Which is NOT a method the federal government uses to influence the real estate
market?☑️☑️ Through zoning regulation
Real estate markets differ from other asset classes by having all of the following characteristics
except:☑️☑️ homogeneous
All of the following statements define ...
REE 3043 EXAM 1
Questions and Answers
Which is NOT a method the federal government uses to influence the real estate
market?☑️☑️Through zoning regulation
Real estate markets differ from other asset classes by having all of the following characteristics
except:☑️☑️homogeneous
All of the following statements define the role of Real Estate in our economy except:☑️☑️Real
Estate generates only 20% of local government revenue (property tax).
Real Estate as a tangible asset includes all of the following except:☑️☑️A mortgage
Approximately what portion of U.S. households owns their own home?☑️☑️Approximately two-
thirds.
The most common form of legal description for urban residential property is the:☑️☑️Plat lot and
block number
The total value of owner-occupied housing and investible commercial real estate in the United
States is estimated to be approximately:☑️☑️31 trillion
Land without any improvements is sometimes called☑️☑️raw land
Judgment liens may be nullified by the direct co-ownership form of :☑️☑️tenancy by the entirety.
Designating a principal residence as a homestead:☑️☑️usually creates automatic protection of the
residence from general liens up to some limit.
Lien Priority in real estate is significant because of:☑️☑️the "all or nothing" treatment of creditors
in the event of a property sale.
Which type of ownership combines estate in severalty and tenancy in
common?☑️☑️Condominium
The Flying J Ranch is running out of room for their cows. They ask the property owner adjacent
to their land if they can lease 500 acres for the next ten years. Upon signing the lease, Flying J
Ranch erects 20,000 feet of fence on the property to contain their cows. At the end of the lease,
Flying J decides not to renew the lease. According to the four rules for fixtures, who owns the
fence and why?☑️☑️The Flying J Ranch, because all agriculture fixtures belong to the tenant.
, Which of the following marriage-related forms of co-ownership gives the surviving spouse, one-
third life estate in real property, but ignores personal property wealth, of the
decedent?☑️☑️dower/curtesy
Which type of home ownership involves the corporation owning title to all land and
improvements, while each individual owner holds shares in the corporation and a proprietary
lease to their respective unit?☑️☑️Cooperative
Leases typically transfer to the tenant, all the rights of the owner, except which of the
following?☑️☑️Disposition
What are the laws called that require that a document which conveys an interest in real property
be placed in the public records to be binding on the public?☑️☑️recording statues
The method of "legal descriptions" which has been deemed NOT sufficiently accurate and
durable for legal documents is:☑️☑️acre observation
Involuntary conveyance of property without a deed, which can occur when others use the
property in a manner hostile to the owner's interest, involving actual natural use, which is open
and notorious, continuous and exclusive is called:☑️☑️adverse possession
_______________ is characterized by development well beyond the boundary of a municipality
causing a disproportional cost of providing municipal and utility services to the new
development, thereby causing an increased tax burden on the property owners within the
municipality.☑️☑️urban sprawl
Elements of traditional zoning include all except:☑️☑️performance standards
The authority for approving site plans for large projects ultimately rests with the:☑️☑️city council
commission
Jeff owns 150 acres between a highway and a public beach. The state would like to build a road
directly from the highway to the beach across Jeff's property. The space for this road would be
considered:☑️☑️easement in gross
Each quadrant of a section:☑️☑️160 acres
Which term describes taxes based on the value of the property?☑️☑️ad volerem
The deed most commonly used by businesses to convey property because it commits the
business to no additional covenants is the:☑️☑️deed of bargain of sale
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