Modern Real Estate Practice: Unit 1

Question 1

Real property includes…

Answer 1

land + appurtenances that benefit the land

Question 2

Appurtenances are…

Answer 2

attached to and run (or transfer) with the land

Question 3

Land includes…

Answer 3

Air (above), surface (here), subsurface (below) - these can be sold separately

Question 4

Improvements are…

Answer 4

attached to the land with the intent of being permanent

Question 5

Rights are in three forms…

Answer 5

1. Rights in land (physical things)
2. Right of ownership (non-physical)
3. Governmental rights

Question 6

water rights (or the doctrine of prior appropriation) is controlled by…

Answer 6

government. It determines which user’s water right have priority

Question 7

Rights to landowners along Rivers/streams is known as…

Answer 7

Riparian

Question 8

Riparian

Answer 8

Littoral

Question 9

Addition to land by natural causes…

Answer 9

Accretion

Question 10

Loss of land from natural causes…

Answer 10

Avulsion

Question 11

Mineral rights are often held…

Answer 11

by a third party

Question 12

A vertical lease…

Answer 12

would allow the property owner to lease all three right (mineral, surface, and air) to different tenants

Question 13

Real estate is transferred by a…

Answer 13

Deed

Question 14

Personal property is…

Answer 14

movable, not permanently attached to the land, and must be included in the purchase contract to transfer with the property

Question 15

Personal property is transferred by a…

Answer 15

bill of sale

Question 16

Fixture is…

Answer 16

formerly personal property that has been attached to become real property. It is never land and once it becomes attached it is known as an appurtenance and automatically transfers.

Question 17

Test for intent of a fixture by…

Answer 17

1. Was the object affixed with the intent of improving the land?
2. Intent is proven by Attachment (built-in = fixture; free-standing = personal property) Adaptation (specific to property: keys) and Agreement (conveyed items must be written in the contract, non-conveyed fixtures must be excluded from the contract)

Question 18

Personal property must be…

Answer 18

included in writing (contract)

Question 19

Fixtures must be…

Answer 19

excluded in writing (contract)

Question 20

Types of land description…

Answer 20

Metes and bounds, rectangular (government) survey and recorded plat

Question 21

A survey is used to…

Answer 21

create or confirm a legal description. Uses monuments (visible markers) to establish boundaries, corners, ends, andPOB - point of beginning

Question 22

ILC or mortgage survey will not legally set property boundaries but they will reveal…

Answer 22

encroachments and zoning violations, such as setback requirement

Question 23

Metes to measure in…

Answer 23

feet

Question 24

Bounds…

Answer 24

shapes or boundaries

Question 25

Metes and Bounds...

Answer 25

Momuments serve as reference points, begins at POB, moves in a set direction (clockwise) to encircle the property

Question 26

Rectangular (government) survey...

Answer 26

is a system developed by US government that locates a parcel of land within a grid system: meridians and ranges (north/south - 5 letters) and base line and tiers (east/west - 4 letters)

Question 27

A township is a square formed by...

Answer 27

6 miles by 6 miles (the meeting of ranges and tiers)

Question 28

Township has # sections...

Answer 28

36

Question 29

A section is a...

Answer 29

one-mile by one-mile square or 640 acres

Question 30

An acre contains...

Answer 30

43,560 square feet

Question 31

Recorded plat map...

Answer 31

known as "lot, block, subdivision system" or "lot and block system" is created by survey that shows location and boundaries of lots in a subdivision

Question 32

Final map approval, before building...

Answer 32

Must be recorded in the county office where the property is located

Question 33

Plat map is most common in...

Answer 33

urban areas

Question 34

Master development plans are used to...

Answer 34

control growth

Question 35

Buffer zone is a land area...

Answer 35

that separates two different types of land zones (example: park separating commercial and residential areas)

Question 36

Separate codes for...

Answer 36

plumbing, electrical, fire, etc

Question 37

Zoning laws and ordinances are set at...

Answer 37

a local (city or county) level

Question 38

Illegal use of building codes or a zoning violation...

Answer 38

does not become legal or acceptable over time; they are not grandfathered in

Question 39

An amendment is a zoning change for an entire area and could cause...

Answer 39

nonconforming use

Question 40

Nonconforming allows owners to continue present use that n longer complies with current zoning, known as...

Answer 40

Grandfathered or a grandfather clause (example: retail store in a residential neighborhood)

Question 41

A variance allows...

Answer 41

an owner to vary or deviate from strict compliance with zoning in order to prevent economic hardship (example: a home allowed to be built into the setback)

Question 42

Conditional use or special use permits allows...

Answer 42

a property to be used for special purpose that is in the public's best interest (example: church or daycare in residential zoning)

Question 43

Brokes and salespeople should explain that it is the...

Answer 43

buyer's responsibility to verify: 1. current zoning meets the needs of the buyer 2. not a floodplain 3. proper access to highways and streets and 4. building permits were pulled and completed

Question 44

Area square footage is calculated by...

Answer 44

Area = Width x Length (AWL)

Question 45

The width is the...

Answer 45

frontage or street front of the property (the first number is the frontage)