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Exam (elaborations)

FINC 371 Exam 1 Questions & Answers 100% Correct!!

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  • Course
  • FINC 371
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  • FINC 371

appraisal - ANSWERevaluation or estimation of worth gestation period - ANSWERthe time between conception of the idea for a development project and its completion and entry into the available property personal property/chattel - ANSWERmovable items such as automobiles real estate - ANSWERla...

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  • August 5, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FINC 371
  • FINC 371
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papersbyjol
FINC 371 Exam 1 Questions & Answers 100% Correct!!



appraisal - ANSWERevaluation or estimation of worth



gestation period - ANSWERthe time between conception of the idea for a development project and
its completion and entry into the available property



personal property/chattel - ANSWERmovable items such as automobiles



real estate - ANSWERland and any structures that are attached to it



real property - ANSWERthe legal interests associated with the ownership of real estate



6 most important things in real estate - ANSWERLocation, Location, Location, Timing, Timing, Timing



5 principal classifications of real estate in private marketplace - ANSWER1. owner-occupied
residential

2. renter-occupied residential

3. commercial

4. industrial

5. farm and other open land



The most crucial test used to determine whether an item is a fixture is the - ANSWERtest of intent of
parties




Owners of land that adjoins navigable bodies of water are referred to as - ANSWERlittoral proprietors



Littoral proprietors - ANSWEROwners of land that adjoins navigable bodies of water



Riparian Rights - ANSWERAn owner's rights in land that borders on or includes a stream, river, or
lake. These rights include access to and use of the water (as long as they do not deprive others of the
same rights)

, Prior Appropriation Doctrine - ANSWERA water allocation scheme that grants the rights to water to
the first who uses the water for some beneficial economic purpose



Estates in Land - ANSWEROwnership rights in real property, bundle of legal rights that the owner has
to possess, use and enjoy the property. The type of estate is determined from the deed, will, lease or
other document that transferred the ownership rights



Freehold Estate - ANSWERAn estate in land in which ownership is for an indeterminate length of
time, in contrast to a leasehold estate. (ownership interests in real property)



Leasehold Estate - ANSWERAn estate that gives the holder (Tenant) a temporary right to possession,
without title.



fee simple absolute estate - ANSWERthe fullest and most complete set of ownership rights one can
possess in real property. Is alienable, devisable, and descendible



Qualified Fee Estate - ANSWERA fee estate that is subject to certain limitations imposed by the
person creating the estate



The future interest that is held by the grantor at the termination of a life estate which he or she has
granted someone else is a - ANSWERreversion



Of the following ownerships, which is the most common type of concurrent estate? -
ANSWERtenancy in common



reversions and remainders - ANSWERreversion-upon termination of a life estate, ownership transfers
back to the grantor or the grantor's heirs

remainder-ownership transfers to someone other than the grantor or the grantor's heirs



Life Estate - ANSWERA freehold estate in land that is limited in duration to the life of the owner or to
the life or lives of some other designated person or persons.



estate pur autre vie - ANSWERestate for the life of another (when the life tenant is someone other
than the person whose life the life estate is tied to)

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