By what aspect of rights must this claim be taken seriously? Rights are non-revocable. Rights are enduring. Rights must be supported by the government.
Rights are enduring.
You own a single family home with a rather narrow space between your's and your neighbor's house. Your neighbor, who has complained about the narrow space, simply erects a privacy fence partially on your property without your permission. What fundamental characteristic of rights does this violate, if any? Rights are limited to citizens. There is no issue of rights here. Rights are non-revocable. Rights are enduring. Rights are protected by government.
Rights are non-revocable.
Which of these is a natural monopoly? Apple Sewer lines Public schools Banks
Sewer lines
Which of these items is (are) likely to be a fixture? Drapes purchased and installed by a renter A refrigerator in a single-family home Standard wall-to-wall carpeting Pews that are custom designed for a house of worship
Standard wall-to-wall carpeting Pews that are custom designed for a house of worship
Under the Statute of Frauds which of these must be in writing to be enforceable? Ten-year lease Mortgage Property management contract Monthly rental agreement
Ten-year lease Mortgage
A ten year commercial lease conveys what real property interest? Periodic tenancy Tenancy for years Fee simple absolute Conditional fee
Tenancy for years
Which of these ownership entities is a form of true co-ownership? Tenancy in common Trust General partnership Limited partnership
Tenancy in common
From what two sources do personal rights in the United States most directly derive? The Old Testament of the Bible The code of Hammurabi The Bill of Rights to the U.S. Constitution Other amendments to the U.S. Constitution. The Magna Carta
The Bill of Rights to the U.S. Constitution Other amendments to the U.S. Constitution.
Which of the following contribute to the complexity of real estate transactions? The contiguous nature of all real estate parcels The high price of real estate The complex bundle of rights associated with real estate ownership
The contiguous nature of all real estate parcels The complex bundle of rights associated with real estate ownership
Which of these statements is (are) true regarding fixtures? The problem of fixtures arises infrequently, but can be important. The dominant rule for determining what is a fixture is called "intention of the parties." Altogether, there are 4 traditional rules for determining whether something is a fixture. The problem of fixtures is limited to properties with new buildings. Fixtures are personal property that has become real property.
The dominant rule for determining what is a fixture is called "intention of the parties." Altogether, there are 4 traditional rules for determining whether something is a fixture. Fixtures are personal property that has become real property.
Which is the clearest example of a positive externality? Trash generated from food trucks Excess demand for parking generated by a health club Sounds created by a dance club The effect on a neighborhood from good lawn maintenance
The effect on a neighborhood from good lawn maintenance
Property tax ID numbers and street addresses can never be sufficient as real property descriptions because: Streets and roads may change They may repeat from one community to another They frequently have errors They are a point rather than a boundary description
They are a point rather than a boundary description
The idea of "chain of title" is: To determine the reputation of the property To determine who may be liable for title flaws To confirm the complete sequence of title conveyances To identify historically significant owners
To confirm the complete sequence of title conveyances
Planned unit development (PUD) allows residential density to range from single family detached to multifamily, and often include supporting commercial development. True False
True
The primary means that economists advocate to "internalize" externalities is by charging compensating fees. True False
True
True or false: Better real estate decisions affect the productivity of individuals, firms, and local markets. True False
True
Which of these are natural monopolies? Wells Fargo Walmart Water company Electrical utility
Water company Electrical utility
Questions that arise in clarifying rights to water include Who controls use of land under a body of water? Who has the right to use the surface of a body of water? Who most needs to have access to the water? Who owns the land under a body of water? Who has the right to use the water itself? Who has the right to use groundwater?
Who controls use of land under a body of water? Who has the right to use the surface of a body of water? Who owns the land under a body of water? Who has the right to use the water itself? Who has the right to use groundwater?
For those interesting in mineral or petroleum extraction, which aspect of water rights are especially important in the United States? Who has right to use the water surface. Who owns the land under a body of water. Who controls use of land under the water. Who has right to use the water itself (remove, degrade, etc.)
Who owns the land under a body of water.
Characteristics of indirect co-ownership include that a business entity is the actual owner of the property. co-owners hold the business entity shares as real property. co-owners hold shares in the business entity that actually owns the property.
a business entity is the actual owner of the property. co-owners hold shares in the business entity that actually owns the property.
For real property the best definition of title is the ownership claim of a person holding a certificate of title. a collection of documents and other evidence pointing to some person(s) or entity as holding the fee, or titled, interest. a collection of documents and other evidence pointing to some person(s) or entity has holding a valid certificate of title. the claim of whoever holds the last deed related to a property.
a collection of documents and other evidence pointing to some person(s) or entity as holding the fee, or titled, interest.
Characteristics of an easement in gross include that a single easement can affect many parcels. the easement in gross is limited strictly to business purposes. only servient (diminished) parcels are involved. the easement can be conveyed separately from any parcel affected.
a single easement can affect many parcels. only servient (diminished) parcels are involved. the easement can be conveyed separately from any parcel affected.
Which of these arrangements could be either an easement or a license? ability to restrict building on a parcel of land for 100 years. ability to drive on a parcel of land. ability to harvest trees on a parcel of land. ability to hunt on a parcel of land.
ability to drive on a parcel of land. ability to harvest trees on a parcel of land. ability to hunt on a parcel of land.
In real estate markets, a better location can also be referred as one with better ______________
access
To establish title for real property the most important considerations are actual notice. all recorded evidence. property tax records of the property. only recorded deeds to the property.
actual notice. all recorded evidence.
Required conditions for successful acquisition of property through adverse possession are that possession must be actual use. "open and notorious." continuous. with full knowledge of the owner. hostile to the owner's interest.
actual use. "open and notorious." continuous. hostile to the owner's interest.
A quitclaim deed commonly would be used for conveying a marketable title. adding a spouse to a property title. conveying property to a lender as security for a loan. clearing a conflicting claim to title.
adding a spouse to a property title. clearing a conflicting claim to title.
Characteristics of building codes include address safety, health and sanitation are less important in the coastal south of the US than elsewhere generally are regional rather than strictly local they specify materials but say nothing about design continue to change with changing technology
address safety, health and sanitation generally are regional rather than strictly local continue to change with changing technology
Two conveyances of real property that likely would be revealed only by actual notice are. an easement in gross related to oil rights. adverse possession. conveyance through probate. an implied easement of access.
adverse possession. an implied easement of access.
Differences between an easement and a license include that an easement survives sale of the property involved while license does not. an easement survives death of the grantor while license does not. an easement can involve multiple parcels while a license cannot. an easement is for a definite period of time while license is not. an easement is a right while a license is permission.
an easement survives sale of the property involved while license does not. an easement survives death of the grantor while license does not. an easement is a right while a license is permission.
An example if an easement in gross is a driveway easement across a parcel that benefits an abutting parcel. an easement to remove minerals from a parcel. an easement imposing a building height restriction on an abutting parcel. a common wall easement.
an easement to remove minerals from a parcel.
The primary means of satisfying the doctrine of constructive notice is by recording any document that might be disputed. any document related to a real estate sale all documents in a real estate transaction. any document conveying a real property interest.
any document conveying a real property interest.
Land descriptions are a special concern with real property, as compared to personal property because: any error harms at least one owner or another. There is little agreement on what land descriptions are acceptable. land can be extremely costly, and errors in description can be very costly. land descriptions must endure longer than descriptions for personal property. because land is a continuous surface, descriptions must define boundaries.
any error harms at least one owner or another. land can be extremely costly, and errors in description can be very costly. land descriptions must endure longer than descriptions for personal property. because land is a continuous surface, descriptions must define boundaries.
Home owner associations and condominium associations can invoke a lien for owner assessments. By state law or by provision in the owner documents such a lien often is automatically subordinated to: a mechanics lien any first mortgage lien a judgment lien any mortgage lien
any first mortgage lien
Restrictive covenant for a subdivision can be enforced by any owner of a parcel in the subdivision. any lender whose loan is secured by a parcel in the subdivision. any renter in the subdivision. any owner of property adjacent to the subdivision. any law enforcement office having jurisdiction over the subdivision.
any owner of a parcel in the subdivision. any lender whose loan is secured by a parcel in the subdivision. any renter in the subdivision.
Toxic substances that have posed problems to property owners in the last two decades include: asbestos leaking underground storage tanks radon mold water-based paint
asbestos leaking underground storage tanks radon mold
Accurate characteristics of land description by plat lot and block number include: associates with the recorded map usually is a list of restrictive covenants. the description depends on a starting reference to a baseline and principal meridian. the description map normally shows the location of multiple kinds of easements or public right-of-ways. any urban property can be described by this method. each lot and block is defined in detail (by metes and bounds) in a recorded map.
associates with the recorded map usually is a list of restrictive covenants. the description map normally shows the location of multiple kinds of easements or public right-of-ways. each lot and block is defined in detail (by metes and bounds) in a recorded map.
Building codes change only in response to changing technology began to be adopted by US communities around 1900 were the earliest form of police power regulation of land use originally were prompted primarily by the threat of fire were recognized as necessary in rural areas first
began to be adopted by US communities around 1900 were the earliest form of police power regulation of land use originally were prompted primarily by the threat of fire
Covenants in a deed are important because they bind the grantor to legal promises about title. ensures that the property is encumbered liens and easement. assure that the grantee will receive title. enable the grantee to sue for damages for misrepresentations about title.
bind the grantor to legal promises about title. enable the grantee to sue for damages for misrepresentations about title.
Three types of traditional land use controls are: building codes subdivision regulations performance standards zoning impact fees
building codes subdivision regulations zoning
An important difference between a tenancy for years and a periodic tenancy is the periodic tenancy applies to multi-tenant properties and the tenancy for years does not. can be oral and the tenancy for years cannot. is more formal and complete than the tenancy for years.
can be oral and the tenancy for years cannot.
An important difference between a tenancy for years and a periodic tenancy is the periodic tenancy is more formal and complete than the tenancy for years. can be oral and the tenancy for years cannot. applies to multi-tenant properties and the tenancy for years does not.
can be oral and the tenancy for years cannot.
Under the doctrine of constructive notice, if people ___________ a claim it is enforceable. can learn about are aware of have a written copy of have read or heard about
can learn about
In zoning a non-conforming use cannot be discontinued more than a limited time the zoning imposed must be a hardship to the owner must have existed before the zoning was enacted cannot change in use or structure
cannot be discontinued more than a limited time must have existed before the zoning was enacted cannot change in use or structure
In true co-ownership of property, the owners cannot meaningfully partition their ownership into separate bundles of rights. basically hold the same bundle of rights. always have equal shares. hold their interests through an intervening ownership entity.
cannot meaningfully partition their ownership into separate bundles of rights. basically hold the same bundle of rights.
Features of elective share include: commonly give the surviving spouse a 30% share covers both real and personal property must be explicitly chosen with a certain time after death of the spouse The surviving spouse receives a life estate in the decedent's real property has been adopted in about 15 states
commonly give the surviving spouse a 30% share covers both real and personal property must be explicitly chosen with a certain time after death of the spouse
Forms of automatic marital co-ownership include community property dower/curtesy elective share joint tenancy
community property dower/curtesy elective share
Which of these is not a requirement of a valid deed? habendum clause competent grantor in writing competent grantee delivery
competent grantee
An aggressive planning concept to control the location of development, limits development until a minimum standard of public services and infrastructure is in place, provided by the land developers. This is referred as a ______ requirement. shared controlling concurrency matching
concurrency
Counter-arguments to zoning as a solution to real estate market failure include that zoning contributes to excessively low density of land use is expensive for government to implement and administer creates inefficiency by separating residential from commercial activities creates boring landscapes
contributes to excessively low density of land use creates inefficiency by separating residential from commercial activities
Aspects of subdivision regulations include requirements for coordination of streets with surrounding subdivisions the type of uses allowed in the subdivision adequate provision of water and sewers adequate quality of streets
coordination of streets with surrounding subdivisions adequate provision of water and sewers adequate quality of streets
According to the data presented in the text, the largest asset class in terms of estimated market value is: corporate equities (stocks) mortgage debt U.S. Treasury securities real estate (including housing)
corporate equities (stocks)
The covenant in a deed that promises the grantor actually holds title is the covenant of ownership. covenant of quiet enjoyment. covenant of no encumbrances. covenant of seizin.
covenant of seizin.
A household's equity in their home is defined as the: current market value of the home minus outstanding mortgage debt current value of the home purchase price of the home minus outstanding mortgage debt
current market value of the home minus outstanding mortgage debt
In determining whether an object is a fixture, a major rule used by courts in recent times is "intention of the parties." This rule considers: the intention of the buyer persuasiveness of the two parties the intention of the current owner customary practice
customary practice
A titled interest (rather than an easement) in real property can be conveyed intentionally, but without a deed, through dedication. necessity. estoppel. prior use.
dedication.
The primary document used to convey permanent interests in real property is a deed sales contract mortgage lease
deed
The process of converting expected future cash flows into present value is called ______. investing discounting compounding
discounting
Easements vary greatly in the extent of ______ that they impose on the encumbered land. Multiple choice question. legal standing duration disruption
disruption
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: Statute of Frauds. doctrine of constructive notice. evidence of title acts. doctrine of actual notice. recording statutes.
doctrine of constructive notice.
Accurate statements about metes and bounds land descriptions include: Multiple select question. each compass degree is divided into 60 minutes. it is the most common form of description for modern urban property. in the direction N 39 degrees 15 minutes W, W refers to the direction of rotation from north it is the newest form of land description. in the direction N 39 degrees 15 minutes W, N indicates to start by finding north.
each compass degree is divided into 60 minutes. in the direction N 39 degrees 15 minutes W, W refers to the direction of rotation from north in the direction N 39 degrees 15 minutes W, N indicates to start by finding north.
In contrast to ownership of property by a corporation, in tenancy in common each owner can separately mortgage or sell their portion of the property. co-ownership shares must be equal. all co-owners are mutually liable for any liens on the property. all ownership interests must be created in the same transaction. every owner holds the same actual real property interest rather than shares in an owner entity.
each owner can separately mortgage or sell their portion of the property. all co-owners are mutually liable for any liens on the property. every owner holds the same actual real property interest rather than shares in an owner entity.
Easements where no deed is involved include: highway right-of-way easement easement of necessity. easement by prior use. easement by estoppel.
easement of necessity. easement by prior use. easement by estoppel.
The planning or zoning commission is appointed as an advisory board by the community referendum elected governing body local court state government officials
elected governing body
The planning or zoning commission is appointed as an advisory board by the state government officials elected governing body community referendum local court
elected governing body
A "bundle of rights" in property is some combination of right of acquisition right of refusal exclusive possession use and enjoyment right of disposition
exclusive possession use and enjoyment right of disposition
Zoning has been called a poor solution to land use market failure because it may be unconstitutional forces supporting business services away from the neighborhoods they serve restricts the supply of lower priced housing allows too much variation in structures and their uses
forces supporting business services away from the neighborhoods they serve restricts the supply of lower priced housing
he manager of a shopping mall ejecting a religious group handing out free snacks and pamphlets in the mall could represent a conflict of property rights with: rights of customers to associate taking the group's property without compensation property rights of customers freedom of expression by the group
freedom of expression by the group
Features of the "revolution in land use controls" included a shift from rural land use controls to urban land use controls from the view that land is private property to the notion that it belongs strictly to the community from little interest in land use controls to broadly requiring land use controls from a perception of unlimited space and environment to a concept of "spaceship earth"
from little interest in land use controls to broadly requiring land use controls from a perception of unlimited space and environment to a concept of "spaceship earth"
The "highest-quality" form of deed is the: Multiple Choice deed of bargain and sale. judicial deed. quitclaim deed. special warranty deed. general warranty deed.
general warranty deed.
Marketable title laws generally restrict required title search to the years following root of title. can cause restrictions or easements in deeds from before the root of title to disappear. are being eliminated by states because they add risk to title search define a "root of title," as the last conveyance of the property that is at least a certain number of years old. Reduce the importance of actual notice.
generally restrict required title search to the years following root of title. can cause restrictions or easements in deeds from before the root of title to disappear. define a "root of title," as the last conveyance of the property that is at least a certain number of years old.
The interest being conveyed by a deed is specified in the: habendum clause. exceptions and reservations clause. property description. covenant of seizin. words of conveyance.
habendum clause.
In contrast to traditional landlord-tenant law, three points that modern residential landlord-tenant law addresses include handling of deposits. right of entry by the landlord. requirements for notice of termination. obligations for maintenance. requirement that many leases be in writing.
handling of deposits. right of entry by the landlord. obligations for maintenance.
The general warranty deed is considered the highest quality deed because it has the most covenants. affirms that the grantor is financially sound. is the only deed that can convey title. is the only deed that always conveys good title.
has the most covenants.
Required conditions for successful acquisition of a prescriptive easement include that use must be hostile to the owner's interests. continuous. advertised in a local newspaper. "open and notorious."
hostile to the owner's interests. continuous. "open and notorious."
If a landowner sells the front part of a parcel of land, retaining the back portion as a "landlocked" 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(n): easement in gross. easement by estoppel. prescriptive easement. joint driveway easement. implied easement by prior use.
implied easement by prior use.
The priority of liens is important because there typically is sufficient value to satisfy all liens, but delays harm lower lien holders. in default, liens get satisfaction strictly by priority. there seldom is sufficient value at foreclosure to satisfy multiple liens. a superior lien gets complete satisfaction before other liens.
in default, liens get satisfaction strictly by priority. there seldom is sufficient value at foreclosure to satisfy multiple liens. a superior lien gets complete satisfaction before other liens.
Proposed changes in a zoning ordinance must finally be submitted to community referendum initially be presented to a planning or zoning commission go before the elected officials for final judgment or ratification always be reviewed by a state level official
initially be presented to a planning or zoning commission go before the elected officials for final judgment or ratification
The description of land by subdivision plat lot and block number rarely has useful information for a property buyer other than the parcel boundaries. cannot be use outside of cities. is applicable to all urban property. is the simplest form of description for most property owners to interpret.
is the simplest form of description for most property owners to interpret.
The main economic problem with uneven assessment for property taxes is it is confusing to all concerned. it reduces overall tax revenue for all tax jurisdictions. it raises the cost of administering the property tax. it arbitrarily shifts the tax burden onto properties with high assessments.
it arbitrarily shifts the tax burden onto properties with high assessments.
Characteristics of a lien include that it can only be exercised if the related obligation is defaulted. it pledges property as security for an obligation. it can lead to sale of the pledged property at public auction. in case of multiple liens on a property they share claims to the property in proportion to value of the obligations.
it can only be exercised if the related obligation is defaulted. it pledges property as security for an obligation. it can lead to sale of the pledged property at public auction.
Characteristics of dower/curtesy include that it includes all real estate ever owned by the decedent spouse during the marriage. it includes personal property owned by the decedent spouse at the time of death. it creates a life estate for the surviving spouse. dower is the provision for a surviving wife and curtesy is the provision for a surviving husband.
it includes all real estate ever owned by the decedent spouse during the marriage. it creates a life estate for the surviving spouse. dower is the provision for a surviving wife and curtesy is the provision for a surviving husband.
True features of dower/curtesy are: it is of common law, English heritage additional states have adopted it in modern times it prevails in about 25 states of the US it is regarded as the fairest form among spousal property claims
it is of common law, English heritage
Characteristics of time-share or interval ownership include that it may amount to a condominium interest, a leasehold, or a license. it commonly is divided into weekly units. owners typically have a specific unit at a specific week of the year in a specific property. it is mostly associated with resort properties.
it may amount to a condominium interest, a leasehold, or a license. it commonly is divided into weekly units. it is mostly associated with resort properties.
Problems with dower/curtesy include that it omits stocks, bonds and other non-real estate wealth. it leaves nothing for the non-spousal heirs of the decedent. it creates a life estate, a troublesome form of ownership in most cases. it is too generous to the surviving spouse.
it omits stocks, bonds and other non-real estate wealth. it creates a life estate, a troublesome form of ownership in most cases.
True statements about the legality of zoning include it was upheld as a use of police power by the USSC in Euclid v. Ambler Realty, 1922 It must be based on a comprehensive plan zoning classifications and other features must be uniform across localities within a given state it must be at the county level where counties exist it must provide for a range of housing types and income levels
it was upheld as a use of police power by the USSC in Euclid v. Ambler Realty, 1922 It must be based on a comprehensive plan it must provide for a range of housing types and income levels
In recent decades a "revolution" has occurred in residential leasehold law. This happened in recognition that the modern urban residential landlord is providing "residential shelter services" rather than simply the use of buildings. land for farming. secure space.
land for farming.
A type of land use that has often been viewed as a threat to destabilize a single family, owner oriented neighborhood is any type of renter household in the neighborhood large numbers of households with children in the neighborhood large numbers of senior households in the neighborhood large numbers of student rental households in the neighborhood
large numbers of student rental households in the neighborhood
Factors that make it uniquely difficult to establish clear title in real estate compared to most personal property items include: serious deficiencies of property law in the United States. length of the ownership history in real estate. size of real estate. value of real estate. land use controls.
length of the ownership history in real estate.
The governing association of a condominium can do which of the following to its owners? levy assessments Set and enforce rules impose liens Restrict who buys their unit Evict them and sell their unit
levy assessments Set and enforce rules impose liens
Entities of indirect ownership by multiple owners include the tenancy by the entirety tenancy in common limited partnership corporation general partnership
limited partnership corporation general partnership
The first, and historically the most challenging step in a metes and bounds description is locating the point of beginning. conducting accurate ground measures of distance. accurately recording the measures. finding true North.
locating the point of beginning.
The attributes (characteristics) of housing most difficult to value are the physical attributes of the land locational attributes the physical attributes of the structure
locational attributes
Standard elements of zoning include map impact fees setback requirements land use classifications performance standards
map setback requirements land use classifications
Among the most recent environmental hazards encountered in real estate is: lead-based paint asbestos mold fiberglass
mold
Examples of market failure due to incomplete information about construction quality include non-visible electrical systems once walls are closed in inability to examine plumbing under a concrete slab floor gradual deterioration of roof shingles deteriorating paint
non-visible electrical systems once walls are closed in inability to examine plumbing under a concrete slab floor
Ownership by tenancy in common, compared to a corporation, Multiple select question. often arises as a default form of co-ownership. is an artificial "person"under US constitutional law Is real property rather than personal property.
often arises as a default form of co-ownership. Is real property rather than personal property.
The priority of a condominium association lien often depends on state law. depends strictly on when the obligation (assessment) is due. is alway highest among private liens. is alway lowest among private liens.
often depends on state law.
Characteristics of an easement appurtenant include that one parcel receives a benefit at the expense of another other. It involves two adjacent parcels of land. an easement appurtenant "runs with the land." the easement appurtenant generally is limited to 30 years.
one parcel receives a benefit at the expense of another other. It involves two adjacent parcels of land. an easement appurtenant "runs with the land."
In real property definitions, estates include periodic tenancy. fee simple conditional. fee simple absolute. rural estate. life estate. commercial estate. tenancy for years.
periodic tenancy. fee simple conditional. fee simple absolute. life estate. tenancy for years.
The fundamental requirement for a land description is to be universally applicable. permanently unambiguous. practical and inexpensive. simple.
permanently unambiguous.
Types of property that commonly are exempt from property taxes include places of worship hospitals other property of religious organizations private entertainment facilities schools and universities
places of worship hospitals other property of religious organizations schools and universities
Modern alternatives (generally adopted after 1970) to traditional land use controls include condemnation planned unit development impact fees form-based zoning performance standards
planned unit development impact fees form-based zoning performance standards
Components that typically are in a community comprehensive plan include plans for schools and other public facilities allocation of land to various uses sources of revenue to fund the plan a map of various land uses within the community
plans for schools and other public facilities allocation of land to various uses a map of various land uses within the community
The most common form of legal description for urban residential property is the: metes and bounds description. government rectangular survey. street address. tax parcel number. plat lot and block number.
plat lot and block number.
The power of state and local governments in the United States to regulate in the interest of the health, safety and welfare of citizens in general is known as: welfare powers legislative powers police powers community powers
police powers
The success of land owners in the U.S. in using inverse condemnation to obtain relief from severe regulation that devalues their property is: Very irregular poor and declining poor but recently improved generally good
poor but recently improved
Characteristics that stock and bond investment share with real estate investments include potential periodic income transferability to other owners potential appreciation in the value of the investment immobility
potential periodic income transferability to other owners potential appreciation in the value of the investment
If a neighboring landowner drives across a person's land openly and consistently for a number of years, the neighbor may acquire an easement by: estoppel. implication. prescription. necessity. accretion.
prescription.
The basic grid of the government rectangular survey system of land description includes: principal meridian running north and south. tier lines running north and south every 6 miles. baseline running east and west. range lines running east and west every 6 miles.
principal meridian running north and south. baseline running east and west.
Steps to creating a comprehensive plan typically include projecting demand for public services projecting demand for natural resources determining how long the community will exist projecting population growth
projecting demand for public services projecting demand for natural resources projecting population growth
A lien that always exists on every private property is the mechanics' lien. mortgage lien. community development district lien. property tax lien.
property tax lien.
Events that triggered the "revolution in land use controls" included the truce that ended the Korean War publication of Rachel Carson's Silent Spring the environmental movement the Love Canal disaster
publication of Rachel Carson's Silent Spring the environmental movement the Love Canal disaster
A deed used mainly to clear up possible "clouds" or encumbrances to title (conflicting interests) is the: special warranty deed. deed of bargain and sale. judicial deed. general warranty deed. quitclaim deed.
quitclaim deed.
The type of deed with no covenants, explicit or implied, is the deed of bargain and sale. general warranty deed. quitclaim deed. limited warranty deed.
quitclaim deed.
Land and its permanent structures are _________ property.
real
Land and its permanent structures are ____ property
real
Reasons that the conveyance of real estate is uniquely complicated include that real estate must be described on a continuous surface real estate rights are long enduring real estate is very valuable real estate is highly regulated real estate interests are complex
real estate must be described on a continuous surface real estate rights are long enduring real estate interests are complex
The conveyance of real estate is uniquely complicated because real property interests are complex. real property interests have a long history. real estate must be described on a continuous surface. government regulation of real estate can change. real estate records tend to disappear.
real property interests are complex. real property interests have a long history. real estate must be described on a continuous surface.
All else equal, a rise in the general level of interest rates reduces property values and therefore tends to slow construction reduces property values and therefore tends to increase construction increases property values but does not typically affect construction
reduces property values and therefore tends to slow construction
Form-based zoning replaces zoning of land use with zoning of development configuration or character is really just a minor change from conventional zoning is only relevant to residential land use is the most recent alternative to conventional zoning
replaces zoning of land use with zoning of development configuration or character is the most recent alternative to conventional zoning
The visibility of a property from the street is usually most important for storage facilities retail properties warehouse properties
retail properties
A site plan review board will review proposed subdivisions review site plans for apartments or other commercial or industrial sites make recommendations to the elected officials prohibit citizen input in the procedure follow a rigorously formal, judicial-like procedure with each review
review proposed subdivisions review site plans for apartments or other commercial or industrial sites make recommendations to the elected officials
It is important to record documents conveying a real property interest because recording satisfies the doctrine of constructive notice. assures that the document will not disappear. assures that the document cannot be altered. assures that all parties of the transaction can get to the document.
satisfies the doctrine of constructive notice.
In the township third north and second west from the intersection of the principal meridian and base line, the section in the southwest corner would be described as section 36, range 2W, tier 3N section 36, tier 2W, range 3N section 31, tier 2W, range 3N section 31, range 2W, tier 3N
section 31, range 2W, tier 3N
Area elements of the government rectangular survey include: townships are identified by range (north or south) from the baseline and tier (east or west) from the principal meridian. sections are numbered within their township starting in the northeast corner and zig-zaging along rows to the southeast corner. townships, bounded by range lines and tier lines, are 6 miles by 6 miles square sections are square miles explicitly surveyed and numbered within each township.
sections are numbered within their township starting in the northeast corner and zig-zaging along rows to the southeast corner. townships, bounded by range lines and tier lines, are 6 miles by 6 miles square sections are square miles explicitly surveyed and numbered within each township.
When an owner disposes of an indirect co-ownership interest in real estate, the owner will be conveying to the new owner shares in a business entity the physical real estate a freehold interest in real estate title to real estate
shares in a business entity
The purpose of marketable title laws is to: shorten the time span of title search eliminate old easements and restrictive covenants limit the life span of recorded documents root out faulty documents from the records
shorten the time span of title search
A football field, not including the end zones, is ________ equal to one acre slightly less than one acre slightly more than one acre
slightly more than one acre
The licensing of real estate professionals is usually done at the ______ level. county city state federal
state
Intangible assets include: stock investments bond investments automobiles leases
stock investments bond investments leases
The most versatile form of direct coownership is tenancy by the entirety tenancy in common joint tenancy general partnership
tenancy in common
Condominium combines individual ownership with tenancy by the entirety. tenancy in common. general partnership. joint tenancy.
tenancy in common.
Your "interest" in real property refers to the "bundle of rights" you hold. the value of your property. your expected length of ownership of the property. your motivation to acquire the property.
the "bundle of rights" you hold.
An example of market failure due to incomplete information is: a cable company that prevents competition by owning the local delivery network decides it can raise its prices sharply. many households with children move to a popular elementary school district, thereby over populating the school. the buyer of a house doesn't know that the electrical wiring is aluminum, and prone to cracking - a fire hazard. an industrial plant that produces very pungent fumes locates next to a residential area.
the buyer of a house doesn't know that the electrical wiring is aluminum, and prone to cracking - a fire hazard.
The nature and specific characteristics of a condominium are defined in the by-laws. the condominium declaration. a proprietary lease. an owner's deed.
the by-laws. the condominium declaration.
The investment returns investors require on available investment opportunities are primarily determined in: property markets the capital markets user markets
the capital markets
The investment returns investors require on available investment opportunities are primarily determined in: property markets user markets the capital markets
the capital markets
The nature and specific characteristics of a condominium are defined in a proprietary lease. the condominium declaration. an owner's deed. the by-laws.
the condominium declaration. the by-laws.
The reason a second mortgage lender is at more risk than a first mortgage lender is that in default the second mortgage is always smaller, and satisfaction of liens is partly by size. the second mortgage lender gets satisfaction, but must wait. the first mortgage lender gets full satisfaction before the second mortgage lender get any.
the first mortgage lender gets full satisfaction before the second mortgage lender get any.
A major reason for subdivision regulations is that usually the responsibility for maintaining streets and sewers eventually falls to the local government the homeowners the development lender the original developer
the local government
The general warranty deed imposes the highest financial responsibility of any deed for the grantor to have good title. This is because the deed has covenants plus posted performance bond. the maximum number of covenants. acknowledgment or witnesses. the fewest covenants.
the maximum number of covenants.
Public land use planning may have a weak foundation because the need for urban planning has declined in the last half century the notions of "best practice" are unsettled and changing it has a relatively very short history and base of experience there are too few persons interested in and trained for urban planning
the notions of "best practice" are unsettled and changing it has a relatively very short history and base of experience
Three conditions for a zoning variance are elected officials must concur with the variance the owner must show true hardship the condition must be unique to the particular lot the variance must not change the character of the neighborhood neighbors must concur with the variance
the owner must show true hardship the condition must be unique to the particular lot the variance must not change the character of the neighborhood
Perceived threats to destabilize a single family, owner oriented neighborhood have included too many high income households in a neighborhood too many senior households in a neighborhood the presence of apartments or commercial activity in the neighborhood too many children living in the houses of a neighborhood
the presence of apartments or commercial activity in the neighborhood
Capitalization rates are primarily determined by participants in the property market the capital markets user markets
the property market
An important process for any investor in property that could possibly contain toxic substances is a Phase 1 Environmental Value Assessment. This procedure examines the property surface, itself property history water samples subsurface evidence through sample drilling air samples
the property surface, itself property history water samples air samples
An example of an easement appurtenant would be the right to erect and maintain a sign on another's property. the right of one parcel to restrict building height on an adjacent parcel. the right to erect a cell tower on another's property. a railroad right of way across many parcels.
the right of one parcel to restrict building height on an adjacent parcel.
Characteristics of restrictive covenant include that they are enforced through court injunction. they are highly durable, usually enduring until explicitly released. they are created at the conveyance of a parcel of land. they are enforceable only by those holding an interest in the affected property; they can impose virtually any restriction that does not violate public policy. public authority often becomes involved in enforcing them.
they are enforced through court injunction. they are created at the conveyance of a parcel of land. they are enforceable only by those holding an interest in the affected property; they can impose virtually any restriction that does not violate public policy.
Real property is defined as: things permanently affixed to the land or structure all residences with a physical address things easily removed from the land or structure
things permanently affixed to the land or structure
Which of these is a widely used form of "evidence of title"? abstract of title title insurance commitment general warranty deed torrens certificate title certificate
title insurance commitment
Select all that apply performance standards have been implemented for a wide variety of externalities in land use, including traffic generation by a land use social impact of a land use storm runoff air quality effects from a land use tax revenue effect of a land use
traffic generation by a land use storm runoff air quality effects from a land use
An example of conflicting notions of best practice in urban planning is uniform residential densities vs mixed residential densities grid street patterns vs cul-de-sac streets septic tanks vs community sewers individual wells vs community water supply
uniform residential densities vs mixed residential densities grid street patterns vs cul-de-sac streets
New construction of a particular type of real estate generally does not occur until interest rates are low enough until occupancy levels are stagnant over time unless current property values exceed construction costs
unless current property values exceed construction costs
Zoning was determined by the United States Supreme Court to be a legitimate use of police powers to regulate land use in the interest of health, safety and welfare in: Pennsylvania Coal Co. v. Mahon, 1022 village of Euclid v. Ambler Realty, 1926 Berman v. Parker, 1954 Kelo v. City of New London, 2005
village of Euclid v. Ambler Realty, 1926
Issues that arise in determining rights to minerals, oil and gas include whether ownership of minerals involves ownership of the space containing them. whether the mineral rights are held by a corporation or by an individual. whether oil and gas are treated as simply a form of minerals or as flowing substances.
whether ownership of minerals involves ownership of the space containing them. whether oil and gas are treated as simply a form of minerals or as flowing substances.