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Idaho Real Estate Exam Prep Questions Graded A+
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Idaho Real Estate Exam Prep
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Idaho Real Estate Exam PrepPolice Power - answer The government's right to impose laws, statutes, and
ordinances, including zoning ordinances and building codes, to protect the public health,
safety, and welfare.
eminent domain - answer Power of a government to take private property for public use.
Adverse Possession - answer method of acquiring title to another's land by continuously
occupying it without owners consent
Escheat - answer forfeiture of a decedent's property to the state in the absence of heirs
Emblement - answer Growing crops, considered to be personal property
appurtenance - answer something added to another, more important thing; an
appendage
implement - answer To put into action; execute
Severalty - answer sole ownership
annexation - answer An addition to property by the act of joining or uniting one thing to
another, as in attaching personal property to real property and thereby creating a fixture.
Intestate - answerdying without a will
Variance - answerAn exception to the zoning law.
Economic Obsolescence - answerany loss of value due to conditions outside of the
property itself. aka social obsolescence
addendum - answer(n.) a thing that is added; an appendix or addition to a book or
written document
Amendment - answerA change, correction or alteration
duress - answercompulsion by threat
Novation - answerThe substitution, by agreement, of a new contract for an old one
, Abstract of Title - answerA history of the ownership of a parcel of land which lists
transfers of title, rights, and liabilities.
Functional Obsolescence - answerLoss of value caused by outdated features in the
property, such as outdated bathroom fixtures. May be curable or incurable.
executory contract - answerA contract that has not yet been fully performed.
Triple Net Lease - answerA lease in which the tenant or lessee is responsible for paying
a portion of or all of the common expenses related to real estate ownership, in addition
to base rent.
RESPA - answerReal Estate Settlement Procedures Act - requires special information
booklet, requires good faith estimate, requires uniform settlement statement
Government Rectangular Survey - answera method of describing land that utilizes a
grid map. That map includes base lines that run east and west. These lines are crossed
by meridians that run north and south, Townships run six square miles broken into 36
sections one square miles.
regulation z - answerImplements the Truth in Lending Act requiring credit institutions to
inform borrowers of the true cost of obtaining credit.
Easement by Prescription - answerAn easement acquired by continuous, open, and
hostile use of the property for the period of time prescribed by state law.
Easement by necessity - answerRight of access to a landlocked parcel
Easement in Gross - answerAn entity's personal right to use property. The receiver
DOES NOT own the adjoining property. Example: utility easement
Doctrine of Prior Appropriation - answerThe right to use any water, with the exception of
limited domestic use, is controlled by the state rather than by the landowner adjacent to
the water. "first in time, first in line"
Liquidated Damages - answerAn amount, stipulated in the contract, that the parties to a
contract believe to be a reasonable estimation of the damages that will occur in the
event of a breach.
EPA - answeran independent federal agency established to coordinate programs aimed
at reducing pollution and protecting the environment. Environmental protections act
Involuntary Alienation - answerThe transfer of title without the owner's consent
Appurtenant Easement - answerAn easement that is annexed to the ownership of one
parcel and allows the owner the use of the neighbor's land.
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