Property managers
Which of the following professionals involved in the real estate business are most concerned about managing real estate for clients?
Land and everything permanently attached to it.
Real estate can be defined as:
To possess
Which of the following is included in the bundle of rights inherent in ownership?
How it is described in a sale or lease contract.
The overriding test of whether an item is a fixture or personal property is:
The fisherman is correct because the water and the land underlying it are public property.
An owner of a lakefront property tells a fisherman that he cannot fish in a boat within fifty feet of the owner's shoreline. The fisherman protests that the owner cannot prevent him. Which of the following is true?
It has no restriction or conditions on use.
The distinguishing feature of a defeasible fee simple estate is that:
A wife's life estate interest in her husband's property..
Dower can best be defined as:
Cannot will their interest to a party outside the tenancy.
A distinct feature of a joint tenancy is that joint tenants:
The coop owner owns stock in the cooperative association, whereas the condominium owner simply owns real estate.
Interests in a condominium differ from those in a cooperative, in that:
Servient estate
There are two adjoining properties. An easement allows property A to use the access road that belongs to property B. In this situation, property B is said to be which of the following in relation to property A?
Special assessment tax lien
Title records of a property reveal several recorded liens: a one-year old judgment lien; a mechanic's lien dating from two years ago; a special assessment tax lien recorded last month; and a first mortgage lien recorded five years ago. In case of a forecl
A deed in lieu of foreclosure.
A lender may terminate foreclosure proceedings if the defaulting borrower executes:
Constructive notice of possession
A person has occupied a property for seven years, and no one has ever attempted to evict her or co-occupy the parcel. In this case, the person might base a claim of legal ownership on:
A general warranty deed.
A person wishes to convey any and all interests in a property to another with full assurances against encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed?
A chronology of successive owners of record.
The chain of title to a property refers to which of the following?
It remains in effect.
A leased property is conveyed to a new owner. What happens to the lease?
Encourage fairness and simplicity in lease forms and provisions.
The Uniform Residential Landlord and Tenant Act fundamentally attempts to:
Promote the value and planned land use of a neighborhood.
A primary objective of residential zoning is:
A legal nonconforming use.
A shop was originally built in a commercial zone. The zone has since been changed to a residential zone. Zoning authorities permit the use, most likely as:
Balance public interests with individual property rights.
Authorities conduct comprehensive land use planning in order to:
Locate and identify the property reliably.
The purpose of a formal legal description of a property is to:
40 acres
A parcel is described as the SW 1/4 of the N 1/2 of the E 1/2 of Section 14. What is the acreage?
Will increase
A suburb has a growing need for single-family housing, but the land available for new construction is running low. In this case, it is likely that the price of existing homes:
Number of households seeking housing.
The demand for homes in a market is best expressed in terms of:
It drives total employment and population growth, which lead to demand for real estate.
What is the significance of base employment in a real estate market?
Buyers will not pay more for a certain house than they would for another, similar house.
The concept known as substitution states that:
Market value
The "price that a willing, informed, and unpressured seller and buyer agree upon for a property, assuming a cash price and reasonable exposure of the property to the market: describes which of the following concepts of value?
Functional obsolescence
A warehouse building lacks sufficient ceiling height for the operation of modern forklifts. This is an example of:
Divide the capitalization rate into net income.
To derive value using the income capitalization approach, one must:
$4,800,000
An office building rents for $600,000, has expenses of $400,000, and a cash flow of $100,000. The prevailing gross rent multiplier is 8. Using the GRM, what is the value of the building?
Hypothecation
An owner obtains a loan and gives the mortgagee a mortgage on the property as collateral. The mortgagor/owner retains title to the property, and the mortgagee records a lien. This is an example of:
It is assignable
An important characteristic of a promissory note is that:
The Real Estate Settlement Procedures Act
Disclosure of estimated closing costs is required of a lender in order to comply with:
Directly originate loans
The secondary mortgage market organizations do one of the following:
A payment does not pay the interest owed.
Negative amortization of a loan occurs whenever:
$810
A borrower earns $3000/month and makes credit card and car note payments of $500. A conventional lender requires a 27% income ratio. What monthly amount for housing expenses (principal, interest, taxes, insurance) will the lender allow this person to have