Situs refers to Study guides, Class notes & Summaries

AYPO Real Estate Principles of Real Estate I UPDATED Exam Questions and CORRECT Answers TREC has the authority under TRELA to suspend or even revoke a broker's license if: - Correct Answer- They conduct the unlawful practice of law ESAC stands for: - Correct Answer- Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - Correct Answer- Situs. Which amendment guarantees that a citizen will not be deprived of property wi...

The land description T3N, R4W Principal Meridian refers to what method of property description? Rectangular Survey Two lots the same size are sold on a street the lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics most likely explains the price difference? a) Uniqueness b)Situs c)indestructibility d)permanence of investment B)Situs A major difference between freehold and nonfreehold estate is that all fr...

TREC has the authority under TRELA to suspend or even revoke a broker's license if: - correct answer They conduct the unlawful practice of law ESAC stands for: - correct answer Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - correct answer Situs. Which amendment guarantees that a citizen will not be deprived of property without due process of law? - correct answer 5th Amendment. The CFPB is the: - corr...

The property tax is an ____ __________ tax, meaning it is based on value. - Answer- ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. - Answer- discovery listing valuation The taxable location of personal property is referred to as its __________. - Answer- situs An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. - Answer- an appraisal A jurisdiction's...

Types of Property: Personal property Correct Answer: Refers to land/things that are moveable& tangible. furniture, tv, swings, artificial plants Types of Property: Real property Correct Answer: Refers to land/things that are permanently attached. plants, building tree, ground minerals Land Characteristics: Physical, Immobility Correct Answer: Land cannot be moved Land Characteristics: Physical, Indestructibility Correct Answer: Although can be damaged by storms or disaster can't be d...

The land description T3N, R4W Principal Meridian refers to what method of property description? correct answer: Rectangular Survey Two lots the same size are sold on a street the lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following charateristics most likely explains the price difference? a) Uniqueness b)Situs c)indestructibility d)permanence of investment correct answer: B)Situs A major difference between freehold and nonfreehold e...

MA REAL ESTATE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Types of Property: Personal property Correct Answer: Refers to land/things that are moveable& tangible. furniture, tv, swings, artificial plants Types of Property: Real property Correct Answer: Refers to land/things that are permanently attached. plants, building tree, ground minerals Land Characteristics: Physical, Immobility Correct Answer: Land cannot be moved Land Characteristics: Physical, Indest...

IAAO 101 Quiz| questions with complete answers The basic responsibilities of the assessor are to ___________________ all taxable property Discover, List, and Value One of the steps an assessor must take in the discovery of property is to Conduct periodic on-site inspections of properties The property tax is a/an _____________________ tax, meaning it is based on value. Ad Valorem If a tax rate is $13.30 per $100, the decimal equivalent would be 0.1330 Actual value...

TREC has the authority under TRELA to suspend or even revoke a broker's license if: - ️️They conduct the unlawful practice of law ESAC stands for: - ️️Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - ️️Situs. Which amendment guarantees that a citizen will not be deprived of property without due process of law? - ️️5th Amendment. The CFPB is the: - ️️Consumer Financial Protection Bureau A p...

TREC has the authority under TRELA to suspend or even revoke a broker's license if: - They conduct the unlawful practice of law ESAC stands for: - Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - Situs. Which amendment guarantees that a citizen will not be deprived of property without due process of law? - 5th Amendment. The CFPB is the: - Consumer Financial Protection Bureau A professional organization or associatio...