Give an accurate brief definition of real property.
Real property is all the interests, benefits, and rights inherent in the
ownership of physical real estate.
Give an accurate brief definition for each of the Four Powers of
Government?
Police Power: The right of government under which property is regulated to
protect public safety, health, morals, and general welfare.
Eminent Domain: The right of government to take private property for public
use upon the payment of just compensation.
T
Give an accurate brief definition for economic base.
Economic base is the economic activity of a community that enables it to
attract income from outside its borders.
Explain why some sections of land located within accurately surveyed
and measured rectangular survey areas may contain more or less than 640 acres.
Correction sections, located along the north and west boundaries of a
township, may have more or less than 640 acres. The primary purpose of
correction sections is to adjust for the earth's curvature.
Regarding real property valuation, the principle of substitution:
All of the above
Regarding real property valuation, change in market conditions is:
An increase or decrease in prices paid by buyers and received by
sellers resulting from changes in supply or demand.
What is the Section, Township, and Range for a property located 7.5
miles north and 12.5 miles east from the initial point for Mt. Diablo Base & Meridian?
Section 30, Township 2 North, Range 3 East, MDB&M.
Fee simple is:
Subject only to the limitations imposed by governmental powers.
In a rectangular survey system, a Principal Meridian:
Runs north and south through an initial point.
In a rectangular survey system, a Base Line:
Runs east and west through an initial point.
Security for payment of debt:
Lien
The Sales Comparison Approach is based on the Principle of:
Substitution
Which of the following is not a unique physical characteristic of Real
Estate:
Topography
Give an accurate brief definition of real estate.
Real estate is physical land and anything attached to the land, whether by
the course of nature or human hands.
Give an accurate brief definition for Leasehold Estate.
Leasehold estate is the tenant's possessory interest created by a lease.
Explain why some sections of land located within accurately surveyed
and measured rectangular survey areas may contain more or less than 640 acres.
Correction sections, located along the north and west boundaries of a
township, may have more or less than 640 acres. The primary purpose of
correction sections is to adjust for the earth's curvature.
Give an accurate brief definition for Easement Appurtenant.
An easement appurtenant has both a dominant estate and a servient estate.
The easement is "attached" to the land, and can be transferred by deed, will,
or intestate succession.
What is the Section, Township, and Range for a property located 10.5
miles north and 18.5 miles east from the initial point for Mt. Diablo Base & Meridian?
Section 7, Township 2 North, Range 4 East, MDB&M.
Which of the following is a criteria for Highest and Best Use of a property:
All of the above
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