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Mississippi realtor institute test Correct Questions & Answers.
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An important distinction between real and personal property is that personal property: A. Is taxed at a lower rate when sold or transferred B. Is movable C. Requires a different legal description D. Is not subject to supply and demand measures - ANSWER B The economic and physical characteri...

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  • April 19, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • mississippi realtor institute test correct questio
  • mississippi realtor institute test stuvia
  • an important distinction between real and persona
  • the economic and physical characteristics of land

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Mississippi realtor institute test Correct Questions & Answers.
An important distinction between real and personal property is that personal property: A. Is taxed at a lower rate when sold or transferred
B. Is movable
C. Requires a different legal description
D. Is not subject to supply and demand measures - ANSWER B
The economic and physical characteristics of land can affect its value. Which of the following is an economic characteristic that affects a land's value and use?
A. Improvements
B. Immobility
C.Indestructibility
D. Uniqueness - ANSWER A
Why does the sale or transfer of real property require a legal property description? A. A Legal property description establishes the new owner's tax rate
B. A legal property description provides detailed information about neighboring parcels, which are especially useful to appraisers
C. Deeds and mortgages require a verifiable and legal property description in order to be legally enforceable
D. A legal property description identifies the commission splits of the listing broker and selling agent - ANSWER C
Which of the following characterizes a fee simple absolute estate?
A. The estate is qualified by a special limitation
B. The state is based on the life of the holder and is not inheritable
C. It is an interest in real estate that does not rise to the level of ownership or possession
D. It is the highest interest in real estate; the owner is entitled to all rights to the property
by law; and the estate is in heritable - ANSWER D
Investors John and Mark on a 4 acre parcel of land, including a farm house and a barn, as tenants in common. Which of the following statements is true?
A.John is entitled to the use of the land; Mark is entitled to the use of the building on the
land
B. John and Mark can possess and use the entire property even though their ownership
interest is fractional
C. If no ownership fractions are stated in the deed, John is entitled to 2/3 and Mark is entitled to 1/3
D. If John wants to sell his share, he needs to get Mark's prior permission - ANSWER B Jessica in Steve own a single-family ranch home as joint tenets. If Steve dies, what happens to his property interest?
A.It becomes a community property interest
B.It transfers to the state
C.It transfers to his oldest child
D. It transfers to Jessica who holds the title in severalty - ANSWER D
Bill inherited the family farm, which is located in a rural county and that has no public road access. To access the form, Bill must drive on a gravel road that cuts through the neighbors property. Bill's property is: A. The servient tenant
B. The dominant tenant
C. An easement in gross
D. And example of lis pendens - ANSWER B
To prevent the erosion and slitting of a large stream, county officials exercise the right of
intimate domain to acquire 40 acres of surrounding forestland from a private property owner. The process of taking the forestland is known as:
A.Condemnation
B.Escheat
C.Homestead
D. Devising - ANSWER A
A property has a market value of 150,000 and is assessed for tax purposes at 80% of market value. How much tax is owed on the property if the tax rate is 25 mills? A. 300
B.3000
C.3750
D. 7500 - ANSWER B
In 2005, a developer built an eight story mixed use building. 10 years later, the city planning administration an ordinance banding any buildings higher than six stories. The eight story mix used to building is an A.Amendment to the comprehensive plan
B. Nonconforming use
C.Illegal permit
D. Violation of those zoning laws - ANSWER B
Which of the following is a likely hazard when renovating or demolishing a 20,000 SF industrial building constructed in the 1960s? A. Action level (4 pCi/L) or higher of radon admissions
B.Disturbed groundwater tables
C. Proximity to a landfill
D. Building materials containing Asbestos - ANSWER D

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