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FIL 260 Exam 1 Updated /52 Complete Questions And Answers 100% Score!!!
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- FIL 260 Exam 1 Updated 2023-2024
FIL 260 Exam 1 Updated /52 Complete Questions And Answers 100% Score!!!
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FIL 260 Exam 1 Updated 2023-2024 /52 CompleteQuestions And Answers 100% Score!!!
Quiz :What are the physical characteristics of real estate? - Answer :-
immobility
-lack of standardization
-long life
Quiz :What are the economic characteristics of real estate? - Answer :-scarcity
-long term investment
-high transaction costs
-local economy
-real estate
Quiz :What are the transaction costs to buy? - Answer :-loan application fee
-points
-appraisal fee
-recording fee
-attorneys fee
Quiz :What are the transaction costs to sell? - Answer :-commission
-attorneys fees
-time consuming
Quiz :What are the real estate market characteristics? - Answer :-local market
-unorganized market
-inefficient (time to change value)
-negotiation
Quiz :What factors affect the demand for housing? - Answer :-price
-income
-population
-interest
Quiz :How is real estate defined? - Answer :land and fixture: you have rights
to what is under, over, or on even if the source isn't
Quiz :What is land ownership? - Answer :above: airspace right
surface
below: mineral right and overlying
, rule of capture
Quiz :What is a fixture? - Answer :-permanent attachment
-removal creates damage
-intended to be permanent when attached
-reasonable necessity
Quiz :What is a trade fixture? - Answer :personal property attached to leased
property
Quiz :What are the government limitations - Answer :-eminent domain
-police power
-power of taxation
-escheat
Quiz :What is included in police power? - Answer :-zoning
-subdivision regulations
-pollution controls
-building permits
-inspections
Quiz :What is possessory? - Answer :-present interest
freehold: indefinite
non-freehold: definite
Quiz :What is non-possessory? - Answer :no immediate use and possession
Quiz :What are the four types of freehold? - Answer :-fee simple absolute
-life estate
-fee simple determinable
-fee simple on condition subsequent
Quiz :What is fee simple absolute? - Answer :-transferable and inheritable
-no time limit
Quiz :What is life estate? - Answer :-ordinary life estate: to A for his life
-pur autre vie: to A for the life of B
Quiz :What is fee simple determinable? - Answer :-qualified estate
-automatic reversion
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