Principles of Real Estate Sec.3-Test

The lot and block system of legally describing property is used for

properties in a subdivision

A construction contractor executes a contract with a buyer. In the agreement, the contractor promises to complete construction by November 20. This promise can be construed as

valuable consideration

A non-profit organization wants to erect an urgent care facility in a residential zone. Given other favorable circumstances, the local authorities may grant permission by allowing

a special exception

How many sections are there in a township?

Thirty-six.

What is a buffer zone?

A transitional zone between a residential zone and a commercial zone

What is the purpose of residential zoning?

To regulate the density of dwellings in the residential zone.

A property that conformed with zoning ordinances when it was developed but does not conform to new ordinances is said to be

a legal nonconforming use

A bilateral contract is one in which

both parties promise to do something in exchange for the other party's performance

Zoning, building codes, and environmental restrictions are forms of local land use control known as

police power

Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment and Reauthorization Act of 1986 provided that (9665)

parties responsible for improper disposal of hazardous waste could be charged for the cleanup costs.

Which of the following is true of an eminent domain proceeding?

It conveys legal title to the acquiring entity

Public land use planning strives to balance which of the following potentially conflicting interests?

Individual property rights and the public's interest

A certain legal description contains the phrase, "...northwesterly along Erie Road to the POB...". What kind of description is this?

Metes and bounds

What portion of a section is ten acres?

1/64

To be valid, a valid contract must

reflect a mutual understanding or agreement

In the Rectangular Survey System, what are the dimensions of a township?

Six miles by six miles, or 6 miles square

A seller contracts to sell a property that she does not own. The sale contract for this transaction

is void

Two parties enter into a contract. The agreement fulfills all the requirements for a valid contract, with no disqualifying circumstances. Given this situation, it is still possible that the contract may be

unenforceable

In the Rectangular Survey System, a section contains how many acres?

640

Which of the following is true regarding master planning and zoning?

Zoning ordinances are a primary means of keeping land use in harmony with the master plan

A seller immediately accepts a buyer's offer but waits ten days before returning the accepted document to the buyer. Meanwhile, the offer has expired. Which of the following is true?

The buyer has no obligations to the seller whatsoever

A real estate sales contract, to be enforceable, must

contain a legal description of the property

A document certifying that a structure complies with building codes and is ready for use is referred to as a(n)

certificate of occupancy

A breach of contract is

the failure of a party to perform according to the terms of the contract

The statute of limitations requires that parties to a contract who have been damaged or who question the contract's provisions

must act within a statutory period

Which of the following contracts can be assigned to another party?

A contract for the sale of undeveloped land

Public land use planning strives to balance which of the following potentially conflicting interests?

Individual property rights and the public's interest

What is the difference between a variance and a nonconforming use?

A nonconforming use violates current zoning, but a variance does not

The guardian for a mentally incompetent party enters into an oral contract with another party to buy a trade fixture on behalf of the incompetent party. This contract

is possibly valid and enforceable

A non-profit organization wants to erect an urgent care facility in a residential zone. Given other favorable circumstances, the local authorities may grant permission by allowing

a special exception

An implied agency relationship may be deemed to exist if

the parties act is if there is a contract

A homeseller signs a listing agreement with a broker then subsequently revokes the listing. Which of the following is true?

The broker may have a claim for marketing expenses expended during the listing term

Why do communities require building permits?

To ensure that improvements comply with codes

What is the purpose of residential zoning?

To regulate the density of dwellings in the residential zone.

Which of the following situations is most likely to represent an illegal nonconforming use?

A homeowner in a residential zone converts her residence to a private school

The purpose of the statute of frauds is to

eliminate fraud in real estate contracts

The intensity of land usage generally refers to what?

The area of a commercial or industrial facility in relation to the size of the site.

How does Planned Unit Development zoning vary from ordinary zoning?

It requires that multiple tracts of land be developed according to a single design

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