Real Estate Sales Exam Flashcards
(263 cards)
1
Q
Sherman Antitrust Act 1890
A
prohibits monopolistic practices (ie, price fixing, boycotting)
2
Q
market allocation
A
agreement among competitors to divide market (violates antiturst provision)
3
Q
group boycotts
A
when competitors get together and agree not to do business with someone
4
Q
tie-in arrangement
A
requirement to buy one product or service on condition that you buy another product or service (ILLEGAL)
5
Q
special agent
A
only handle one activity like selling property
6
Q
general agent
A
handles a range of activities on behalf of a client (ie property manager)
7
Q
universal agents
A
represent client on behalf of all real estate matters
8
Q
principal
A
person you represent as an agent
9
Q
customer
A
other party or third party
10
Q
dual agency/limited agency
A
buyer and seller are represented by the same real estate agent
must get informed consent to represent both parties
11
Q
transactional brokerage
A
broker represent neither buyer nor seller seller but can complete a transaction and be paid for it
(ie, broker bringers buyer and seller together, negotiates the deal and handles paperwork)
12
Q
agency disclosure
A
given in writing and identifies who real estate agents represent
13
Q
express agency
A
both parties state intention to enter into agency relationship
14
Q
implied agency
A
created through the actions of the two parties
15
Q
agency by estoppel
A
when principal doesn’t stop an agent from performing duties giving impression agency relationship has been established
16
Q
agency by ratification
A
created by accepting circumstances that created the agency after the fact
17
Q
agency coupled with an interest
A
agent has interest in the property that’s being sold
18
Q
exclusive right to sell listing
A
exclusive right to sell - always paid
19
Q
exclusive agency listing
A
exclusive right to sell - only paid if sold
20
Q
open listing
A
agreement with any broker - only paid if sold
21
Q
net listing
A
broker hired to sell property for certain amount - broker keeps any amount more than net price (illegal in NY)
22
Q
option listing
A
clause in listing agreement gives broker right to buy the property
23
Q
multiple listing service
A
marketing service that permits brokers to share listings with other brokers
24
Q
Relationship between agent and principle
A
- Fiduciary - agent faithfully represents interests of the principal
- Accounting - client money kept in separate bank account
- Care - agent use their best efforts and skills on behalf of their clients’ interest
- Confidentiality - all information kept confidential
- Disclosure - reveal any information that would benefit your client
- Loyalty - put client interest above your own
- Obedience - follow instructions from principal unless illegal
25
commingling
combining client money with brokers money
26
conversion
using client money for agent's personal use
27
latent defects
problem with property wouldn't know under normal inspection
28
material defects
specific issue with property that may have a significant, impact on the value of the property
29
stigmatized properties
events that make the property less desireable ( ie, murder/suicide)
30
Megan's Law
requires registration of sex offenders with the police, neighbors
31
puffing
exaggerating benefits of property
32
fraud
intentional misrepresentation to sell property
33
negligent misrepresentation
don't disclose something because you don't know but you should have known
34
When do agents get paid?
When broker produces a ready, willing and able buyer.
35
Ending an agency relationship
1. Completion of agreement
2. Expiration of agreement
3. Destruction of property
4. Taking property through eminent domain
5. Bankruptcy
6. Agreement by both parties
7. Death or incompetence
8. Renunciation/revocation - one party desires to end agency relationship
36
1866 Civil Rights Acts
no race discrimination NO EXCEPTION
37
1968 Fair Housing Act
prohibits race, religion, origin, sex, handicap and family status discrimination
Some exceptions to discriminations:
Exceptions:
1 - age (housing may be restricted to people 55 years old if majority of residents are 55 and older)
2 - owner-occupied housing - multifamily housing of 2-4 units where one of the units is occupied is exempt from fair housing laws
3 - private clubs
4 - public-law occupancy standards - restricts maximum people can occupy
5 - religious organization
6 - single-family housing - sale or rental of single-family house if owner doesn't own more than 3 units at one time
38
improvement
Adding structures and improvements to the land add to its value and use
39
real property
anything can't be moved
40
personal property
anything movable (furniture, car) and goes with owner when they move
41
fixture
personal property that becomes real estate and stays on property when owner moves
42
bundle of rights
right to use, occupy, mine, farm, give and restrict use
43
freehold estate
own real estate, indefinite time
44
fee simple absolute
complete form of ownership no limits/conditions on use
45
fee simple defeasible
own with limitations:
1 - fee simple subsequent - "but if" property used for any other purpose ownership is terminated
NOTE: NOT AUTOMATIC REVERSION
2 - fee simple determinable - "as long as" conditions are met or automatically revert back to owner (ie. property donated to county park with nature trails stopped being used for that purpose)
NOTE: AUTOMATIC REVERSION
46
life estate
last a lifetime for the person receiving life estate
47
Pur autre vie
lifetime of another person rather then the person receiving the life estate (ie, give your nephew's mother pur autre vie to live in the house for as long as your nephew is alive)
48
reversionary interest
upon death house reverts back to you or heir if you die
49
community property
during marriage, right of spouse to 50% of property acquired during marriage
Does not exist in New York.
50
dower and curtesy
spouse has right to real property owned by other spouse after death. New York does not recognize
51
homestead
protect family members against losing their homes to general creditors attempting to collect on debts. New York does not recognize a homestead estate.
52
leasehold interest
right to use land for certain time
53
leased fee interest
landlord’s right of use of property and the right to lease to others
54
littorial rights
lake, ocean, sea own the land only up to the high-water mark. Government owns land below that point.
55
appurtenant to the land
go with the land when you sell it
56
riparian rights
rivers and streams
navigable - owner's property extends to the high-water mark
non-navigable - owns the land beneath the stream to the stream's midpoint
57
sole ownership/tenancy in severalty
ONE OWNER and passes to heir upon death
58
tenancy in common
2 or more people each person has percentage share that can be transferred
Note: NO SURVIVORSHIP PASSES TO HEIR
59
joint tenancy
two or more plp, if one person dies other person automatically get title (common in marriage)
Note: joint tenant can sell shares to another person. new owner becomes TENANT IN COMMON
60
remaindermen
third party to receive title to the property upon the death of the life tenant (example, Mr. Jones leaves his home to his second wife with the provision that, after her death, it will pass to his daughter Sara from his first marriage. So, during Mrs. Jones' lifetime, Sara owns a remainder interest)
61
Tenancy by the entirety
Ownership reserved exclusively for husband and wife.
NOTE: SIGNATURE OF ALL OWNERS TO SELL PROPERTY
62
separate property
property acquired by an individual prior to marriage,
63
deed of trust
agreement between a lender and a borrower to give the property to a neutral third party who will serve as a trustee. The trustee holds the property until the borrower pays off the debt
64
co-op
own shares of a corporation
NOTE: PROPRIETARY LEASE
65
condo
gets deed to individual unit
NOTE: TENANTS IN COMMON
66
planned unit development (PUD)
mixed use building owner owns land beneath it
67
encumbrance
limitation on use of property
68
leins
unpaid debt against property
69
priority of liens
liens that gets paid first when property is sold
1. Tax liens
2. Mortgage liens
3. Mechanics and judge liens
70
voluntary lien
willing (owner takes out a mortgage)
71
involuntary lien
unwilling (for not paying taxes)
72
specific lien
attaches to only one property
73
general lien
attaches to a number of properties or personal property
74
Indicate whether liens are specific or general and voluntary or involuntary
1. Tax lien (specific lien and involuntary)
2. Mortgage lien (specific lien and voluntary)
3. Mechanics lien (specific and involuntary)
4. Judgement lien (general and involuntary) - placed against real and personal property
75
lis pendens
notice of potential lawsuit resulting in lien
76
easement
right to use another person property
dominant tenement - person receiving the benefit
servient tenement - property being used
77
appurtenant easement
right to use adjoining property that transfers with the land.
78
easement in gross
right to use another person's land for as long as the owner owns that land or the holder of the easement dies (ie, utility company)
NOTE: BENEFITS PERSON RATHER THAN PROPERTY
79
easement by necessity
court order to permit someone to gain access to property
80
easement by prescription
action of person implied permission from owner - continuous and open use gives person right to use property
81
In order to terminate an easement:
1. agreement or release
2. merging - Joining of two properties (A buys B's property)
3. abandonment - use it or lose it
4. need no longer exists
82
license
temporary right for specific use of property
83
covenants
conditions on use of property
84
laches
loss of right to enforce deed restriction
85
enroachment
unauthorized/illegal use of someone's property involves court action to resolve dispute
86
adverse possession
someone uses your property for a long period of time, you may end up losing the property or having your rights to the property restricted.
87
zoning ordinance
rules tells you what you can build, where you can build it, how much you can build for each district
88
zoning district
area designated for certain use (housing, shopping...)
89
variance
request to deviate from current zoning requirements. If granted, it permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance
90
subdivision
one piece of land that is separated into 2 or more pieces of land
91
eminent domain
allows government to purchase private land for public use and compensate owner
92
inverse condemnation
owner sues the government because they failed to compensate owner
93
escheat
when no heirs or will property goes to state
94
intestate
dying without a will
95
title
means ownership
96
deed
voluntarily transfer title to real estate
NOTE: DEED IS VALID UPON DELIVERY AND ACCEPTANCE
NOTE: ACKNOWLEDGEMENT REQUIRED FOR RECORDATION BUT NOT FOR VALIDITY
97
statue of frauds
law requires deed/contracts be in writing to be enforceable
98
full covenant and warranty deed
provide most protection and warranties by the grantor to the grantee
a. seisen - guarantee the grantor is the owner of the property
b. quiet enjoyment - no on can come and claim ownership of the property
c. encumbrances - has no easement or lien
d. further assistance - grantor provide documents that comes with title
e. warranty forever - grantor pay all costs to clear up title problems in future
99
grant deed
written proof that an individual owns a property.
100
bargain and sale deed
has no warranties and gives no protection to grantee (often used in foreclosure and tax sales)
101
quitclaim deed
used to clear up title problems provides no warranties
102
metes and bounds system
description uses directions and distances
103
rectangular survey system
uses squares and rectangles determined by longitude and latitude
* Range - North-South area between consecutive meridians.
* Tier - East-West area between two parallels.
* Township - Area enclosed by the intersection of two consecutive meridians and two consecutive parallels.
Method of calculating the acreage of a parcel is as follows:
1. Multiply the denominators of the fractional descriptions together.
2. Divide 640 by the resulting number.
SE 1/4 of Section 8:
640/4 = 160 acres
W 1/2 of the NW 1/4 of Section 8
640/(2x4) = 80 acres
104
lots and blocks/recorded plat system
uses map of subdivisions and divides into blocks and lots
105
In the rectangular survey method, how large is a township in square miles and how large is a township section?
A township is 36 square miles and a section is one square mile or 640 acres.
106
title search
search ensure no liens on property
107
marketable title
seller required to provide evidence of title
108
testate
died with a will
109
clouded title
missing link in the chronology of owners
110
abstract of title
written, chronological summary of the property's title records and other public records
affecting rights and interests in the property.
111
suit to quiet title
court action (lawsuit) intended to establish or settle the title to a property, especially during a disagreement on the title
112
Real Estate Settlement Procedures Act (RESPA)
protects consumers who borrow money for residential property; prevent kick-backs and referral fees
113
Truth in Lending Act (TILA)/Regulation Z
disclose details regarding the costs and terms of any loan they apply for so they can make an informed decision about their credit, loan, and which lender they would rather use.
114
credit
amount owed to buyer or seller for which was already paid
115
debit
something buyer or seller owes
116
accrued item
seller owes buyer money
117
prepaid item
paid for in advance; so the buyer will owe the seller part of the payment.
118
real estate transfer tax/revenue stamps
In New York the amount of the tax is $4.00 per $1,000 of purchase price.
Examples
Sale price of the property is $575,000. Transfer tax is $2,300.
$575,000/$1,000 = $575
$575 x $4 = $2,300
119
habendum clause
"to have and to hold"
120
Whose signature is required for deed to be valid?
Grantor
121
constructive notice
noticed provided by recording of deed in public records
122
New York City Real Property Transfer Tax (RPTT)
For non-residential properties, the tax rate is 1.425 percent for properties of $500,000 or less and 2.625 percent for properties over $500,000.
The NYC transfer tax applies to any property that sells for more than $25,000.
$575,000 x 1.425% = $8,193.75
123
voluntary alienation
ownership of property transferred voluntarily
124
consideration
deed is gifted no money exchanged
125
avulsion
sudden loss of land naturally (earthquakes, landslides, and mudslides)
126
erosion
gradual loss of land (river or ocean erosion)
127
accretion
gaining land (sand added to the beach or soil deposited by river)
128
foreclosure
losing property involuntarily to pay debt (unpaid mortgage loan/property taxes)
129
forfeiture
lose title to property by not following conditions on deed
130
partition
legally divide property between people
131
will
document that outlines how persons property will be distributed after death
132
laws of descent
when there is no will property passes to "intestate succession" to heirs according to state law.
133
Probate
way that a will is legally processed (surrogate court)
134
express contract
parties state and agree to enter into contract verbally/writing
135
implied contract
created by the actions of the parties suggesting an existence of an agreement
136
bilateral contract
both parties exchange promises for something in return
137
unilateral contract
only one party promises to do something, provided the other party does something
ie, The seller agrees to sell to the buyer for $1M if the buyer want to buy it. The buyer is free to buy or not to buy.
138
5 elements of valid contract:
1. Competent parties - be of legal age, sober, sane
2. Mutual agreement - terms of contract must be understood by both
3. Lawful object - it is legal
4. Consideration - agreed to selling price (monetary or non-monetary)
5. In writing
139
void contract
does not meet elements of valid contract
140
voidable contract
valid contract but can be cancelled by one party
141
statue of limititions
you have 6 years to file lawsuit
142
binder
agreement where buyer put down earnest money deposit as evidence of their good faith and intention to complete the transaction.
143
option agreement
seller is obligated to sell you property but buyer not required to buy
144
installment sales contract
used to purchase property between seller (vendor) and buyer (vendee) without immediately paying full price and without maintaining a mortgage
145
Ways to end a contract:
1. Performance - contract fulfilled by both parties
2. Infeasability - can't be performed legally impossible to perform
3. Mutual agreement - both parties agree to cancel
4. Operation of Law - legal issue arises that cancels contract
146
Breach of contract
1. Rescission - one party decides not to fulfill obligation
2. Forfeiture - seller declares contract forfeited and seller keep money buyer already gave
3. Suit for damages - monetary damages because buyer defaulted on contract
4. Suit for specific performance - forces the buyer to buy the house
147
assignment
someone takes over contract obligation ORIGINAL PERSON NO LONGER RESPONSIBLE
148
lease
agreement to use space for certain amount of time in exchange for rent
149
estate for years
commercial property leases. Definite start and end date.
150
Periodic estate
residential property. no definite period of time. Could be month to month, week to week, or year to year
151
estate at will
landlord allows tenant to occupy premises no definite period of time
152
estate at sufferance
landlord suffers when tenant stays because landlord wants them to leave
153
8 covenants in a lease:
1. Capacity to contract
2. Demising clause
3. Description of the premises
4. Clear statement of term
5. Specification of rent and how it is to be paid
6. In writing
7. Signatures
8. Delivery
154
gross lease
tenant pay rent and landlord pay the property's operating expenses, including utilities, repairs, and
maintenance
155
net lease
tenant pays rent and all property expenses (common in commercial space)
156
graduated lease
rent payments start at a fixed amount but increase as the lease term matures.
157
ground lease/land lease
tenant owns building and landlord own the land
158
percentage lease
minimum monthly rent plus percentage of gross earned by business (retail stores)
159
proprietary lease
leash gives to owner of co-op
160
Lease can terminate for:
* Term expiration
* Notice
* Voluntary agreement
* Property destruction
* Condemnation
* Foreclosure
* Breach of contract
161
rentable space
space tenant pays for when renting commercial space and takes into account common space
162
useable space
square footage tenant is allowed to use exclusively
163
Safe Drinking Water Act (SDWA)
regulate drinking water supply
164
asbestos
can be dangerous when inhaled cause lung cancer
165
lead
dangerous if enters the bloodstream
166
radon
odorless radioactive gas
167
sick building syndrome
building with high level of contaminants
168
mold
fungus that grows under moist condition
169
UFFI
thermal insulation material no longer used
170
Underground Storage Tanks
leaking UST can seep into soil and contaminate groundwater
171
CFC's
gas contains carbon, chlorine and flourine atoms (cause of ozone depletion)
172
sales comparison approach
used in single family houses (property being appraised with recently sold comparable (equivalent) properties. )
173
cost approach
unique properties like church (for recently built property get costs from development and construction)
174
income approach
investment properties like office buildings (estimate value of properties that produce income )
175
reproduction cost
cost to construct an exact duplicate of the subject structure at today's costs
176
replacement cost
cost to construct a structure with same using todays materials (used for historical structures)
177
4 methods of estimating reproduction/replacement cost
1. square footage method
2. unit-in-place method - cost to construct building by estimating installation costs
3. Quantity survey method - more detailed break down all components of building
4. Index method - know original construction costs
178
Physical deterioriation
normal wear and tear of building as it ages
179
curable deterioration
adds value to building (paint job)
180
incurable deterioration
damages to structure of building to costly to repair
181
functional obsolescence
design flaws
182
external obsolescence
depreciation caused by factors related to land itself and always incurable (ie, gas station adjacent to single-family house)
183
straight-line method
Straight Line Basis = (Purchase Price of Asset - Salvage Value) / Estimated Useful Life of Asset
184
capitalization rate
Income ÷ Value = Capitalization rate
185
Estimated value
Net Operating Income (annual) ÷ Capitalization Rate = Value
as capitalization rate goes down value goes up
186
Calculating income
value x capitalization rate = income
187
substituion
buyer who buys least expensive house available to satisfy his needs
188
promissory note
agreement to repay loan according to certain terms and conditions
189
mortgagor vs. mortgagees
borrower is the mortgagors and bank is the mortgagee
190
mortgage
financing instrument that creates a lien against a property.
191
satisfaction of mortgage
When a mortgage is paid in full, the lender will issue a certificate
192
mortgage assumption
taking over an existing mortgage
193
mortgage repayment plans
* Straight (Interest-only) - Monthly payments are allocated only to interest.
* Amortized - A borrower makes a periodic (usually monthly) payment of principal plus interest.
* Balloon payment - A loan that has one large final payment due when the loan matures.
* Adjustable-rate - Interest rates change periodically, usually every one, three or five years.
194
conventional loan
most common type of loan and secure down-payment of 20%
195
acceleration clause
protect the lender in case buyer defaults and enables lender to require entire debt to be repaid immediately
196
points
additional interest charged. Points are percentage of the loan amount.
197
escrow account
account held by the bank on behalf of borrower used to pay taxes and insurance on property
198
primary market
where consumers go to get a mortgage loan (commercial banks, credit union, insurance companies, mortgage broker...)
199
secondary market
financial institutions where banks sell the mortgages to get more money to lend
200
mortgage broker
bring buyer and lender together
qualifications:
-minimum of two years of credit analysis or underwriting experience with an exempt organization, mortgage banker, mortgage broker
or licensed lender
-submit a surety bond ranging in amount between $10,000 and $100,000,
201
mortgage banker
provide own funds for mortgage financing
qualifications:
-existing line of credit of at least $1M
million provided by a banking institution, an insurance company or a similar credit facility approved by the
Superintendent of Banking.
-provide an original mortgage banker bond in the amount of $50,000 furnished by a surety company authorized to conduct business in New York or execute a deposit agreement with a pledge of securities or funds in the amount of $50,000.
202
secondary mortgage market
buys loans from banks and other lenders
Fannie Mae and Ginnie Mae (FHA and VA loans) - when borrowers don't have enough for downpayment
Freddie Mac Farmer Mac (conventional loans)
203
FHA loan
They insure loans made by approved lending institutions,
204
Veterans Affairs
opportunity for veterans to purchase a home with no money down.
205
State of New York Mortgage Association
below-market interest rate mortgages
| to low-and- moderate-income households who must be first-time homebuyers except in target areas
206
loan to value ratio
appraised value x LTV percentage = mortgage amount
| sale price - mortgage amount = downpayment amount
207
blanket mortgage
loan covers more than one piece of property
208
construction loan
finance construction project
209
home equity loan
borrower uses the equity of his or her home as collateral
210
open mortgage
loan can be paid back any time without prepayment penalty
211
purchase money mortgage
buyer borrows from the seller in addition
| to the lender.
212
wraparound mortgage
allows a borrower who has an existing loan to get another loan from a second
lender without paying off the first loan.
213
package mortage
loan covers real estate and personal property
214
reverse annuity mortgage
lender is making payments to the borrower
215
shared equity mortgage
participation mortgage in which the lender shares in the appreciation of a mortgaged property if and when the property sells.
216
Rural housing services
helps low-to-moderate-income rural residents
| to purchase, construct, repair, or relocate a dwelling and related facilities
217
fixed rate mortgages
interest rates do not change
218
adjustable rate mortgages
interest rate is subject to change and tied to index
219
First month interest on loan
$150,000 for 25 years at 4 percent interest:
150,000 X 0.04 = $6,000
$6,000/12 = $500 (1st month interest)
220
Principal owed after first payment
$150,000 for 25 years at 4 percent interest. The monthly payment is $792.
150,000 X 0.04 = $6,000
$6,000/12 = $500 (1st month interest)
$792 - $500 = $292
$150,000-292 = $149,708 principal owed
221
Total interest on loan
$200,000 for 30 years at 4% interest. Monthly payments are $954.83.
$954.83 X 360 = $343,738.80
$343,738.80 - $200,000 = $143,738.80
222
deed in lieu of foreclosure
buyer voluntarily signs the property over to the lender by executing a deed to avoid foreclosure
223
estoppel certificate
statement that shows how much is due on the loan
224
alienation clause
the borrower has to pay off loan in full immediately upon sale of the property
225
ad valorem
taxed based on value of property
226
special assessment
taxes collected against a particular group of properties used for infrastructure improvements
227
assessed value
market value x assessment ratio = assessed value
market value of property is $200,000. In community that assesses at 50% of market value the assessed value is $100,000.
$200,000 x 0.50 = $100,000
228
Taxes due
assessed value of the property x tax rate = taxes due
Property has an assessed value of $60,000 and a tax rate of 40 mills.
60,000 x 0.040 = $2,400 taxes
Taxes due using equalization rate
Property is assesses at $40,000 equalization rate for county taxes is 1.5. The county tax rate is 10 mills.
$40,000 x 1.5 = $60,000
$60,000 x (.01) = $600
229
tax deed
legal instrument for conveying title when a property is sold for nonpayment of taxes. The application for a tax deed causes the taxing agency to institute a tax sale or tax foreclosure.
230
assessment ratio
property is assessed at 50% of its market value. 50% is assessment ratio
231
in rem
city takes foreclosure action against property rather than you
232
net operating income
describes the net income produced by a specific property after all
expenses have been deducted from the gross receipts.
Several factors affect the net operating income.
Market rent
Vacancy
Expenses
233
pro forma
financial statement of building potential income and expenses
234
Math conversions
```
1 foot = 12 inches
1 yard = 3 feet
1 mile = 5,280 feet
1 square yard = 9 square feet
1 acre = 43,560 square feet
A section = 640 acres
A section = 5,280 feet
1 cubic yard = 27 cubic feet
```
235
blockbusting
encourage people to sell their home creating fear of another race entering neighborhood
236
steering
encouraging people to move or stay away from neighborhood
237
redlining
lendor will no make loans in certain locations
238
datum
measures elevation
239
novation
new lease agreement replaces old one
240
progression
positive effect that larger houses have on smaller houses
241
regression
negative effect smaller houses have on larger houses
242
fee simple determinable
estate that will end automatically when the stated event or condition occurs.
NOTE: AUTOMATIC REVERSION OCCURS
243
special warranty
warranties only for the ownership period of the grantor
244
general warranty deed
provides general warranties back to the beginning of time
245
surrogate court
court that handles wills
246
Contract for sale of property is said to be
executory until the closing whereupon it is executed
247
Chloroflourocarbons are associated with
air condition equipment
248
What vacancy rate is potential gross income calculated
0%
249
Vacancy and collection loss is subtracted from
potential gross income
250
Net operating income
expenses - effective gross income = NOI
251
Gross Rent Multiplier (GRM)
sales price / gross rent
252
Total monthly payment on an amortized loan includes
principle, interest, taxes, insurance
253
equitable right of redemption with respect to tax sales comes
before tax sale
254
statutory right of redemption respect to tax sales comes
after the tax sale
255
A protest against high taxes should be brought to
elected officials
256
tax deduction
deducted from incomes before taxes
257
tax credit
deduct from taxes
258
You're selling the NW1/4 of the SW 1/4 of the S1/2 of the W1/2 of Section 31. How many square feet of land are you selling?
Remember:
A section = 640 acres
1 acres = 43,560 sq. feet
Answer:
1. 1/4 x 1/4 x 1/2 x 1/2 x 640 = 10 acres
2. 10 acres x 43,560 = 435,600 sq. feet
259
Value adjustments
- If comparable is better than subject = subtract adjustment from comparable
- If subject is better than comparable = add adjustment to comparable
260
Jones vs. Mayer
regulate the sale of private property to prevent racial discrimination (13th Amendment abolishing slavery)
261
market approach
value of an asset based on the selling price of similar assets.
262
dedication
voluntarily give property to government
263
public grant
government gives property to private individuals
