Chapter 5 Flashcards
Modern definitions of the word “appraisal” have replaced the word _______ with ________.
pounds, dollars
time, market conditions
value, cost
estimate, opinion
Estimate, opinion
“An identified parcel or tract of land, including improvements, if any” is the definition of
trade fixture
real estate
real property
personal property
Real Estate
An appraisal is best described as
- an opinion of value
- the estimated cost to replace the property
- a guarantee of the true worth of the property
- an estimate of value
An opinion of value
Land is a long lasting asset, and has a long economic life as compared to other assets. What characteristic of land does this refer to?
unique location
immobility
durability
finite supply
durability
Which of these items is LEAST likely to be considered part of the real estate?
rose bushes
central air conditioner
chandelier
window air conditioner
Window Air Conditioner
Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of
transferable development rights
air rights
subsurface rights
trade fixtures
transferable development rights
“The interests, benefits, and rights inherent in the ownership of real estate” is the definition of
real property
real estate
trade fixtures
chattel
Real Property
True or False? By exercising one of his/her bundle of rights, a property owner may be giving up another one of those rights from the bundle.
True
The Fifth Amendment to the U.S. Constitution guarantees payment of ________ for the taking of private property.
just compensation
top dollar
an equally desirable substitute property
time and money
Just compensation
True or False? When people buy and sell land and buildings in the marketplace, they are actually buying and selling real property rights.
True
A property owner hires a contractor to construct an addition on his home, but does not pay the contractor when the work is completed. The contractor may place a __________ on the property to recover the debt.
CC&R
deed restriction
mortgage
mechanic’s lien
Mechanic’s lien
A property’s bundle of rights is analogous to
a tidal wave
a house of cards
a bundle of sticks
the spokes on a bicycle wheel
A bundle of sticks
Private restrictions on property rights include all of the following EXCEPT
mortgages
escheat
mechanic’s liens
deed restrictions
Escheat
Which of the following would likely NOT be considered personal property?
area rug
washing machine
wall to wall carpet
drapes
Wall to wall carpet
The right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs is called
eminent domain
condemnation
accrual
escheat
Escheat
Which is NOT a characteristic of land?
durability
mobility
unique location
finite supply
Mobility
“The interests, benefits, and rights, inherent in the ownership of real estate” is the definition of
real estate
personal property
real property
intangible property
Real Property
Trade fixtures are only found in ___________ property.
owner-occupied
rented
residential
none of the above
Rented
Public limitations on private property rights include all of the following EXCEPT
CC&Rs
taxation
eminent domain
escheat
CC&R’s
“A pledge of a described property interest as collateral or security for the repayment of a loan under certain terms and conditions” is the definition of
mortgage note
mortgage
bond
promissory note
Mortgage
An appraisal is a( n) ____________ of value.
guarantee
prediction
opinion
summary
opinion
Which would NOT be a characteristic of a good appraisal?
concise
unsupported
accurate
unbiased
Unsupported
“The right of government, through which property is regulated, to protect public safety, health, morals, and general welfare” is the definition of
eminent domain
police power
taxation
homeland security
Police Power
__________ rights are considered to be vertical rights.
Air
Surface
Water
Property
Air
