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Real Estate Exam AR 2023 Flashcards _ QUESTIONS & ANSWERS VERIFIED 100- CORRECT.pdf
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Real Estate Exam AR 2023 Flashcards _ QUESTIONS & ANSWERS VERIFIED 100- CORRECT.pdf
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9/25/24, 4:49 PMReal Estate Exam AR 2023
Jeremiah
Practice questions for this set
Terms in this set (341)
real property bundle of rights includes...? possession, enjoyment, exclusion, control, disposition
characteristics of real estate, both economic economic (scarcity, improvements, permanence of investment, location) & physical
and physical? (immobility, indestructibility, uniqueness/nonhomogenity)
what is called when external economic economic obsolescence
factors reduce property value?
Real Estate Exam AR 2023
co-ownership can include all the following in tenancy in common, joint tenancy and community property
CA...?
shared tenancy, but each owner has distinct interest which means NO right of
tenancy in common is...?
survivorship (meaning their heirs would assume interest of the property)
shared ownership of property/property interest which means they also HAVE the right
joint tenancy is...?
of survivorship (co-owners share interest after passing - not heirs)
community property is...? in CA default ownership for married couples/domestic partners
the land and everything attached (ex: built-in hot tub)... think real property goes with the
real property is...?
real estate
everything not attached (ex: free-standing hot tub)... think personal property goes with
personal property is...?
the person
what would joint tenancy and tenancy in a concurrent estate
common also classify as?
what is a principal? a represented party in a transaction
agency is the fiduciary relationship between principal and agent
a...?
OLD CAR (obedience, loyalty, disclosure, confidentiality, accountability, reasonable
what are fiduciary duties...?
skill/care)
transfers legal property rights from the seller to the buyer (trustor pays off loan,
what is a deed of conveyance? beneficiary notices trustee to issue a deed of reconveyance which gives legal tile back
to trustor) -basically gives legal right back to the trustor once the loan is paid off
mile= 5,280 feet
acre= 43,560 square feet
land measurements to know (mile, acre,
square foot= 144 square inches
square foot, yard, square mile)
yard= 3 feet
square mile= 640 acres
what is datum? measures elevation, point from which the elevations are measured
maintains transparency... agencies/govt must disclose activities to the public and allow
what is the sunshine law?
them to attend city planning/land use meetings
what are the government powers...? PETE (political power, eminent domain, taxation, escheat)
police power example is...? zoning laws, building codes, rent control
sole ownership is referred to as...? estate in severalty
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the government has the right to take away/condemn private property for a public use
eminent domain is when...?
(will pay owner in exchange)
government CHEATED to get the property... government takes property if there are no
escheat...?
heirs
what is zoning? regulation of privately owned property for benefit of public use
set back (distance from road to structure)
signage (limits building signs)
density (restricts buildings per acre)
zoning controls include the following...? floor area ratio (square footage to land area)
buffer (found between 2 lots or districts)
down zoning ( change permit to less intensive development)
variance (exception to zoning rule)
an exception - a request to zone for an activity outside of current zoning restrictions
what is spot zoning?
(rezone a plot in a residential only neighborhood for a new store)
Real Estate Exam AR 2023
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