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Real-Estate 345 - Midterm
Terms in this set (86)
U-3: Official unemployment rate reported in news
Real Estate Appraiser
Gives professional opinion of a property's market value based on established methods and trained judgement
When supply increases, prices drop
Supply decreases, prices rise
When demand increases; prices rise
Demand decreases; prices fall
Impacts on Supply in RE Market
Impacts on Demand in RE Market
A real estate licensee and a member on the National Association of Realtors
Real Estate Counselor
Helps clients choose among the various alternatives involved in purchasing, using, or investing in property
RE professional who performs a visual survey of a property's structure and prepares a report for a purchaser or an owner
-Real estate licensee (Not necessarily related to REALTOR)
-Licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, or purchase of a property
Schools would be considered part of which real estate classification?
Uses of Real Property
All of the following affect how quickly the forces of supply and demand work
Immobility of property
Uniqueness of property
Person or company responsible for maintaining a clients property and maximizing the return on the clients investment
Real estate generally includes all of the following EXCEPT
Woman rents space in commercial building, bolted tables and bookshelves to walls, characterize installations:
Shelves/tables are fixtures and may properly be removed by the woman before her lease expires, tenant is responsible to the landlord for any damage the removal causes
A property owner wants to use water from a river that runs through the property to irrigate a potato field. Owner is required by state law to submit an application to the Department of Water Resources describing the plan for beneficial use of water. If approved it will issue a permit allowing limited amount of river water. State relies on which rule of law?
Doctrine of Prior Appropriation
Man inherited piece of vacant land, removed and sold topsoil/limestone/gravel. At death he left the property to his daughter...
The daughter inherits the property as is!!
In determining whether an item is real or personal property, a court would NOT consider what?
Cost of the item
A physical characteristic of land...?
The act by which real property can be converted into personal property
While moving into a newly purchased home the buyer noticed that the seller took the ceiling fan with them. The seller did not indicate that it would be removed and the contract did not address this issue, what is true?
Ceiling fans are usually considered real estate
Buyer purchased parcel of land and immediately sold the mineral rights to an oil company. What did the buyer give up?
A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch, What is the lumber considered?
The legal tests for determining whether an item is a fixture or real property
Method of annexation
Adaptation to real estate
Agreement between the parties
Parking spaces in multi-unit buildings, water spaces, and similar things of value that convey with property are classified as?
A paint company purchases a large tract of scenic forest land and buildings in several tin shacks there to store used turpentine and other items. What is true?
The company's action constitutes improvement of the property.
A property owners land is located along the banks of a river. This owners water rights are called...?
A property owners bundle of legal rights entitles the owner to do all of the following EXCEPT:
a. sell the property to a neighbor
b.exclude utility meter readers
c.erect No Trespassing signs
d. enjoy profits from its ownership
b. exclude utility meter readers
According to the law, a trade fixture if usually treated as...?
A buyer is interested in a house that fits most her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called...?
Under the Fair Housing Act, which action is legally permitted?
Refusing to make a mortgage loan to a member of a protected class because of poor credit history
Complaints relating to Civil Rights Act of 1866...
must be taken directly to federal courts.
Why is the Civil Rights Act of 1866 unique?
It provides no exceptions that would permit racial discrimination
A real estate professional said to a homeowner "I hear they're moving in. There goes the neighborhood! Better put your house on the market before values drop!" This is an example of which illegal practice?
The act of directing homeseekers towards or away from particular areas, either to maintain or to change the character of the neighborhood is..?
A lender's refusal to lend money to potential homeowners attempting to purchase properties located in predominantly Latino neighborhoods is known as...?
All of the following would be permitted under the federal Fair Housing Act EXCEPT...
the owner of a 20-unit residential apartment building renting to men only.
It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the
physical location of the property
Which agency, upon receiving complaint regarding a Fair Housing Act violation, investigates?
Housing that qualifies for exemption from familial status provisions...
includes a restriction that 80% of the units be occupied by persons 55 or older
What statement describes the Supreme Court's decision in the case of Jones v Alfred H Mayer Company?
Racial discrimination is prohibited by any party in the sale or rental of real estate
After a real estate professional takes a sale-listing of a residence, the owners specify that they will not sell the home to any Asian family. What should the real estate professional should do?
Explain to the owners that the instruction violates federal law and that the real estate professional cannot comply with it
The fine for a first violation of the Federal Fair Housing Act could be as much as..
A single man with two small children has been told by a real estate professional that homes for sale in a condominium complex are available only to married couples with no children, What can the man do?
The man may file a complaint alleging discrimination on the basis of familial status
Following ad appeared in the newspaper: "For Sale: 4 BR brick home; Redwood school district; excellent Elm Street location; short walk to St. John's Church; right on the bus line. Move in condition; priced to sell", What is true?
The ad should not mention St. John's Church
A discrimination suit may be filed in federal court by...
A person aggrieved by racial discrimination
The federal Fair Housing Act does NOT prohibit...
Discriminating on the basis of marital status
Which of the following is legal?
Requiring a person with a disability to establish an escrow account for the costs to restore a property after it was modified
The landlords lease prohibits tenants from altering the property in any way. A young woman who uses a wheel chair cannot maneuver over the doorstep into her apartment by herself. In addition, she cannot access the bathroom facilities in her wheelchair. What is true?
The tenant is entitled to make the necessary alterations.
The provisions of the Federal Fair Housing Act apply where?
In all states
The right of a government body to take ownership of real estate for public use is called...
One who has ownership rights of real estate that could continue forever and which provide no other person can claim to be the owner of or have any ownership control over the property has...
Fee Simple Interest
A woman owned a fee simple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. She wanted to have some control over its use, so her attorney prepared her deed to convey ownership of the lot to the hospital "so long as it is used for hospital purposes" After completion of the gift, the hospital will own...?
Fee Simple Determinable
Your neighbors use your driveway to reach their garage, which is on their property. Your attorney explains that ownership of the neighbors real estate includes an easement appurtenant giving them the right to do this. Your property is the..?
A license is an example of a...
An easement appurtenant...
runs with the land
A property on Main Street that was formerly a retail store will become the site of a new city hall, made possible by the governments power of...
What is NOT an example of governmental power?
A property owner who has the legal right to use a neighbors land holds an...
What is an example of a legal life estate?
An owner conveys ownership of his residence to his church but reserves for himself a life estate in the residence. The future interest held by the church is a...?
An owner has a fence on his property. By mistake, the fence extends one foot over the lot line onto a neighbors property. The fence is an example of an...
A homeowner may be allowed certain protection from judgments of creditors as a result of the state's...
A person has permission from a property owner to hike on the owners property during the autumn months. The hiker has...
A homestead is a legal life estate in real estate that is...
Occupied as the family home
Because a homeowner failed to pay the real estate taxes on time, the taxing authority imposed a claim against the homeowners property. This claim is known as a...
The type of easement that is a right-of-way for a utility company's power lines is an...
Easement in gross
The process by which government takes control of a property after the owner dies without a will of lawful heirs is....
A landowner has divided much of his land into smaller parcels and has recently sold a tract near a nature preserve that is landlocked and cannot be entered except through one of the other tracts. The buyer of that property will probably be granted what type of easement by court action?
Easement by necessity
What will terminate an easement?
Release of the right of easement to the dominant tenement
The four unities of possession, interest, time, and title are associated with what?
A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without further explanation. The two friends took title as which of the following?
Tenants in common
Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. What is true?
The other two owners remain joint tenants
A man owns one of 20 units in fee simple, along with 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property is this?
A trust is a legal arrangement in which property is held for the benefit of a third party by a...
According to some states, any real property that either spouse owns at the time of marriage remains separate property. Further, any real property acquired by either spouse during the marriage (except by gift or inheritance of with the proceeds of separate property) belongs to both of them equally. What is this form of ownership called?
Three women were concurrent owners of a parcel of real estate. When one of the women died, her interest, according to her will, became part of the estate. The deceased was a...
Tenant in common
A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is a...
A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called...
An owner purchased an interest in a house in Beachfront, The owner is entitled to the right possession only between July 10 and August 4 of each year. What is MOST likely the type of ownership that has been purchased?
A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in...
Which of the following refers to ownership by one person?
A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely...
An estate by the entirety
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