Barney Fletcher Real Estate Tests Compilation Bundle

Leasehold Estate- Estate for Years correct answer: A lease for a specific perios of time, with no renewal option. No notice required. Death will not terminate. Leasehold Estate- Periodic Tenancy (Estate from year to year) correct answer: Month to Month, usually one rental period notice. Proper...

which BEST describes the principle that a home maintains its highest value in a neighborhood with similar homes and similar type housing? A. substitution B. conformity C. highest and best use D. competition correct answer: B. conformity If you took projected future costs from projected fut...

Surface rights consist of only the right to control, occupy, and use the surface area of a parcel of real estate. T/F? correct answer: False Mineral rights are: A. Always considered to be personal property B. Always pass with the land C. Cannot be sold separately from the land D. Pass with t...

Bob and Carol are buying a home for $180,000 and putting up a down payment of 20%. They have to pay 2 discount points. What will be the amount paid for the discount points? Select one: a. $3,600. b. $3,250. c. $3,000. d. $2,880. correct answer: $180,000 price X 20% = $36,000 down payment. $180...

What is the formula for Tax Prorations? correct answer: (Annual Tax / 365)x number of days of prorations If a closing is before July 1 who pays the prorated tax? correct answer: Seller If closing is on or after July 1 who pays the prorated tax? correct answer: Buyer What is the formula f...

Bundle of Rights correct answer: The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. Right to possess property correct answer: Right that states the title holder is the legal owner of the property RIght of Control correct answer: The title ...

1. Open Listing (Non-Exclusive) correct answer: May be given to many brokers. Only the broker who is the "procuring cause" gets paid. 2. Truth in Lending Act (Regulation Z) correct answer: Requires meaningful disclosure of cost of credit including APR (Annual Percentage Rate). 3. Trust Acc...

hypothecate correct answer: to use property as security for debt without giving up possession of it promissory note correct answer: a contract for a maker to repay a loan to the bearer, that is evidence of the debt. Bearer holds note, & it states the loan amount, interest rate, time & method of...

Ad Valorem correct answer: latin for "according to value" Ad Valorem Tax correct answer: state or local tax based on the value of the property being taxed; finances general operation of the govt Special Assessment Tax correct answer: affect local properties benefiting from an improvement;...

deed correct answer: the instrument used to transfer real property Title correct answer: Ownership and the owner's rights Real Estate correct answer: Land + improvements (appertenances) Physical Characteristics of Land correct answer: 1. Immovable 2. Indestructable 3. Non-Homogenous ...

"Real Estate" correct answer: Physica land and improvements (permanent manmade improvements (such as sidewalks , building, and ponds)) "Real Property" correct answer: Includes Land, improvements, as well as The Bundle of rights from the sky to ground "Bundle of Rights" correct answer: ...

Consists of: the land itself, airspace above the land, mineral rights, improvements of and to the land, fixtures, fructose naturals, water rights, appurtenances, easements, and interests, benefits and ownership rights correct answer: What is the nature of real property? All property that is not...

An appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? A. deterioration B. highest and best use C. capitalization D. substitution correct answer: B. highest and best use ...