REE 3043 EXAM 1

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REE 3043 EXAM 1 Which is NOT a method the federal government uses to influence the real estate market? - ✔✔Through zoning regulation Real estate markets differ from other asset classes by havin ... g all of the following characteristics except: - ✔✔homogeneous All of the following statements define the role of Real Estate in our economy except: - ✔✔Real Estate generates only 20% of local government revenue (property tax). Real Estate as a tangible asset includes all of the following except: - ✔✔A mortgage Approximately what portion of U.S. households owns their own home? - ✔✔Approximately two-thirds. The most common form of legal description for urban residential property is the: - ✔✔Plat lot and block number The total value of owner-occupied housing and investible commercial real estate in the United States is estimated to be approximately: - ✔✔31 trillion Land without any improvements is sometimes called - ✔✔raw land Judgment liens may be nullified by the direct co-ownership form of : - ✔✔tenancy by the entirety. Designating a principal residence as a homestead: - ✔✔usually creates automatic protection of the residence from general liens up to some limit. Lien Priority in real estate is significant because of: - ✔✔the "all or nothing" treatment of creditors in the event of a property sale. Which type of ownership combines estate in severalty and tenancy in common? - ✔✔Condominium The Flying J Ranch is running out of room for their cows. They ask the property owner adjacent to their land if they can lease 500 acres for the next ten years. Upon signing the lease, Flying J Ranch erects 20,000 feet of fence on the property to contain their cows. At the end of the lease, Flying J decides not to renew the lease. According to the four rules for fixtures, who owns the fence and why? - ✔✔The Flying J Ranch, because all agriculture fixtures belong to the tenant. Which of the following marriage-related forms of co-ownership gives the surviving spouse, one-third life estate in real property, but ignores personal property wealth, of the decedent? - ✔✔dower/curtesy Which type of home ownership involves the corporation owning title to all land and improvements, while each individual owner holds shares in the corporation and a proprietary lease to their respective unit? - ✔✔Cooperative Leases typically transfer to the tenant, all the rights of the owner, except which of the following? - ✔✔Disposition What are the laws called that require that a document which conveys an interest in real property be placed in the public records to be binding on the public? - ✔✔recording statues The method of "legal descriptions" which has been deemed NOT sufficiently accurate and durable for legal documents is: - ✔✔acre observation Involuntary conveyance of property without a deed, which can occur when others use the property in a manner hostile to the owner's interest, involving actual natural use, which is open and notorious, continuous and exclusive is called: - ✔✔adverse possession _______________ is characterized by development well beyond the boundary of a municipality causing a disproportional cost of providing municipal and utility services to the new development, thereby causing an increased tax burden on the property owners within the municipality. - ✔✔urban sprawl Elements of traditional zoning include all except: - ✔✔performance standards The authority for approving site plans for large projects ultimately rests with the: - ✔✔city council commission Jeff owns 150 acres between a highway and a public beach. The state would like to build a road directly from the highway to the beach across Jeff's property. The space for this road would be considered: - ✔✔easement in gross Each quadrant of a section: - ✔✔160 acres Which term describes taxes based on the value of the property? - ✔✔ad volerem The deed most commonly used by businesses to convey property because it commits the business to no additional covenants is the: - ✔✔deed of bargain of sale If documents conveying interests in real property are properly recorded in the public records, they are binding or enforceable on all persons, regardless of whether those persons are aware of the documents, by the: - ✔✔doctrine of constructive notice The task of examining the evidence, regarding property ownership, in the public records is known as: - ✔✔title search The easiest way to clear a cloud or a potential cloud on a title to real property is by the issuance of a ____________ deed. - ✔✔quitclaim deed An acre, which is an important measure in rectangular surveys and in land measurement, contains, with no specific configuration: - ✔✔43,560 square feet Title insurance - ✔✔protection against the cost of defending claims against the title of the property A governmental taking of private property for a public use for just compensation to the owner is possible under the governmental police power of: - ✔✔eminent domain A city's planning commission recently approved a residential development that will build houses close to the street and include front porches on each house. What type of growth planning is this characteristic of? - ✔✔A new urbanism Property taxes are the principal source of revenue for: - ✔✔Local governments and school districts Zoning is an exercise of which type of general limitation on property rights? - ✔✔zoning police Which of the following statements is (are) correct regarding the June 2005 ruling of the US Supreme Court on the Kelo vs. New London, Connecticut Eminent Domain Case. - ✔✔all of these answers are correct The Federal government has the greatest influence on real estate through its __________ policy - ✔✔income tax Real estate property taxes generate approximately _______ of local government revenue - ✔✔70% As a result of growth management laws, municipalities may impose a number of requirements, but not: - ✔✔Employee benefit statement Three students, John, Kathryn and Michelle, upon graduation from UCF, plan to invest in Real Estate. John is going to buy shares in an Exchange-Traded, Equity, Real Estate Investment Trust (REIT). Kathryn is going to purchase shares in H [Show More]

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