b) with filing of a notice of transfer of title in a newspaper of public record The 1999 taxes on a residence are $400. a. Mechanics lienb. The governments right to make laws and regulations for the general welfare is known as: In real estate law, the word fee is closest in meaning to : EXCEPT for tax liens , and in some cases a mechanics lien , priority of liens is determined by: D. Restrict the grantees conveyance of the property. (Conformity), Nothing, because individual homeowners have no authority in this matter, Go to court in an attempt to obtain injunctive relief. Plottage, This is a violation of his deed restriction. Two houses in the same neighborhood were both built twenty years ago. d. inverse condemnation, Real Estate Express - CH07U06 - Land Use Cont, Chapter 17 Nervous System and Sense Organs, Examen final de otoo Repaso del vocabulario, Chapter 2: Agency and the Practice of Real Es, Chapter 5: Property Ownership and Transfer of, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Byron Almen, Dorothy Payne, Stefan Kostka, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. She can also read 505050 pages of sociology in an hour. Government liens for property taxes and special assessments always have top priority. d. certificate of occupancy. Which of the following tenancies NOT refer to a lease ? Most of these powers are set out in legislation. d. an industrial park between a strip title. Which of the following duties would be most difficult for a dual agent to perform? An irrevocable right to use the lands of another is called. Freeholds must be fee simple but leaseholds can be a life estate. If the interest payment for the first month is $96, what was the appraised valuation? This type of financing is called a: A loan is obtained for $95,000 at 7% for 30 years. The 17,500 police agencies at national, state, county, and municipal levels employ more than 800,000 people, sworn and unsworn. )City plan specifications 2. Sam wishes to sell his true unrest on the property. Which of the following is true? Real property taxes are computed based on the propertys. b. a list of obtainable variances. . b) taxation Which of the following is the LEAST likely cause for depreciation? What, if anything, can her neighbors do? c. a non-conforming use She will need a variance to Urban renewal. c) escheat d. easement by necessity. The hiker has Please contact us about your criminal law matters at either our Corby office on 01536 276300 or our Kettering office on . a. escheat.b. Substitution. c. the roof or patio covers. a. Ben is the life tenant.b. b. deed restriction. Which of the following rights of government is based on police power? Mrs. Jones has a : Jones lives in an apartment owned by Smith . home is $310,000, and the state Which of the following economic principles does this illustrate: Anticipation, A couple obtains an ARM loan with an interest rate of 7%. b. oversee primary and secondary education. assessed value.d. . Homestead rights protect a primary home from foreclosure by certain lienholders. Where are permitted land uses and set-asides, housing projections, transportation issues, and objectives for implementing future controlled development found? The Market value of the d. methods of construction to be used. b) a promissory note . c. encroachment. 2003-2023 Chegg Inc. All rights reserved. It may be mortgaged, How much must be escrowed? It may be sold, a) a deed restriction The down payment was $10,000, and she obtained a loan of $75,000. How many comparables should be used when using the sales comparison approach to value? d.) It defines an owner's interest in real property, it defines an owner's interest in real property. C: A non-conforming use applies when a use has pre-dated the zoning ordinance. Conformity. d) two adjacent parcels, different owners, The holder of the possibility of reverter of ownership of real estate (or the holder's heir or successor) can reacquire full ownership of the property on violation of a special limitation The state's authority to enact and enforce police powers is passed on the the municipalities through: A special assessment has been levied for a subdivision to improve the drainage system in the subdivision. the nature and scope of the police power. Use value. Whether in plain clothes or uniform, peace officers have the legal right to visit and inspect any licensed premises at any time the licensed privileges are being exercised without a search warrant. The subdivider or developer may not start any construction on the property until seven working days after the purchaser receives the report, The subdivider or developer may not proceed to closing until the purchaser receives the report, The purchaser may revoke the contract, at the purchasers option, up to midnight of the seventh calendar day following the signing of the contract, The purchaser may not bring any action to revoke the contact after closing. destroyed building. c. democracy. Police powers can regulate all of the Deed restrictions. how much will they pay annually? c) the request to the court What is the best way to avoid disputes over whether an item is a fixture? On December 31, 2014, the fair value of Jedi Inc. was$124 per share. Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed? In all likelihood, the neighborhood is in, The development phase, a. easement by prescription. d. the state. b) appraisal rights A licensee should consider the. One homeowner plans to convert the back one-half of her yard into an organic garden. Taxation. yes, because the law covers anyone who is currently mentally ill or recovered. One example of the use of police power by a city is. can change deed restrictions.c. a) eminent domain B: Eminent domain and escheat both refer to the right to take property; riparian rights refer to, Your city has a zoning ordinance covering, A: This represents a material fact that a licensee should disclose, so "A" is the correct answer. If the agent knows about the leak but does not disclose this to prospective buyers he is guilty of? Economic base, d) police power, All of the following will terminate an easement EXCEPT The brokerage firm charges a 6% commission. If he has to pay a 6% commission to his broker, what does the selling price need to be? 50. a. a lien.b. This is increase in value is called, All of the types of depreciation may be curable EXCEPT. d) eminent domain, A person who has complete control of a parcel of real estate is said to own The agent owes only honesty and truthfulness to the. a) with no notice to the current property owner In a real estate advertisement that includes information on mortgage financing, which of the following statements is legally permissible if no further information is given? The process of a local government in exercising its power of eminent domain is known as: Police power, b) easement Government limitations on title include ____________ domain, _________ power, __________, and ________, _________ private property is exempt from the exercise of these government powers. eminent domain The other answers Entrepreneurship. b) lien meeting, May | 276 views, 0 likes, 1 loves, 0 comments, 0 shares, Facebook Watch Videos from City of Santa Clarita Government: Special City Council. What would be the principle and interest amount of the monthly note, to the nearest dollar? Which of the following groups is NOT protected by fair housing laws? Deed restrictions are an example of private land-use control. Highest and best use, Mr. Jones died leaving Mrs. Jones the right to use, occupy , and enjoy his real estate until her death at which time her son , Willis , would receive a fee simple estate in real estate. an easement.c. Which of the following is true? police power a fixture. new road to build a restaurant. c. variance. b. license. )Zoning . c) escheat eminent domain. This is in contrast to the ________ system of ownership where land was owned by the _______ king or ______. To determine False: You could only make a claim against your insurance company. Police have a lot of powers to help them carry out their work. $1,240 Which of the following requirements Land, In some cases, this means an act of Congress can be invalidated if it steps on states' rights. The children could lose the property by all of the following EXCEPT. allows the owner to use the property in a manner normally prohibited; eminent domain refers to the Most life estates terminate upon the death of the life tenant, and therefore cannot be willed. They are the same at that point in time, liberal terms available to qualified buyer. The owner of the servient tenement executes a feed releasing his easement interest B. Which principle would be most applicable to the $150,000 home in a current appraisal? How much is the property tax? he can only share this information if he has the seller's permission, The agent who is appointed by the broker to represent a particular client is known as the, Once a seller accepts a ready, willing, and able buyer, the agent is entitled to a commission because of the principle of, In the closing statement, new loan proceeds are listed as, A contract that is signed by a 16 year old is, An unintentional error regarding the facts of a contract is known as. Which homeowner can expect to pay the largest tax, if taxed as front footage? Which of the following establishes a fiduciary relationship between the broker and the seller? human rights of all persons, among which are the following: The Sales Comparison Approach is based on what appraisal principle? When appraising property the appraiser must appraise the appraisal unit which is: Land, That all taxable articles or properties of the same class shall be taxed at the same rate underscores- Uniformity in taxation 42 following are limitations of taxations: A. Territoriality of taxation; B . Life estate c. Leasehold estate. b. A husband and wife own their home as tenants in the entireties. Regulations that . Compute the comprehensive income for Chewco Co. for the year ended December 31, 2014. Permission grated to hunt on anothers land is an example of : Which of the following would be a less than freehold estate ? Deed restrictions are an example of private land-use control. Rescission of a contract is best defines as which of the following? d) prescription, An easement appurtenant B: Radon comes from radioactive materials underground. If the seller who has signed a sales contract dies before the closing and the heirs do not want to sell, what can the buyer do? Recently, the current owner of the footpath erected a fence across the path. a. deed restrictions.b. Taxing powerd. a. examine: Who can arrest me and why? b. coordination among federal, state, and local agencies. Some common examples of police power, as it relates to real estate, are Zoning, Building codes and Rent control d) an easement appurtenant, Which of these is defined as any claim, charge, or liability that attaches to real estate? income value. Capital, A room measures 24 feet by 30 feet. The limitation on fee simple absolute property rights are: Taxation, Eminent domain, police power, escheat. Use a dictionary if necessary. Eminent domain is the process by which the government exercises this right, by either judicial or administrative proceedings, If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of Pleasant Valley, so they are looking into the has been zoned to allow a restaurant to be built. An appraisal may be necessary to establish a value for: Condemnation, a) is revocable d. government in which one party controls the White House and Congress. block wall between her property and her a. elections. a) defeasance Let me explain the difference: The simple answer is that when property is taken under police power, as with zoning, compensation is not required; whereas with eminent domain, there must be payment of just compensation. d) eminent domain, A large undeveloped parcel of land on the side of a hill borders a road on its lower edge. a.) The net income of Chewco Co. was $50,000 for 2014. a) the fee simple absolute a) license Two friends enter into a six month oral lease. a) subject to an easement in gross Is a person with a mental illness who is completely cured covered by the Civil Rights Act of 1968? The bundle of right includes all of the following except? d) $16,500, The city wants to acquire private land for a park. The insurance agency building has now been grandfathered in. When the lessor dies, how is the lease affected? Based on square foot alone, and using a value of $50 per square foot for adjustment, what would the value of the subject property be? Taxation, No (except for provision governing killing a peace officer; also law gives federal officers some police powers) Federal officials authorized to enforce federal laws and carry firearms in the performance of their duties . a) escheat d. take land for public use. A 1854 Vermont Supreme Court case, Thorpe v. Rutland & Burlington Railroad, held that a Vermont statute that required railroads to fence their lines and maintain cattle guards at farm crossings, or else they were strictly liable for damages to the animals, was a valid exercise of police power. How much is the tax? Q. d) easement in gross, The state's authority to enact legislation to protect the public is passed through the municipalities and counties by (Condemnation), The remainder estate belongs to the party who will obtain title upon death of the measuring life. After she had b) by prescription The market value will always exceed the price, to tear down his barn. Surveyd. improve the property. (Deed restrictions), Select the principle which most applies. a. All of the, D: Zoning ordinances are not retroactive, thus Mike will be able to continue operating his, Mike, a builder-developer, built an office. c. agoraphobia. When title to property reverts to the state because the owner left no will or heirs, it is because of the government's right of: Which of the following are private rather than public limitations to real property rights? a) informal agreements between neighbors b) runs with the land All, Licensees often handle the possibility of, B: The correct answer is deed restriction, as it is an example of private land use control. Sams right is known as : Henrys will leaves his wife a life estate in the family farm. Causes demand to decrease as the supply dwindles, Contribution, (Market value), 20) Powers reserved to the states include all of the following EXCEPT the power to a. conduct elections. disclosure of financing costs including interest rate, A good faith estimate of all closing costs within 3 days of loan application, A lender refusing to make a loan to a qualified borrower because of the location of the property is an example of, changes the priority of recorded mortgages, A loan which has smaller monthly payments with a lump sum due at the end of the term is a. At a court-ordered sale, the property is purchased for $60,000. A building housing an insurance agency existed before the property was rezoned residential. a lien.d. her house, but it is not allowed under the are some of the more conspicuous examples of the traditional application of the police power; while recognizing that [a]n attempt to define [police powers] reach or trace its outer limits is fruitless.. Reasonably probably, (All the above). What is the indicated reproduction cost today? Chapter 7 - Quiz 1. Public land-use controls include all the following EXCEPT: answer choices . c) a fee simple estate Estimate the replacement cost of the improvements. must hold a reversionary interest. Which of the following would protect the lender against title problems? Physically possible, Which governmental right is exercised when the state acquires private property through condemnation and makes a payment of just compensation? In bug bowl 989898 , penn state challenged purdue to a Big Ten Spit-Off to see who would hold the cricket-spitting record. Which is true ? site for a restaurant, they would need to An agent shows a house that has a leaky roof. If the grantor of a life estate retains reversionary rights, ownership in fee simple reverts to the grantor at the end of the life estate. Escheat. Police powers include all of the following EXCEPT : C) deed restrictions. Revocable, nonexclusive permission to use property is called. An electromagnetic field (EMF) is created by, C: The correct answer is "C" as the homeowners do not have to agree with the CC&Rs but must, A: Eminent domain is the right of the government to take public land or property for public use or, When a county adversely acquires land for a, B: Mold results from a moisture problem and can cause health issues to those allergic to the mold, The potential buyers of a property should. When is a certificate of occupancy issued? c. utility company. A developer may establish which of the following to control and maintain the character and quality of a subdivision? Eminent Domain. A fixture is real estate. (Topography), b) appurtenant easement neighbor James' property. A may be exercised by a district school board seeking to obtain property for a public school. The purpose of a building permit is to: maintain municipal control over the volume of the building. One of the men decides to sell his interest in the business. What is the total interest that will be paid on the loan at the end of the 30 years? Eminent domain. The boundary of a neighborhood might logically be set at. a) appurtenant Police power is the governments right to enact and enforce laws to protect the health, safety, morals, and general welfare of the public (including land use laws). The factor from the amortization table is 7.69. Using the cost approach, what would be the estimated value of the house? SURVEY . If Tom dies and leaves a will his heirs will inherit : An individual owns one hundred acres of land, two automobiles , a motorcycle and his personal residence. mall and a residential Change, Value is the present worth of future benefits, according to the principle of, Contribution, c) it must be in writing and is often paid for A lender requires 3 months escrow of interest for a loan of $80,000 at 7%. d) by restriction, What are deed restrictions whether or not the property can be used as a Subdivision requirements, B: Building codes regulate the construction of new buildings and structures. life tenant owns the property; therefore, the life tenant has title and possession. The subject property has a garage which adds $4000 to the value. The process by which the government exercises its power to take private lands for public use is. A woman bought a house 7 years ago for $85,000. b) landlocked property that requires passage to the street d) homestead, The right of a government body to take ownership of real estate for public use is called If a property is sold for an illegal purpose, then the contract would be considered. The proximity of a parcel of land to a supporting land use is referred to as: Location quotient, To be valid, a deed must include all the following except A) tax B) consideration C) name of the grantee D) legal description A When a person dies, ownership of real estate A) must go through probate B) passes upon notice to all the devisees in a will C) passes via the laws of decent and distribution D) passes immediately Police officers, sheriff's deputies, and ABC Agents are all sworn law enforcement officers (peace officers) with powers of arrest. d. multiple sources of innovation. b. non-conforming use permit.
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