Real Estate Principles Chapter 14

Residential property includes how many dwelling units

1-4 dwellings

1 acre is equal to how many square fee

43560

1 mile is equal to how many linear feet

5280

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

Cost approach Income approach Sales comparison approach

Which of the following is considered a formal description of property

Government survey Metes and bounds Lot and block

That duty owed by an agent to act in the highest good faith toward the principle and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure, is known as

fiduciary duty

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

fixture

This is an appraisal phrase meaning that use which, at the time of an appraisal, is most likely to produce the greatest net return to the land and/or buildings over a given period of time

highest and best use

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is referred to as a

independent contractor

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

law of progression

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

law of regression

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

listing agreement

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

mortgage

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

mortgage broker

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

power of attorney

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

practice of real estate and disclosures

The marketplace whereby loans are originated is referred to as the

primary mortgage market

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

principle of anticipation

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

principle of conformity

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

bundle of rights

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

conventional loan

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

real property

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

trade fixture

The rights of a land owner or land occupier to use flowing water (such as a river) that is adjacent to the land are known as

riparian rights

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

personal property

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

demand

A common-law doctrine that makes an employer liable for the actions of an employee when the actions take place within the scope of employment is known as

respondeat superior

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

secondary mortgage market

Zoning is an example of police power

true

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

utility