Real_Estate_Test_1.txt

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Author:
Mrmarcusdmorgan
ID:
159538
Filename:
Real_Estate_Test_1.txt
Updated:
2012-06-21 08:00:03
Tags:
Michigan Institute Real Estate
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Description:
Chapter 1 Test
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  1. When must the sellers discloser statement be provided to the buyer ?
    Before and offer to purchase is signed.
  2. A street in ur neighborhood has been paved by the city. How will that effect your tax bill ???
    You may receive a bill for special assessments.
  3. A method of legally describing land that involves baselines and range lines is the:
    Rectangular server
  4. An area of land that is 1 mile by 1 mile is a:
    A section
  5. An owner of property whose property is located next to a small body of water or stream has:
    Riparian rights
  6. The right to use some else's property for a purpose is known as:
    An easement
  7. In addition to the meridian, the base line intersects with ?
    Range lines
  8. An owner that does not have the right of survivorship is?
    Tenants in common
  9. When an estate is owned by a husband and wife it is usually known as:
    Tenancy by the entireties
  10. When a person owns property alone he/she is known as:
    Severalty tenant
  11. When 2 or more individuals own property without rights of survivorship and in unequal portions, they probably own it as:
    Tenants in common
  12. The reason a married man who owns property alone must have his wife join him in signing the deed at the closing is because:
    She has dower rights
  13. The right of the government to make laws for the use of land is known as:
    Police power
  14. A broker is concerned about a trespass over a property. How should he help the owner verify such an encroachment?
    Contact a surveyor
  15. An easement by prescription is obtained by:
    Trespassing for the statutory period of time.
  16. A right, privilege or improvement that passes along w/ the property is/are:
    An appurtenances
  17. A complaint alleging discrimination can be filed with the Department of Housing and Urban Development within a period of:
    1 year
  18. A practice Of showing minority buyers houses in predominantly minority neighborhood is known as:
    Steering
  19. To suggest to property owners that their property may be losing value due to entry of minority's into the neighborhood is called:
    Blockbusting
  20. An owner contacted an agent asking to list property but minority's would not be allowed to buy, the agent must:
    Refuse the listing
  21. A lending institution has a policy of not making loans in a certain part of town because it's populated mostly by minorities. Although they would not state the reason on there reject letter, they make sure they find something wrong the applicant to turn him down. This practice is known as:
    Redlining
  22. Which act prohibits discrimination because of race with out exceptions?
    Civil Rights Act of 1866
  23. A claws in the law that allows an individual to continue a non-conforming use after a zoning law has changed is called:
    A grandfather clause
  24. When the property does not match the zoning allowed, the situation is best referred to as:
    Non-conforming use
  25. A developer who wants to build a house in a subdivision with a 20 foot setback instead of the 30 feet allowed under the ordinance must obtain a:
    Variance
  26. When the deed limits the use of property this is knowns as:
    Restrictive Covenant (Deed restriction)
  27. Jillian want to build a department store on land zoned residential single family . She must apply for and receive:
    A zoning variance
  28. Regulations established minimum distance between the lot line and where the improvement can be erected is/are known as the:
    Setback ordinances
  29. When zoning laws allow a certain use but deed restriction limits that same use, the one that would prevail is the:
    Deed restriction
  30. Zoning laws mainly address:
    • Use of property, Grandfather clause and setback line
    • S
  31. The concept of "air space" is found in the following type of ownership:
    Condominium
  32. A condominium owner wants to make changes to the exterior of his unit. He must:
    Receive approval of the association prior to.
  33. Condominium association fees are used to:
    Maintain and insure the common element.
  34. A concept of ownership reflected in leasing units after purchasing stock in a corporation that owns a multiunit complex is known as:
    Cooperatives
  35. A concept of ownership reflected in leasing units after purchasing stock in a corporation that owns a multiunit complex is known as:
    Cooperatives
  36. One of the advantage of condominiums ownership over a cooperative is:
    It is real estate ownership in fee simple.
  37. An imaginary line running north and south that intersects w the baseline is:
    The meridian line
  38. A method legally describing land that uses monuments and point of beginning is the:
    Meets-and-bounds
  39. Imaginary line running six miles apart parallel to the baseline are called:
    Township lines
  40. Of the different methods of appraising property what is the most appropriate for appraising vacant land ???
    Market Data (comparison) approach
  41. When using the market data approach, what does the appraiser take into consideration?
    What features/cost of the houses in the area.
  42. A one car garage in a neighborhood with 2 car garages is an example of:
    Functional obsolescence
  43. When a house is located in a neighborhood with several boarded up houses and gangs on the street, this property losses value due to:
    Economic obsolescence
  44. When appraising a brand new house, the best method used is the:
    Cost approach
  45. What is the most suitable for income property evaluation?
    The capitalization approach
  46. The price that a willing buyer will most probably pay a willing seller under no pressure, and provided that property is available on the market for a reasonable length of time, is known as:
    Market Value
  47. A factor which an appraiser multiplies gross income from property by to apprise its value is:
    Gross rent multiplier
  48. In estimating the square foot of a building for replacement purposes, an appraiser would use:
    Exterior Dimensions
  49. To determine the value of a church, the appraiser will probably use:
    The cost approach
  50. A 10k sq ft mansion surrounded by $1,500 sq ft homes would most likely be appraised using:
    The cost replacement approach
  51. A person who give authority to represent him is the:
    Principal/ Client
  52. Listing agent knows that seller is anxious and willing to take less than the listing price, and the buyer asks if the agent recommends any other price besides the asking price. The agent must:
    Tell them they can make offer but he can't disclose that info
  53. As a buyer's agent, a broker feels that property is overpriced, but buyer indicated willingness to offer full price. What should the broker do?
    Advise buyer the fair market value and let her decide
  54. As the agent of a buyer, you know that a certain bank is offering lower interest rates than what the buyer thinks he can get from another lender where the mortgage loan officer is a friend of the buyer. Your duty is to:
    Tell buyer of the other lenders rates. Urge them 2 save
  55. A broker is hired under exclusive "right to sell" listing agreement and later is told by the owner that the owners daughter is buying the house directly from the father. The broker should:
    Inform the seller that he will still owe a commission.
  56. John listed property and the was unavailable to sign the closing document but the attorney for the owner allowed John to sign on behalf of the owner. The owners attorney probably allowed John to sign prob because:
    John was acting under "Power of Attorney"by owner
  57. Upon purchasing property what are some encumbrances that will burden the title if left uncleared?
    Back Taxes, Judgment Lien, Line for home equity loan.

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