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Modern Real Estate Test AnswerKey.
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Modern Real Estate Test AnswerKey.
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Modern Real Estate TestEnter the letter for the matching Answer
1. Proprietary Lease A. Uses boundaries and measurements of the land.
2. deed of trust B. The right to use the open space above a property, usually
allowing the surface to be used for another purpose.
3. acceleration clause
C. The point at which a metes and bounds description begins.
4. gross rent multiplier
(GRM) D. repairs to major structural components of a building, which
deteriorate at different rates, may not be economically feasible.
5. Master Plan Ex: load-bearing walls and foundations
6. Point of beginning E. the clause in a mortgage or deed of trust that can be
(POB) enforced to make the entire debt due immediately if the
7. Metes-and-bounds borrower defaults on an installment payment or another
description covenant.
8. Industrial F. the document that pledges the property to the lender as
security or collateral for a debt; also called mortgage.
9. Remainderman
G. The sudden tearing away of land, as by earthquake, flood,
10. Variance volcanic action, or the sudden change in the course of a stream.
The loss of land may not result in loss of title to the property.
11. Fixture
H. offer to purchase
12. Mortgage
I. The primary method by which local governments recognize
13. Commercial development goals.
14. The request for a J. A lease given by the corporation that owns a cooperative
preclosing walk- apartment building to the shareholder for the shareholder's right
through should be in as a tenant to an individual apartment.
the _____ ___ _____.
15. Incurable physical K. A conditional transfer or pledge of real estate as security for
deterioration the payment of a debt. Also the document creating a mortgage
lien in a lien theory state.
16. Avulsion
L. a figure used as a multiplier of the gross monthly income of a
17. underground storage property to produce an estimate of the property's value
tank
M. One entitled to receive a remainder interest in some estate
18. celling joists sometime in the future.
19. Building Codes N. Often used to store petroleum, if leaking can contaminate
groundwater, only 10% of tank needs to be underground to
20. Air Rights require monitoring
O. Permission obtained from zoning authorities to build a
structure or conduct a use that is expressly prohibited by the
current zoning laws.
P. attached to the top plate of a wall and carry the weight of the
roof
Q. An item of personal property that has been converted to real
property by being permanently affixed to the realty.
R. NC requirements as to construction standards, with the
primary purpose being safety.
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