REE 3043 EXAM 1 QUESTIONS WITH REVISED ANSWERS
The Rushing River Ranch is running out of room for their livestock. They ask the property owner adjacent to their land if they can lease 1000 acres for the next ten years. Upon signing the lease, Rushing River Ranch erects 40,000 feet of fence on the...
REE 3043 EXAM 1 QUESTIONS WITH
REVISED ANSWERS
Land without any improvements is sometimes called - Answer--Raw land
Items that are not naturally occurring on land, such as a building, sidewalk or swimming
pool are called the ____________ the land. - Answer-Improvements on
Real Estate as an industry or profession includes all of the following: - Answer--
Mortgage Finance
-Development
-Property management
-Government regulation and taxation
Real estate markets differ from other asset classes by having all of the following
characteristics: - Answer--High transaction costs
-Local market
-Segmented market
-NOT homogenous product
The total value of owner-occupied housing in the United States today is estimated to be
approximately: - Answer--$16 trillion
Judgment liens may be nullified by the direct co-ownership form of: - Answer-Tenancy
by entirety
Designating a principal residence as a homestead: - Answer-Usually creates automatic
protection of the residence from general liens up to some limit.
Lien Priority in real estate is significant because of: - Answer-The "all or nothing"
treatment of creditors in the event of a property sale.
Real estate property taxes generate approximately _______ of local government
revenue. - Answer--70%
The Rushing River Ranch is running out of room for their livestock. They ask the
property owner adjacent to their land if they can lease 1000 acres for the next ten years.
Upon signing the lease, Rushing River Ranch erects 40,000 feet of fence on the
property to contain their livestock. At the end of the lease, Rushing River Ranch decides
not to renew the lease. According to the four rules for fixtures, who owns the fence and
why? - Answer-- The Rushing River Ranch, because all agriculture fixtures belong to
the tenant.
, Which of these marriage-related forms of co-ownership is a provision of common law
(traditional English) giving the surviving spouse one-third life estate in real property of
the decedent? - Answer-Dower Curtsey
Items that were formerly personal property but have been converted to real property are
called: - Answer-Fixtures
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? - Answer-Cooperative
Which of these is a titled estate? - Answer-estates
Which of the following is NOT a non-possessory interest in real property? - Answer--
patent
-non-possessory: restrictive covenant, lien, easement
If documents conveying interests in real property are properly recorded in the public
records, they are binding or enforceable on all persons, regardless of whether those
persons are aware of the documents, by the: - Answer-Doctrine of constructive notice
Title insurance is: - Answer--Protection against the cost of defending claims against the
title of the property.
The deed most commonly used by businesses to convey property because it commits
the business to no additional covenants is the: - Answer-Deed of bargain and Sale
Conveyances resulting from events beyond the control of the grantor would include: -
Answer-Probate proceedings to settle grantor's estate
-Sale of property in bankruptcy proceedings
-Divorce settlement
-NOT a quitclaim settlement
Zoning ordinances have the authority to restrict the: - Answer--Height of structure
-Category of land use
-Distance of a building from property line
-NOT size of family allowed to live on the property
Roger has operated a small engine repair shop out of his garage for a number of years.
Recently, the city's zoning board changed the zoning in Roger's neighborhood and no
longer allows business uses in the neighborhood. However, since Roger's business
existed prior to the zoning change, the city will recognize his business as
a(n)____________ and Roger will be permitted to continue the business as long as it is
not modified or expanded. - Answer--Non-conforming use
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