Exam (elaborations)
CE shop - National Exam Questions and Answers
- Course
- Institution
CE shop - National Exam Questions and Answers
[Show more]
Content preview
CE shop - National Exam Questions andAnswers
Tie in arrangement - Answer -A business requires its clients to also purchases service
from another business
Who's role is it to develop the comprehensive master plan? - Answer -The planning
board members
Ad Valorem Taxes - Answer -are based on the value of the real estate. General
property taxes may pay for items such as schools, police, fire, etc.
Condemnation Action - Answer -The process of taking title and physical possession of
private property using the government's power of eminent domain; the property owner is
paid just compensation for the value of the property.
Inverse Condemnation - Answer -The government takes private property but fails to
compensate the owner; property owners are forced to file suit to obtain compensation.
The taking may be physical through occupation, or regulatory, where government
regulations cause the property to lose economic value
Downzoning - Answer -is the process of assigning a lower-density use zone to an area
previously allowing a higher density. Density zoning refers to a number of things per
unit, such as houses per acre.
Who does a property manager owe fiduciary duties to? - Answer -Landlord and
apartment community
Open listing agreement - Answer -A signed agreement with multiple licenses but only
will pay a commission to who finds a buyer
Which type of antitrust violation occurs when the providing of one service is made
dependent on the customer or client obtaining another recommended service - Answer -
Tie in arrangement
Which body of law contains the rules governing the relationship between a real estate
professional and the person being represented? - Answer -Law of agency
According to the Department of Justice, an agreement between competitors to establish
or adhere to uniform price discounts is a type of which antitrust violation? - Answer -
Price fixing
, Morris needs to pay for some repairs made to one of the units in his apartment complex.
Which bank account should he use? - Answer -The firms operating account
The Town of Petersville has just decided to restrict density in one area of town that
previously allowed a higher density. This is known as ______. - Answer -Downzoning
The Simpsons are buying a five-acre lot that was part of a much larger tract of acreage.
When the owners of the large acreage decided to subdivide it, they needed to have a
legal description created for the five-acre lot. What is it called? - Answer -A survey
What is TRID? - Answer -TILA-RESPA Integrated Disclosures
In which form of co-ownership is a person's ownership inheritable? - Answer -Tenancy
in common
adjustable-rate mortgage (ARM) - Answer -A mortgage with a rate that adjusts based on
changes in a market index
Administrative Procedure Act - Answer -Helps to ensure that no governmental entity
acts without an opportunity for public input by requiring public disclosure and discourse
before rulemaking
Abestos - Answer -A fibrous mineral found in rocks and soil, previously used in
construction materials for its insulating and fire-retardant strength and currently
classified by the EPA as a hazardous material.
To make valid computations of adjustments for the sales comparison approach to value,
elements of comparison must be applied in a specific order. Which element is applied
first? - Answer -Financing terms and cash equivalency
Which economic principle says that a property's value is determined by what it would
cost to purchase a similar property? - Answer -Substitution
Inverse condemnation - Answer -Occurs when a property's value is negatively affected
by government regulation, but the owner is not offered just compensation according to
the requirements of the Takings Clause.
When considering loan risk, which two items will lenders consider in equal measure? -
Answer -Borrower and property
Surveyor created a lot and block survey for a new residential development. The first
thing she did when she surveyed the new neighborhood was to reference a metes and
bounds land description. From there, she divided the land into numbered lots and
blocks. This output is known as a ______. - Answer -Plat map
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now