2024 LAW AND PRACTICE VAN ED FINAL EXAM Questions and 100% Verified Answers.
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Law And Practice Van ED
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Law And Practice Van ED
2024 LAW AND PRACTICE VAN ED FINAL EXAM Questions and 100% Verified Answers.
1. A loan whose payments do not fully liquidate the loan and thus requires a large final payment, is known as
Partially amortized loan
Term loan
Growing equity mortgage
Graduated payment mortgage: 1. Partially a...
2024 LAW AND PRACTICE VAN ED FINAL EXAM
Questions and 100% Verified Answers.
1. A loan whose payments do not fully liquidate the loan and thus requires a
large final payment, is known as
1. Partially amortized loan
2. Term loan
3. Growing equity mortgage
4. Graduated payment mortgage: 1. Partially amortized loan - Repays partially,
the part of the loan that hasn't been repaid yet is called a balloon payment
Graduated/Growing - accelerate repayment of their fixed-rate mortgage by
sched- uling additional principal payments that increase over time
2. Real property is donated for public use by means of?
1. Condemnation
2. Eminent domain
3. Dedication
4. Escheat: 3. Dedication
Escheat - government to take ownership of estate assets or unclaimed property
when someone dies
Eminent domain - take private property for public use with fair compensation
Condemnation - legal acquisition of property by a local government or other
private entities, example deemed not safe
3. Eight years ago, a 15,000 square foot warehouse cost $40.00 per sq. ft. to
rebuild. Its economic life is 50 years. The land is valued at $170,000.00.
Today, the property is valued at?: 15,000 X $40.00 = $600,000.
$ 600, (economic life) = $12,000 (straight line depreciation per year)
,12,000 x 8 (effective age) = $96,000
$600,000 - $96,000 = $504,000 plus $170,000 (land value) = $674,000.00
4. The use of more than one appraisal method with different weights
assigned to each method describes?
1. A certified appraisal
2. The development method
3. The quantity survey method
4. Reconciliation: 4. Reconciliation
, Development method - forecasting cash flows into the future (future revenues etc)
Quality Survey Method - detailed inventory of every item of material,
equipment, labor, overhead, and fees involved in the construction of a property.
5. Provisions placed in a deed to control future use of the property are
known as .
1. Restrictions
2. Allowances
3. Limitations
4. Transfer: 1. Restrictions
6. A point, line, or surface from which a vertical height or depth is
measured is known as .
1. Datum
2. Benchmark
3. Marker
4. Measurement: 1. Datum
Benchmark - Permanent reference point or marker by surveyor, , used to
establish and measure differences in elevations and altitudes above sea level.
used to mark Datum
7. An area where residential density is described overall, but the developer
is allowed flexibility in placing the residences in groups interspersed with
open space is .
Cumulative zoning - use permitted in a higher-use, less intensive zone is
permissible in a lower use, more intensive zone. (house in -> industrial zone, not
the other way around)
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