Idaho Real Estate Review Questions With Correct Answers
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Course
Idaho Real Estate
Institution
Idaho Real Estate
easements in Gross are - Answer Agreements are personal in nature, does not attach to a dominant estate, rather a person or entity
what type of easement attaches to the owner's land and transfers to the new owner? - Answer appurtenant easement
the parcel that provides the land for the easemen...
Idaho Real Estate Review Questions With Correct Answers easements in Gross are - Answer Agreements are personal in nature, does not attach to a dominant estate, rather a person or entity
what type of easement attaches to the owner's land and transfers to the new owner? - Answer appurtenant easement
the parcel that provides the land for the easement is the - Answer servient estate
the party that uses an appurtenant easement is called - Answer dominant estate
this refers to the number of lots a parcel of ground can be subdivided into - Answer gross density
this is used as a transition area between two incompatible zones - Answer buffer zone
if you cut down a tree in your yard and stack it up into cords of wood what has happened? - Answer severance
the bundle of legal rights is part of the definition of - Answer real property
how does a corporation own real estate? - Answer Severalty
May the tenant restaurant owner remove a trade fixture when the lease is up? - Answer yes but any damage needs to be repaired
an ice cream making machine bolted to the wall in a restaurant is an example of what? - Answer trade fixture condo ownership includes what? - Answer an undivided interest in common areas
a corn crop growing out in a field is an example of a what? - Answer emblement
bookshelf screwed into the wall of the family room is an example of a - Answer fixture
when a grantor attests they are signing the deed of their own free will it is called - Answer acknowledgement
an easement through your neighbor's land for you to use to get to the lake is - Answer an appurtenance
a wife buys a home with an an inheritance. How does she own it? - Answer in severalty
the term used to denote not only the land and improvements to real estate but also the intangible rights included is - Answer real property
what is the area between businesses and federal wetlands? - Answer buffer zone
how do you transfer personal property in a sale? - Answer Bill of sale
which police power allows a city to forcibly purchase a vacant lot to build a parking lot? - Answer eminent domain
what are the owners rights if they're firm zoning is changed by the county to single-family residential? - Answer their old use continues through nonconforming use
Define equity - Answer the market value less the debt owed
if a comparable is inferior we ________ to its value - Answer add if comparable is superior to the subject we ________ from its value - Answer subtract
what is regression? - Answer when a lesser Quality Property brings down the value of a higher property
what is depreciation? - Answer Loss of value for any reason.
What is RESPA? - Answer Federal law regulating mortgage lending which prohibits kickbacks and undisclosed fees
what is the purpose of TRID - Answer clear picture of fees amounts of prior to closing
what is the difference between a freehold estate and a leasehold estate? - Answer Freehold includes rights to ownership. Leasehold involves leasing, not true ownership.
what is an estate for years? - Answer leasing for a definite period of time
what is a periodic tenancy? - Answer no specific expiration date, but rent is due at a definite intervals and Lease automatically renews
what is a tenancy at will? - Answer no specific initial term, created by agreement, can be determined by either party
what is a tenancy at sufferance? - Answer created when a tenant stays without landlord's consent after termination. No rent, landlord can treat as trespasser, begins eviction process
what is a gross lease? - Answer tenant pays rent, landlord pays expensive ownership. Taxes Insurance Etc
what is a net lease? - Answer -tenant pays fixes rent PLUS property costs what is a percentage lease? - Answer tenant pays rent plus a percentage of gross sales and may pay property expenses
what is a variable lease? - Answer allows an increase in rent during the lease.
what is a ground lease? - Answer separate ownership of land and buildings
what is the reinstatement right? - Answer up to the 115th day the lender must let the borrower catch up on all back payments fees penalties and interest
what is a deed of reconveyance? - Answer I recorded document that gives notice that the loan secured by the identified deed of trust has been paid in full
every loan for Real Estate is made up of what two elements? - Answer a note and security instrument
what does the title theory state? - Answer lender is owner until it is paid off. if you don't pay get out
what does the lien theory state? - Answer mortgagor retains both legal and Equitable Title. Mortgagee has lien on property as security for the debt.
what does noi stand for? And how do you get it? - Answer net operating income. Deduct the annual operating expenses from the effective gross income
how do you establish value? - Answer noi / cap rate = value
estimate the return per year investors are requiring in the market for those types of properties to establish a... - Answer capitalization rate
what are the three approaches to value? - Answer cost, market, income
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