REE 3043 Exam 1 Questions With Revised
Answers
Which methods does the federal government use to influence the real estate market? -
answerincome tax incentives, fair housing laws, granting housing subsidies
The term "real estate" is used in three fundamental ways. These include all of the follo...
Which methods does the federal government use to influence the real estate market? -
answer✔✔income tax incentives, fair housing laws, granting housing subsidies
The term "real estate" is used in three fundamental ways. These include all of the following
EXCEPT : - answer✔✔to identify all types of property.
Which of the following statements define the role of Real Estate in our economy? -
answer✔✔All of these statements are correct.
What two elements are involved in every real estate investment decision? - answer✔✔Initial cost
and value of future benefit.
Approximately what portion of U.S. households owns their own home? -
answer✔✔Approximately two-thirds
The total value of owner-occupied housing and investible commercial real estate in the United
States is estimated to be approximately: - answer✔✔$16 Trillion
Judgment liens against an owner of real estate may be nullified or limited by: - answer✔✔state
laws governing homesteads.
In Florida, designating a principal residence as a homestead: - answer✔✔usually creates
automatic protection of the residence from general liens up to some limit.
Liens which arise from construction and other improvements to real estate are called: -
answer✔✔mechanics' liens
Rules used by the courts to determine whether something is a fixture include all EXCEPT -
answer✔✔Law of Capture.
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? -
answer✔✔Dower/Curtesy
The form of property ownership which involves choice of floating time intervals and resorts, has
a questionable history, and should never be viewed as a financial investment is: -
answer✔✔Timeshare
Jasmine received an inheritance, from her grandfather, of 40 acres of land. She is trying to decide
if she should develop the land, sell it, or just keep it as is. Her lawyer told her she is free to do
whatever she wants. This is an example of which type of ownership estate? - answer✔✔Fee
simple absolute.
The city of Grand Rapids installed a new water main on Oak Street. The city then decided to
charge the property owners along Oak Street a proportional cost of the new water main. If a
property owner refuses to pay their proportional share of the cost, the city may file -
answer✔✔an assessment lien
A legally binding promise for which the grantor becomes liable is: - answer✔✔a covenant.
The task of examining the evidence, regarding property ownership, in the public records is
known as: - answer✔✔a title search.
Legal ownership of real property is evidenced by: - answer✔✔a deed.
The developer of a residential subdivision is usually required to file a ________ in public records
which shows the location of the streets as well as the lot and block numbers of each parcel within
the subdivision. - answer✔✔plat map
A governmental taking of private property for a public use for just compensation to the owner is
possible under the governmental police power of: - answer✔✔eminent domain
Formula:
Rt = (EB - Io)/(VT - VX)
*****************************************************
Calculate the tax rate in "mills" given the following information:
Property assessed value = $2 Billion
Property Exemptions = $550 Million
Income from other sources other than property tax = $71.75 Million
Budgeted expenditures = $108 Million - answer✔✔25 mills
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