REE 3043 EXAM 1 QUESTIONS WITH REVISED ANSWERS
A large university is an example of what kind of economic phenomenon? - Answer- Industry economies of scale.
A market where tenants negotiate rent and other terms with property owners or their managers is referred to as a: - Answer--User market
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A large university is an example of what kind of economic phenomenon? - Answer-
Industry economies of scale.
A market where tenants negotiate rent and other terms with property owners or their
managers is referred to as a: - Answer--User market
Because of the heterogeneity and immobility of real estate assets, the market for
evaluating, producing, buying, selling, leasing and managing real estate tends to be
characterized as: - Answer--Localized
-Highly segmented
-Having high transaction costs
-Involving privately negotiated transactions
Jeff owns 150 acres between a highway and a public beach. The state would like to
build a road directly from the highway to the beach across Jeff's property. The space for
this road would be considered: - Answer--Easement in gross
If documents conveying interests in real property are properly recorded in the public
records, they are binding or enforceable on all persons, regardless of whether those
persons are aware of the documents, by the: - Answer--Doctrine of constructive notice
Acre - Answer--44,560 ft
Each quadrant of a section: - Answer--160 acres
Which term describes taxes based on the value of the property? - Answer--ad valorem
A certain amount of insulation is required within outside walls; doorways have to be a
certain width; and a building must have a fire escape. These are all examples of: -
Answer-Building codes
An important distinction between an easement and a license is that an easement is the
to use another person's land, whereas a license is the to use
another's land. - Answer--right; permission
Wording in a deed such as "does hereby grant, bargain, sell and convey unto ..." would
satisfy the required element of: - Answer-Words of conveyance
A landowner subdivided his land into two parcels and sold the back parcel. The front
parcel faces the street while the back parcel has no access to the street. The grantee of
the back parcel claims to have the right to drive across the front parcel in order to
access the street. This right of the grantee is known as: - Answer-Easement of
necessity
, A city's planning commission recently approved a residential development that will build
houses close to the street and include front porches on each house. What type of
growth planning is this characteristic of? - Answer--New urbanism
A large mall has been built at a previously underdeveloped intersection. Since its
completion, the mall has become very popular. Many nearby residents are upset about
the long waits they are now experiencing at the intersection. This externality is called -
Answer-Congestion
The interest being conveyed by a deed is specified in the: - Answer-habendum clause
A seller can meet the requirement for "evidence of title" by - Answer-providing a title
abstract with attorney's opinion
Conveyances resulting from events beyond the control of the grantor would NOT
include: - Answer-a quitclaim settlement
Which of the following statements is (are) correct regarding the June 2005 ruling of the
US Supreme Court on the Kelo vs. New London, Connecticut Eminent Domain Case. -
Answer-All of these answers are correct.
As a result of growth management laws, municipalities may impose a number of
requirements, but not - Answer-employee benefit statements.
Land without any improvements is sometimes called - Answer--Raw land
Items that are not naturally occurring on land, such as a building, sidewalk or swimming
pool are called the the land. - Answer-Improvements on
Real Estate as an industry or profession includes all of the following: - Answer--
Mortgage Finance
-Development
-Property management
-Government regulation and taxation
Real estate markets differ from other asset classes by having all of the following
characteristics: - Answer--High transaction costs
-Local market
-Segmented market
-NOT homogenous product
The total value of owner-occupied housing in the United States today is estimated to be
approximately: - Answer--$16 trillion
Judgment liens may be nullified by the direct co-ownership form of: - Answer-Tenancy
by entirety
Designating a principal residence as a homestead: - Answer-Usually creates automatic
protection of the residence from general liens up to some limit.
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