UNIT 1

Question 1

T or F? Real property is immovable and includes land plus appurtenances that benefit the land.

Answer 1

True

Question 2

What are attached to and run(transfer) with the land?

Answer 2

Fixtures

Question 3

Government control of water rights for beneficial use is issued under the doctrine of what?

Answer 3

Prior Appropriation

Question 4

T or F: Mineral(subsurface) rights are often held by a 3rd party

Answer 4

True

Question 5

Real Estate is transferred by what?

Answer 5

a Deed

Question 6

One transfers PERSONAL property with a _____.

Answer 6

Bill of Sale

Question 7

Y or N: Is land ever considered a fixture?

Answer 7

No

Question 8

An item that was once personal property that has been attached to an improvement is considered a _____.

Answer 8

Fixture

Question 9

Intent is the test for a fixture and includes it’s Attachment, Adaptation, or ________.

Answer 9

Agreement–in the written contract, fixtures must be excluded in the contract to not be conveyed–Size, value, and location not important

Question 10

Tenant installed additions necessary for a tenant’s business are called _________.

Answer 10

trade fixtures

Question 11

Annually cultivated crops that belong to the party who planted them are called ________.

Answer 11

Emblements

Question 12

Personal property must be INCLUDED in writing, ________ must be EXCLUDED in writing.

Answer 12

Fixtures

Question 13

T or F, street addresses are informal descriptions that can change, and are not considered LEGAL descriptions that convey ownership.

Answer 13

True

Question 14

T or F: Legal descriptions do not describe improvements, only the land.

Answer 14

True

Question 15

A _______ is used to create or confirm a legal description

Answer 15

Survey

Question 16

Once a fixture is attached to an improvement, it becomes an ____________.

Answer 16

appurtenance

Question 17

______ method uses monuments or visual markers to establish boundaries.

Answer 17

Survey

Question 18

T or F: Improvement Location Certificates(ILC) or mortgage survey locate improvements on property and are used to LEGALLY set boundaries.

Answer 18

False–they are NOT used to legalley set boundaries

Question 19

This form of legal description uses “starting at or commencing at” and has a POB, point of beginning.

Answer 19

Metes and Bounds

Question 20

T or F: Townships are 6 miles x 6 miles squares and contain 36 sections.

Answer 20

T

Question 21

1 acre contains how many Square feet?

Answer 21

43,560 sf

Question 22

1 section is 1 mile by 1 mile and contains how many acres?

Answer 22

640 acres

Question 23

What section is commonly called the school section?

Answer 23

16

Question 24

Plat Map method is also called the _____ and ______ method.

Answer 24

Lot-and-block method, mostly used in subdivisions and urban areas

Question 25

Master development plans are to control what?

Answer 25

Population and types of growth

Question 26

An area of land that separates two significantly different land use zones is a _______?

Answer 26

buffer zone

Question 27

Building permits are used to ensure property owners are in compliance with what?

Answer 27

Building codes

Question 28

when there is a difference in law between local, state, and federal codes or restrictions, the _______is always used.

Answer 28

Strictest or most stringent

Question 29

A _______ is given after fulfilling all the requirements of the building permit.

Answer 29

COs or Certificate of Occupancy

Question 30

T or F: Setback requirements and building footprints will specify where improvements on your property can be made.

Answer 30

True

Question 31

Zoning laws and ordinances are set at the ______level.

Answer 31

Local

Question 32

this allows the owner to continue present use that no longer complies with current zoning

Answer 32

Non-conforming use, and can be grandfathered in...new owners will need to adhere to new zoning and may not enlarge or rebuild new improvements

Question 33

This allows an owner to vary or deviate from strict compliance with zoning in order to relive or prevent economic hardship.

Answer 33

A variance

Question 34

Zoning requirements and use is the responsibility of the buyer or seller?

Answer 34

the Buyer

Question 35

T or F: Traditionally, Frontage is figured or is the first number in the A = W x L of a property's area formula.

Answer 35

True

Question 36

Real Estate consists of land, improvements, and ______.

Answer 36

a Bundle of Rights

Question 37

Real Estate and fixtures are transferred with a what?

Answer 37

Deed

Question 38

What is biggest factor affecting supply?

Answer 38

Governmental monetary policy

Question 39

To be called a REALTOR and individual must hold a real estate license and be a member of?

Answer 39

NAR--National Association of REALTORS

Question 40

Does population have more of an affect on supply or demand?

Answer 40

Demand

Question 41

T or F: Uniqueness and Immobility and location affect supply and demand.

Answer 41

True