Exam (elaborations)
Real Estate Investments / Champions (Q&A)
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Real Estate Investments / Champions (Q&A)
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Real Estate Investments / Championsif you are holding undeveloped land, your goal as an investment is:
Correct Ans - appreciation
land is referred to as _____ because it can be seen touched Correct Ans -
tangible
Formaldehyde gas is: Correct Ans - Colorless
Local governments can use which of the following to enforce subdivision
requirements? Correct Ans - Police Power
The time limitation on deed restrictions is typically __________ due to changes
that render the original
restriction irrelevant. Correct Ans - 25-35 years
Which of the following is a rating used for investment opportunities?
Correct Ans - All of these are ratings used for investment opportunities
Which phase assessment defines the steps needed to clean up contaminated
areas of a property? Correct Ans - Phase III Assessment
The ________, authorized in 1954, was the first program of Urban Planning
Assistance Correct Ans - Subdivision Act
Which of the following are potentially responsible parties for clean-up costs of
an environmental problem? Correct Ans - The party who transported
the waste
The right of ___________ includes the right to sell or mortgage property and the
right to determine the
duration of the ownership term. Correct Ans - Disposition
from which country's laws did community property stem? Correct Ans -
Spain
, A ______ is a written instrument by which a grantor conveys an ownership
interest in real property to a
grantee Correct Ans - Deed
Which of the following would be considered a trade fixture? Correct Ans -
Dentist Chair
In a lease, the landlord is referred to as the __________. Correct Ans -
Lessor
The lessee in a lease agreement is also known as the ________ Correct Ans -
Tenant
_____________ compensates a seller for taking a property off the market for an
extended period of time Correct Ans - Earnest Money
_________ is typically stated as a monthly charge to be paid by the tenant at the
beginning of each month Correct Ans - Rent
A(n) ________ is the legally designated person who would be entitled to receive
a deceased person's
property in absence of a will. Correct Ans - Heir
Profit realized in the sale, exchange or disposition of a capital asset is
considered ___________. Correct Ans - Capital Gain Income
In determining capital gains on inherited property, the basis of value generally
becomes market value as of
______________. Correct Ans - The date of the decedent's death
In terms of qualifying for low-income housing tax credits, __________ means the
initial lease term extends to
6 months or more. Correct Ans - Nontransient
The gross rent charged to a tenant living in low-income housing cannot
exceed ____% of the qualifying
income level for the tenant's family size Correct Ans - 30
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