Exam (elaborations)
WV REAL ESTATE EXAM 2024/2025
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WV REAL ESTATE EXAM 2024/2025
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WV REAL ESTATE EXAM2024/2025
Bundle of rights of real property - correct answer 1.Possession of Property
2.control
3.enjoyment
4.exculusion
5. Disposition ( sell, will, transfer the property.
Price Fixing - correct answer When two or more companies collude to set a product's price.
Cooperative - correct answer Propriety lease- You purchase stock in the company that owns the land
and holds the deed
Good Faith Estimate - correct answer An estimate of the fees due at closing for a mortgage loan that
must be provided by a lender to a borrower within three days of the lender taking a borrower's loan
application.
Code of Ethics - correct answer Written Standard for ethical conduct
Market - correct answer Where goods can be bought and sold in place where price is established
Factors Affecting Demand - correct answer Population/Demographics/Employment and Wage benefits
Factors affecting Supply - correct answer Labor Force/Construction/FISCAL POLICY
Amortized Loan - correct answer A loan in which the principal as well as the interest is payable in
monthly or other periodic installments over the term of the loan.
,What happens when Supply stays the same and demand goes up? - correct answer Prices go up
What happens when Supply Goes up and Demand Stays Same - correct answer Price Drops
Types of Real Property - correct answer Residential/Commercial/Mixed
Use/Industrial/Agriculture/Special Purpose
Sales Person/Sales Associate/Associate Licensee/Real Estate Licensee - correct answer All the same
meaning YOU!
Buydown loan - correct answer the borrower pays a reduced interest rate and a lower monthly
payment either temporarily or permanently. ex. a 3-2-1 buy down (4% 1st year, 5% 2nd year, 6% 3rd
year, 7% lifetime); seller (developer) usually pays the lender to buy down the loan Y67
Buyers Agreement - correct answer When you would have an expressed contract with the buyer
Brokerage - correct answer Brings together people (Buyer and Seller) for fee or commision
Land - correct answer earths surface, including natural objects, air, and subsurface.
Real Estate - correct answer Land + Improvements
Real Property - correct answer Real estate + legal bundle of rights
nondisturbance clause - correct answer A mortgage clause stating that the mortgagee agrees not to
terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor's
building.
Riparian Rights - correct answer Water rights for Rivers
Navigable- Waters Edge
,Non-Navigable- Center
Littoral Rights - correct answer Lakes and Oceans own to high water mark.
Intrinsic Value - correct answer A persons thought of future value of their property
Appurtenance - correct answer Stays with the land (Driveway) Real Property
Cost Recover - correct answer The depreciation of real estate
Exchanges - correct answer Defering taxes by exchanges properties
Accelerated Cost Recovery System - correct answer a depreciation method under U.S. tax law allowing
for the accelerated write-off of property under various classifications
Appreciation - correct answer An increase in the value of a currency
Quanity Survey Method - correct answer A precise cost approach.
straight line method - correct answer the assignment of an equal amount of depreciation to each
period
Square Foot Method - correct answer The most widely used approach for estimating construction costs
Land Legal Descriptions - correct answer Lot and Block, Metes and Bounds and Square Gov Survey
System
Closing Statement - correct answer HUD 1 Form that states what expenses are owed at closing.
, Accrued items - correct answer On a closing statement, items of expense that are incurred but not yet
payable, such as interest on a mortgage loan or taxes on real property.
Accrued Depreciation - correct answer difference between cost of replacing property new as of date of
appraisal and present value
Accretion - correct answer Land build up somewhere due to water.
Avulsion - correct answer Sudden loss of land due to nature
emblements - correct answer Crops in the field personal property. Not natural occurring.
Annexation - correct answer Personal property becoming real property( putting up a fence).
Trade fixtures - correct answer Fixtures associated with a business. Personal property if left after lease.
Easement - correct answer The right to use the land for a particular purpose
Appurtenant Easement - correct answer The use of another persons land for YOUR purpose. (Side by
Side)
Economic characteristics of real property - correct answer Scarcity
Improvements
Permanence of investment
Situs ( location)
Bilateral Contract - correct answer When 2 parties enter into a contract
Physical characteristics of real property - correct answer IUI ( cheat)
Immobility
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