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RE Exam 1
| Question | Answer |
|---|---|
| if we desire to classify land by its use, land that does not include any improvements to the land would be categorized as: | "Raw" land |
| The size of a single-family residual lot is typically: | less than one acre |
| When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include: | Fences |
| What is an example of real property? | Commercial building |
| Which of the following types of ownership estates is the most complete bundle of rights, and therefore carries the greatest value? | Fee simple absolute |
| Which of the following is an example of a general lien? | Lien arising from a court judgment unrelated to ownership pf the property |
| Which of the following types of direct co-ownership combines single person ownership with tenancy in common? | Condominium |
| Capital markets can be divided into four main categories: private equity, public equity, private debt, and public debt. An example of a real estate asset that trades in the private equity market is: | Real Property |
| The national government can have a significant impact on the value of real estate through: | Income tax policy |
| Especially in terms of retail properties, which of the following attributes is considered the most likely to result in drastic value differences between otherwise similar properties? | Location Attributes |
| What proportion of US households own their home? | Two-thirds |
| Restrictive covenants impose constraints on the use of the land, yet are limited in terms of their enforcement. All of the following are true regarding the enforcement of restrictive covenants except: | Restrictive covenants are public in nature and therefore can be enforced by those who do not hold a legal interest in the property. |
| Property rights can be dismantled into lesser bundles, referred to as interests, which can then be held by different individuals. Interests that allow non-owners a limited and specific use are referred to as: | An easement |
| Nonpossessory interests (i.e., bundles of real property rights that do not include possession) include all of the following except | Estate Interests |
| Which of the following types of liens is generally superior? | First Mortgage lien |
| Which of the following types of direct co-ownership is a form of joint tenancy for husband and wife created by marriage that protects each spouse from liens arising from either spouse alone? | Tenancy by the Entirety |
| Bill and Mike go in together to purchase 342 acres of land to use for hunting. Ten years later, Bill dies and Bill's wife wants to sell his half of the land, but unfortunately she has no claim to the land. What type of co-ownership did they have? | Joint tenancy |
| Tom recently purchased a home. He required a mortgage to make this purchase. What type of right has he provided to the lender? | Lien |
| Considered a "questionable conveyance of title" by most courts, which of the following types of deeds is worded to imply no claim of title, but rather only convey what interest the grantor actually has? | Quitclaim |
| This type of deed may be used by a developer to convey certain lands of a subdivision to the local government through dedication | Quitclaim |
| A contract for sale of real estate usually calls for the seller to provide evidence of title as a requisite to completing the sale. Today, the predominant medium through which a seller meets this requirement is by providing: | Only a title insurance commitment |
| A law requiring any contract conveying a real property interest to be in writing in order to be enforceable is a modern application of the: | Statute of Frauds |
| The most flexible method of land description, capable of describing even the most irregular of parcels, can be described as a very precise, compass-directed walk around the boundary of a parcel. This method is commonly referred to as | Metes and Bounds |
| The description of land in a deed must be ambiguous. All of the following would be considered acceptable legal descriptions of land except: | Street address |
| In commercial real estate transaction we most often observe the following type of deed to convey the property: | Special warranty deed |
| Once a document conveying an interest in real property is placed in the public records it is binding on the public. Another way to determine property interests is through inspection of the property which we call: | Actual Notice |
| One of the most important requirements of a land description is for it to be unambiguous. Which of the following methods of property description is the most unambiguous and is appropriate for use in legal documents? | Metes and Bounds |
| Which of the following convenants in a deed promises that the seller is the rightful owner and therefore has the right to sell the property? | Covenant of seizin |
| Which of the following covenants in a deed promises that the property is not burdened by liens, easements or other limitations except as notes in the deed? | Covenant against encumbrances |
| A contemporary planning movement that explicitly advocates a traditional grid pattern of development designed to give pedestrian life priority over motor vehicles | New urbanism |
| Special assessments are leviad to pay for specific improvements that benefits a particular gorup of properties. All of the following characteristics of special assessments are true EXCEPT: | They are considered ad valorem taxes |
| One of the main criticisms of property ta is that property tax of lower income households is higher than that of higher income households, as a percentage of their respective incomes. In other words, property taxes are criticized for being | Regressive |
| The legal procedure for exercising the right of Eminent domain is referred to as: | Condemnation |
| Most communities contain a number of tax-exempt properties. All of the following are typically included in the tax-exempty property classification EXCEPT: | Single-family homes |
| Which of the is most likely to be considered a positive externality? | Nearby parks and recreation facilities |
| Which of the following tolls of public land use control represents the earliest method of police power to regulate land use? | Building Codes |
| Grazing sheep in an area zoned as agricultural will most liekly be considered as a: | Conforming use |
| A traditional zoning ordinance includes all of the following EXCEPT: | Performance Standards |
| The right of government to acquire private property, without the owner's consent, for public use in exchange for just compensation is based on the___ amendment to the constitution: | Fifth |
| 22 23 local | |
| Which of the following sectors serves to allocate financial resources among households an firms requiring funds? | Capital Markets |
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