c) the reversionary interest Owner A gives owner B an easement across A's land to shorten the distance B has to travel to reach land he owns. c) by bringing a legal action in court Life tenancy, like all other free- hold estates, is an estate of ownership. Select the principle which most applies. The right to occupy and use land forever is a fee simple estate. This is a violation of his deed restriction. b) appraisal rights d) easement by necessity, Which of the following is NOT an encumbrance on real estate Estate for yearsc. It is the states, then, who hold the general police power. Most life estates terminate upon the death of the life tenant, and therefore cannot be willed. There are no restrictions on Sallys interest. The subject property has a garage which adds $4000 to the value. All other powers fall to the states. Of the four essential elements of value, which of the following must be coupled with purchasing power? Leaseholds will terminate. B: Radon comes from radioactive materials underground. Third party market, Berman v. Parker, a 1954 U.S. Supreme Court case, stated that [p]ublic safety, public health, morality, peace and quiet, law and order. a. government in which one party controls the White House and judiciary. The millage rate for all taxes is 40 mills. a) personal property The city can obtain the land by paying fair value under the right of A house sells for $125,000. b) a defeasible fee estate home. Building and safety regulations, The houses in a neighborhood under study were all built about 20 years ago. On the closing statement any new loan proceeds would be listed as. c) a deed restriction [1] Police power is defined in each jurisdiction by the legislative body, which determines the public . Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed? c) is a right-of-way for a utility company a) an easement human rights of all persons, among which are the following: eminent domain yes, because the law covers anyone who is currently mentally ill or recovered. Assessed value tax rate = property tax. life tenant owns the property; therefore, the life tenant has title and possession. If the seller is paying 40% of the tax, how much will the buyer owe? A tenant who continues to occupy the premises after his lease rights have expired WITHOUT consent of the landlord creates: The wording in a deed to B for the life of C creates an estate known as : When property reverts to the state due to lack of heirs it is called. d) an easement by necessity, The electric company has the right to extend its wires over 50 parcels of land. All of the following can be characteristics of an easement EXCEPT: D. An easement May be provoked at will by the servient landowner, Jones owns fifty acres with frontage on slater mill road. c. building occupancy. In considering the highest and best use of a parcel of land to be improved with an office building, the appraiser determines the optimal land and building increments for the parcel. A house sells for $180,000 and the buyers have obtained an 80% loan. A fee estate gives the owner the right to sell, will, or give the property away, which is known as alienation. That all taxable articles or properties of the same class shall be taxed at the same rate underscores- Uniformity in taxation 42 following are limitations of taxations: A. Territoriality of taxation; B . When title to property reverts to the state because the owner left no will or heirs, it is because of the government's right of: Which of the following are private rather than public limitations to real property rights? c. The development of a master plan. All of the following are considered to be real property rights EXCEPT. regulations that protect the public health, safety, and welfare. list any questionable items in the purchase agreement, A contract which is determined by the actions of the parties is a/an. land. B: You can determine the taxes by using the following formula: The right of the government to establish zoning and land use laws is an exercise of which of the following? POLICE OPERATIONS Categories of Police Operations 1. Which of the following is NOT true of FHA loans? Escheat, c. ownership. Which of the following best describes a A couple wants to borrow $75,000 at 8% for 30 years. A map illustrating the sizes and location of streets and lots in a subdivision is called a: Soil absorption and drainage are measured by a: When a subdivision was developed, a deed restriction covering all the properties in the subdivision set aside the back six feet of each parcel as a combination green belt area and bicycle path. Study Resources . A person occupying a property without the consent of the owner is a. False: Governement and owners either agree to the price, or a court decides. Life tenancy c. Fee simple d. Qualified fee. d.) It defines an owner's interest in real property, it defines an owner's interest in real property. (As long as the total net return increases. Revocable, nonexclusive permission to use property is called. She mortgages it to Bank Z. Mrs K defaults . Police have a lot of powers to help them carry out their work. "grandfathered" in and that he does not have c) deed restrictions Which of the following requirements a) the remainder interest d. certificate of occupancy. Protection on a primary home against certain creditors is known as. Upgrade your player limit now and unlock additional features. What is Maria's opportunity cost of reading 100100100 pages of sociology? US public's sense of identity. A clause in a loan which makes the entire principle and interest due immediately upon default is. a. an estate.b. b. the right to condemn property for the public good. Their reasoning was probably based on the principal of: A home which cost $150,000 is surrounded by homes priced substantially higher. Sam has a life estate in a five - acre tract of land. Court judgment. Which of the following procedures would be used in the Cost Approach to value? She can also read 505050 pages of sociology in an hour. Conformity. Which of the following is NOT a freehold estate ? improve the property. A contract between a 17 year old and an adult would be, A type of listing in which the seller retains the right to sell her property without paying a commission is a/an, A protection clause in a listing agreement provides for, the broker to receive a commission if the property sells within a specified number of days after the expiration date to someone whom the broker introduced to the seller. eminent domain. One of the men decides to sell his interest in the business. 1,721 special police agencies (for example, transit police and school police). d. domain. Which of the following would be covered by a judgement ? a) a life estate 16 The Court did not refer to the Tenth Amendment. c) escheat c.) rule of law If a property is sold for an illegal purpose, then the contract would be considered. A house has 2,000 square feet. $1,240 general lien rights.d. A reversionary interest could only be held by Ann, the grantor. The materials are delivered on July 1. Police powers include all of the following EXCEPT : C) deed restrictions. They are the same at that point in time, 2. d.) a pur autre vie, Which of the following is TRUE about an estate in land? d) processing papers, Which of these must exist for an appurtenant easement to exist? A will which is written in the testator's own handwriting, signed and dated, but not witnessed is a. Modern jurisprudence is equally willing to recognize the broadness of a states police power. Escheat. c) the request to the court c) police power c) an encumbrance At a court-ordered sale, the property is purchased for $60,000. The loan amount was $113,600. Is a person with a mental illness who is completely cured covered by the Civil Rights Act of 1968? a. a lien.b. d. to create courts. The process by which the government exercises its power to take private lands for public use is. Land efficiency. d) an easement appurtenant, Which of these is defined as any claim, charge, or liability that attaches to real estate? The powers of the president include all of the following EXCEPT: a. methods of construction to be used. c. height and structure requirements.d. A fixture which is permanently attached to a structure is considered, If a person claims to own a property to which he does not have clear title, in front of the owner and witnesses and the owner does not object, he may acquire title through. Most are owner-occupied and well maintained. Rewrite the word correctly in the blank. c) deed restriction She will need a variance to The purpose of a building permit is to: maintain municipal control over the volume of the building. When Sam dies, the property will go to his nephew. residential area and an office area. home is $310,000, and the state Freeholds have an indefinite duration but leaseholds can terminatec. an estate at sufferance.d. Lending purposes, The authority conferred upon the states by the Tenth Amendment to the U.S. Constitution and which the states delegate to their political subdivisions to enact measures to preserve and protect the safety, health, Welfare, and morals of the community. (Eminent domain), How much is the tax? destroyed building. a park or recreational area separating a residential area from an office park. Which of the following economic principles does this illustrate: Anticipation, A lender requires 3 months escrow of interest for a loan of $80,000 at 7%. a) is revocable Police powers are the fundamental ability of a government to enact laws to coerce its citizenry for the public good, although the term eludes an exact definition. a. Ben is the life tenant.b. Your construction cost index indicates that today's costs are 58% higher. Pleasant Valley, so they are looking into the A husband and wife own their home as tenants in the entireties. d) by restriction, What are deed restrictions Anticipation, What is the effective date of the lien . a) easement in gross A mortgage company agreed to lend an owner 80% of his home's appraised value at 6% per annum. The four elements which create value are: Scarcity, Demand, Utility, Capacity for private ownership. d) a taking, State environmental protection laws are examples of b) an encumbrance An appraisal may be necessary to establish a value for: Condemnation, If a single owner receives title to a property what type of ownership does he have? If land doesn't include possession Types of buildings that may be constructed, Activities that are not to be conducted at the site, Minimum size of buildings to be constructed. c) it must be in writing and is often paid for d) a leasehold estate, Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens. b) police power How much will be required for the down payment? d) a reversionary interest, A property owner dies without a will or lawful heirs. assessment ratio is 40%. The market value will always exceed the price, The lease has expired but Jones has stayed on and continues to pay rent Smith. Jim has a/an, An easement that has an indefinite duration is a/an. Until they are in balance, a) with no need to bring a legal action in court a. land rights.b. c) abandonment of easement Plottage, Cohen and Feldberg include all of the following as ethical standards derived from the social . c) by petitioning the court for a certificate of title a. will automatically return to the servient property owner. Police powers include all of the following EXCEPT Select one: A. zoning B. building codes C. deed restrictions . If one friend defaults, the other may Which of the following establishes a fiduciary relationship between the broker and the seller? Find the misspelled word in each sentence. A states regulatory power, therefore, is incredibly broad and is limited predominantly by the state constitution, powers which the federal government holds exclusively, the Takings Clause and the incorporation of fundamental federal rights through the Fourteenth Amendment. liberal terms available to qualified buyer. An estate for years is a contract and terminates on the date specified in the lease, not upon death of the lessor or lessee. a. Mechanics lienb. b. a variance Under the terms of a trust established by will, the trustee is required to sell the real estate the trust holds. Question: The Securities and Exchange Commission (SEC) is an independent agency with wide-ranging powers that include all of the following, except: Multiple Choice A. conducting judicial hearings on certain securities violations. a) eminent domain What type of payment plan allows for regular payments of interest only, with the principle paid as a lump sum at the end of the term? an easement.d. That authority is known as a state's police market value.c. D. Life estates always pass to the remainderman, For ten years Jones had a verbal permission to park his car on Smiths driveway . Claudia would (rise, raise) the blinds in her office every morning. Which of the following principles best describes the effect of an international airport on the value of a nearby residential subdivision? a) a license b. How much would it cost to carpet the room if the cost of the carpet is $20 per square yard, including installation? Secondary Market. If an easement is abandoned and the property owner wants to have it returned, typically the servient property must prove abandonment in court. new road to build a restaurant. c) inverse condemnation a. The type of depreciation which is NEVER curable is called, The single most important factor in determining the value of a property is. 50. If the value of the comp is $75,000, what is the value of the subject property? a.) Substitution, If the interest payment for the first month is $96, what was the appraised valuation? b) power No (except for provision governing killing a peace officer; also law gives federal officers some police powers) Federal officials authorized to enforce federal laws and carry firearms in the performance of their duties . d.) escheat, An owner conveys ownership of a residence to a church but reserves a life estate in the residence. ), All of the following could be encumbrances on real estate EXCEPT. a) eminent domain Buyer purchase a home from the Sellers. d) easement, A person has permission from a property owner to hike on the owner's property during the autumn months. d) chattel, A license is an example of If the capitalization rate is 10%, what is the value of the property? What is the total interest that will be paid on the loan at the end of the 30 years? b) the life estate pur autre vie Oe.coercive power. Which of the following is true? b. sign and veto bills. Rescission of a contract is best defines as which of the following? Which of the following types of ownership allows for unequal ownership interests? 50 federal law enforcement agencies. a. Both the selling agent and the listing agent work for the same broker. . b. In a real estate advertisement that includes information on mortgage financing, which of the following statements is legally permissible if no further information is given? Life estate c. Leasehold estate. Public Safety Operation - includes Search, Rescue and Retrieval Operations, Fire Drills, Earthquake Drills and similar operations that promotes public safety. C: A non-conforming use applies when a use has pre-dated the zoning ordinance. (Market value), Physically possible, If Ann grants a life estate to Ben and specifies that title will be transferred to Carl upon the death of Ben, which of the following is FALSE? an exercise of police power. Highest and best use, This claim is known as Which statement is true about the relationship between the market value of a property and its sales price at the time the property sold? b) the fee simple subject to a condition subsequent What percent of the apartment building does the child own? By mistake, the fence extends one foot over the lot line onto a neighbor's property. Study with Quizlet and memorize flashcards containing terms like Who is responsible for the taxes on a given piece of property? a. an encroachment. Where are permitted land uses and set-asides, housing projections, transportation issues, and objectives for implementing future controlled development found? C: Encroachment refers to the situation when a part of a building, fence, or driveway extends A new zoning ordinance is enacted that A licensee should consider the. What is the appraised value of a property which is financed at 80% of the appraised value if the loan amount is $100,000? Which of the following estates usually does NOT terminate on the death of the holder of the estate? c. democracy. the top portion of the loan proceeds over and above the standard 80%. The grantor of a life estate may retain a: If the city wishes to take property for public improvements it may acquire title for actions based on : Which of the following is NOT a specific lien ? her house, but it is not allowed under the b. types of plumbing and electrical materials allowed. the sentence. The contractor files bankruptcy on September 1. Establishing public schools . The 17,500 police agencies at national, state, county, and municipal levels employ more than 800,000 people, sworn and unsworn.
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