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Real Estate > Chapter 1 Quiz > Flashcards

Chapter 1 Quiz Flashcards

1
Q

Which of the following is NOT a physical characteristic of land?

a. indestructibility
b. immobility
c. beauty
d. uniqueness

A

C. Beauty

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2
Q

An acre of land contains how many feet?

A

43,560

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3
Q

Your client bought 1/4 section of land. Approximately how many acres did the client buy?

A

160 Acres.

Each section of land is 640 acres

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4
Q

Arlene sold her house. It included a water softener that she had purchased the previous year for $1,000 (installed). What is the legal status of the water softener and can Arlene take it with her?

A

The water softener is a fixture that must be left with the house

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5
Q

A tenant failed to remove her restaurant equipment before her lease expired, so her landlord acquired title to the fixtures by a method known as:

A

Accession

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6
Q

Vague property descriptions, such as addresses and assessor’s parcel numbers..

A

will not be recorded. These include MLS listings, offers to purchase, and similar documents

recordable documents like deeds require a legal address, which a vague address is definitely not

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7
Q

An investor made an offer on a piece of land described as the N 1/2 of the SE 1/4, and the S 1/2 of the NE 1/4 of section 12. How much land is he buying?

A

160 acres

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8
Q

Which of the following is NOT an encumbrance upon the title of a property?

A. IRS Lien
B. Mortgage
C. Mechanic’s Lien
D. Setback

A

D. a setback

a setback is the outer portion of the property on which building is prohibited, and not considered an encumbrance

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9
Q

All of the following are examples of public land use controls EXCEPT:

a. Environmental protection laws
b. subdivision regulations
c. zoning
d. deed restrictions

A

d. deed restrictions

all other options are public land use controls. Deed restrictions are private controls

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10
Q

Your city has a zoning ordinance covering what type of buildings can be built in specific areas. The basis for this is…

A

zoning falls under police powers

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11
Q

All of the following are examples of governmental restriction on land EXCEPT

a. taxation
b. deed restriction
c. eminent domain
d. police power

A

b. deed restrictions

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12
Q

Mike, a builder-developer, built an office building on a piece of land that later is re-zoned by his city to residential. Mike will likely

a. get the land and building re-zoned
b. close his building
c. get a conditional-use permit
d. be able to continue with a non-conforming use permit

A

d. zoning ordinances are not retroactive, thus Mike will be able to continue operating his business

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13
Q

Which of the following statements pertaining to a homeowners’ association is FALSE?

a. All homeowners must abide by the association restrictions
b. The HOA has the power to impose fines
c. All homeowners must approve the CC&Rs
d. The HOA has the power to levy assessments

A

C. Homeowners do not approve CCRs, but must abide by them.

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14
Q

When a county adversely acquires land for a freeway, it is exercising the power of

a. eminent domain
b. escheat
c. zoning
d. environmental protection laws

A

A.

Eminent domain is the right of the government to take public land or property for public use or benefit

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15
Q

Sarah purchased a home with a partial block wall between her property and her neighbor James’ property. After she had the block wall completed, James realized it extended almost a foot onto his property. This is called:

a. easement by prescription
b. license
c. encroachment
d. easement by necessity

A

C.

Encroachments refers to the situation when a part of a building, fence, or driveway extends onto another’s property.

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16
Q

Kayla and Michael want to buy a home in Pleasant Valley, so they are looking into the property taxes on one property. The tax rate in please valley is $3.900 per $100 of assessed value. The market value of the home is $310,000, and the state assessment ratio is 40%. Approximately how much will they pay annually?

A

$4,836

Taxes = market value X state assessment ratio X tax rate
Taxes = $310,000       X       40 %       X (3.90 per $100)
Taxes = $310,000 / 100 X .40 X 3.90 = 4.836
17
Q

Which of the following requirements would NOT be covered by building codes?

a. electrical wiring
b. sanitary equipment
c. fire prevention standards
d. minimum number of square feet of land area per house

A

D.

The minimum number of square feet per housing unit would be regulated by a local zoning ordinance, not by building codes

18
Q

Which of the following best describes a buffer zone?

a. a recreation area between residential area and an office area
b. a sound barrier along a portion of a major highway that is near a residential area
c. a high-rise residential complex between a commercial area and a townhome complex
d. an industrial park between a strip mall and a residential neighborhood

A

A.

19
Q

Lauren wants to build a front porch onto her house, but it is not allowed under the zoning for her area. In order to build the porch, Lauren will first have to submit an appeal for a:

a. building permit
b. non-conforming use permit
c. variance
d. certificate of occupancy

A

C.

Variance applies to the zoning ordinances, not the building codes

20
Q

In which of the following situations would building codes need to be taken into account?

a. The subdivision of a large tract of land
b. The construction of a new structure
c. The development of a master plan
d. The demolition of a partially destroyed building

A

B.

21
Q

Police powers can regulate all of the following EXCEPT:

a. building ownership
b. the number of buildings
c. building occupancy
d. the size of the building

A

A.

22
Q

The johnson family wants to buy property on a new road to build a restaurant. To determine whether or not the property can be used as a site for a restaurant, they would need to examine.

a. building codes for that location
b. a list of obtainable variances
c. lists of permitted non-conforming uses.
d. zoning ordinances for that location

A

D.

The other choices may come into play later, but they first must determine if the property has been zoned to allow a restaurant to be built

23
Q

A new zoning ordinance is enacted that prohibits horse farms from being built within the city limits. Thomas has a horse barn on his property that has been there for many years. He has been told by the city that he can be “grandfathered” in and that he does not have to tear down his barn. This is an example of…

A

a non-conforming use

24
Q

Notice that a lien or other encumbrance may soon be filed on a parcel of property is known as a

A

lis pendens

25
Q

A bill of sale is used of transfer ownership of

a. real property
b. personal property
c. real estate
d. fixtures

A

B.

A bill of sale is used to transfer ownership of personal property.

Choices A, C, and D all comprise the real estate and are transferred by a deed

Real Estate (7 decks)

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