ASREB

Attachments are generally considered_____and can be either____or____ - correct answer real property, natural, or man made What are five test to determine what is or is not a fixture? - correct answer M.A.R.I.A. Method of Attachment, Agreement, Relationship, Intent, Adaptability Property ownership is what two basic systems? - correct answer Feudal and Allodial All real estate is owned by the king and there are no heirs. - correct answer Feudal System The system of land ownersh...

Wetlands = - correct answer Police Power Confidentiality = - correct answer Loyalty and last forever Brownfields = - correct answer Land with hazardous substance Friable = - correct answer Asbestos Compensatory Damages - correct answer Actual damage Type 2 water rights can be.... - correct answer Sold with the land Sub division - correct answer 6 or more lots less than 36 acres Nominee - correct answer To remain anonymous in a contract Future Lien possibly...

Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - correct answer Estoppel Amount stated in a purchase contract in case the buyer breaches is called: - correct answer Liquidated In a sublease with a positive leasehold who benefits from excess rent? - correct answer Sub-lessor Property taxes are 1,525. 1st half paid by seller clos...

A grantor conveyed a vacant one acre tract of land to a grantee. The grantee receives: - correct answer 43560 sq feet Fee simple title to a designated unit of air space with a percentage ownership of common elements in the property is called: - correct answer Condominum When a woman has an interest in land that will continue as long as she lives, she has: - correct answer Life Estate Tom and Sally are not married, but own a rental property together. Because they also have a right ...

What is included in a "Bundle of Rights"? (allodial system of ownership) - correct answer 1. Possession 2. Use 3. Encumbrance (loan against) 4. Expulsion (exclude others) 5. Transfer Corporeal - correct answer Land and Tenements (buildings) Incorporeal - correct answer Rights and Relationships Hereditaments - correct answer Any property that can be inherited Fixtures - correct answer Item of personal property that because of it's attachment becomes real property MAR...

The sale of personal property would include: - correct answer Bill of sale What governmental right requires compensation to private property owners? - correct answer Eminent domain If property is obtained by the state after a person dies, this is called: - correct answer Escheat Transfer of real property requires a: - correct answer Deed This is an economic characteristic of real property: - correct answer Frozen asset A promissory note is considered: - correct answer ...

A rate of return: - correct answer Cap rate Buying An apartment building. It would be apprised using: - correct answer Income approach When a house is built with cheap material and shows signs of deterioration this is called: - correct answer Physical depreciation This is considered functional obsolescence: - correct answer Five bedroom house with one bathroom The market data approach in appraisal would refer to as: - correct answer Substitution When buying a rental prop...

The sale of personal property would include a: - correct answer Bill of Sale What governmental right requires compensation to private property owners? - correct answer Eminent Domain If property is obtained by the state after a person dies, this is called: - correct answer Escheat Transfer of real property requires a - correct answer Deed Which of the following would be an economic characteristic of real property? Non homogeneous Frozen Asset Alienation Governmental right...

Formula for finding property value when you have the net operating income and cap rate - correct answer Current market value(CMV)= NOI/ cap rate Example: CMV=$5.480/ .08(8%) =$68,500 When would IRS form 1099S be used? - correct answer Report sales price What's a 1099s forms - correct answer Known as an "information return. The form the federal government requires to be filed when selling real estate. If you sold any real property during the course of the year, you must will receive ...

A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230 d. $78,712 - correct answer b. $75,141 A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the property is listed with a broker d. gives no indication that the property has been sold or not - correct answer c. gives no indication that the property is listed with a broker A borrower is required to put 10% down for th...