The construction of a new structure. (Externalities). Establishing public schools . . d. methods of construction to be used. 50. Improvements, Who does the mortgagee's title insurance benefit? What type of payment plan allows for regular payments of interest only, with the principle paid as a lump sum at the end of the term? Bill builds an addition to his home, part of which turns out to be on land belonging to June. They would each have a different effective age. police power, in U.S. constitutional law, the permissible scope of federal or state legislation so far as it may affect the rights of an individual when those rights conflict with the promotion and maintenance of the health, safety, morals, and general welfare of the public. c) reverter What is the market value? Is a person with a mental illness who is completely cured covered by the Civil Rights Act of 1968? The agencies include. (Anticipation), Maria can read 202020 pages of economics in an hour. The ceiling has been patched and painted over. Highest and best use, Recently, the current owner of the footpath erected a fence across the path. All other powers fall to the states. eminent domain. The children could lose the property by all of the following EXCEPT. (Condemnation), 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 $1,240 c. building occupancy. Easements can be terminated by release, merger, or abandonment. c. the roof or patio covers. c. possession. 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. c. agoraphobia. b) an encroachment Escheat, Allowing the appraiser to predict the future housing needs with near certainty. a claim against or interest in land held by someone other than the owner of the property.d. a) license A type of listing agreement in which the seller retains the right to sell the property himself without paying a commission even if listed with a broker is, The period of time over which a particular property is expected to be useful is called. (Conformity), The factor from the amortization table is 7.69. a. lessee b. lessor c. parish d. tenant, The power of government to enact zoning and building codes is base upon a. eminent domain b. police power c. escheat d. adverse possession, Compatibility of home size or style in a neighborhood is usually controlled by a . The _________ system is a free and full ownership of rights in land by ___________. a leasehold She mortgages it to Bank Z. Mrs K defaults . (Creates value and sets price), The tax rate is 35 mills. The authority conferred upon the states by the Tenth Amendment to the U.S. Constitution and which the states delegate to their political subdivisions to enact measures to preserve and protect the safety, health, Welfare, and morals of the community. homestead rights.c. Public land-use controls include all the following EXCEPT: answer choices . Condemnation, A mortgage which allows the borrower to have initial lower monthly payments that increase over the term of the loan is a. C. a percentage of the sale price or the appraised value, whichever is lower. Cohen and Feldberg include all of the following as ethical standards derived from the social . A property sells for $120,000. Study Resources . Highest and best use, Standard title insuranceb. a. Freeholds are estates of possession and leaseholds are estates of ownershipb. Controls that arise from the government's police power include all except which one of the following? If a buyer is allowed to assume the seller's loan, but must pay the current interest rate, the loan must have had what type of clause, If the full amount of the debt is not recovered through foreclosure, the lender can, The purpose of a mortgage certificate is to. Police power controls include all of the following except 1. qualified fee.c. d) by prescription, A homestead is a legal life estate in real estate that is 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 Escheat . b. license. All of the following were powers that the Constitution explicitly gave to Congress EXCEPT: a. to establish a national bank. a) subject to an easement in gross d) when the need no longer exists, release of the right of easement to the dominant tenement, The homestead exemption in a town is $15,000. a.) a) fee simple The remainder estate belongs to the party who will obtain title upon death of the measuring life. The net income of Chewco Co. was $50,000 for 2014. a) lien B. The government can pay any price it wants for property taken by condemnation. d. claustrophobia. Use value. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following is NOT a leasehold estate ? Escheat. Environmental protection laws. The millage rate for all taxes is 40 mills. c) easement by prescription When the owner of a multifamily residential property wishes to limit the number of individuals who may live in single unit, At the time a property owner applies for a building permit, After a newly constructed building has been inspected and found satisfactory by the municipal inspector, When an application for a variance or conditional-use permit has been granted by the zoning board. An estate for years has a specific termination date. 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. the nature and scope of the police power. c) capable of being cleared of the easement if the woman sells to a third party Plottage, Sam has a life estate in a five - acre tract of land. It may be leased, a. marks a victory for states' power. Anticipation, On the closing statement any new loan proceeds would be listed as. c. utility company. b. a. acrophobia. a license. Except in urgent cases as above, a search of a child may take place in the absence of the . b) appurtenant easement When Sam dies, the property will go to his nephew. the block wall completed, James realized it It is not a license, as James did not give his permission; it is not an easement Which of the following tenancies NOT refer to a lease ? an easement.d. (Topography), Criminals are the enemy. fee simple absolute.d. The grantor of a deed may place effective restrictions on: Zoning hearing boards are established to hear complaints about: A new zoning ordinance is enacted. b) licensing laws This problem has been solved! d) chattel, A license is an example of c.) a reversion All of the following can be acceptable methods of terminating an easement EXCEPT: D. Revocation of the easement by the owner of the servient estate. c. demonstrates concurrent powers of national and state government. Mr. and Mrs. The division of police power in the United States is delineated in the Tenth Amendment, which states that [t]he powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people. That is, in the United States, the federal government does not hold a general police power but may only act where the Constitution enumerates a power. An irrevocable right to use the lands of another is called. c. $7,254 The subject property is a 1500 sq.ft. b. the number of buildings. a) in gross Rewrite the word correctly in the blank. Investment value, Choose the exception- Non-appropriation for religious purposes 41. May carry firearms, make arrests, and make searches in specified situations. A particular improvement being appraised is known to have cost $122,000 in 1976. b) private agreements affecting the use of the land Which of the following is NOT true of FHA loans? c) escheat A fixture is real estate. When the lessor dies, how is the lease affected? Zoning, building codes, and subdivision regulations are examples of the exercise of police power. First mortgagec. Miss. the city limits. A: Police powers can regulate all of the other items, as it is the government's right to enact A broker receives a check for a deposit from a buyer and deposits the check in his operating account. improve the property. The selling price of the property is $110,000 and the appraised value is $104,000. A house and lot. a. This a statement of the principle of: The interaction of supply and demand factors in real estate markets: Adjust demand to supply, a) informal agreements between neighbors A couple obtains an ARM loan with an interest rate of 7%. The Market value of the On May 12, 2014, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. He has been told by the city that he can be A study of the supply and demand conditions in a specific area is referred to as: Assemblage, d. take land for public use. would NOT be covered by building codes? In each sentence below, underline the verb form in parentheses that correctly completes The subdivision of a large tract of c. to establish a post office and post roads. b) easement Work is completed and contract is paid in full on Aug 15. For the following sentence, write correctly the words that should be capitalized. Eminent domain, taxation, police power and escheat are: A. restrictions on the ownership of any property. a. an estate.b. Encroachments are physical encumbrances such as overextending eaves, trees, driveways or buildings. (All the above). The cost of adding street lights to a subdivision would be paid for by, In states where water is scarce, ownership and use of water is often controlled by the state rather than by the adjacent land owner. Eminent domain, Real property rights are those of land, government, and ownership, not deed rights. a) the remainder interest The owner of the servient tenement executes a feed releasing his easement interest. The rate is tied to a national index with a 2 point margin and 1% per year cap. Eminent domain. b) it is a right of use in another's land Using the cost approach, what would be the estimated value of the house? How do "tight money" and "easy money" impact the economy? The bundle of right includes all of the following except? her house, but it is not allowed under the Surveyd. Select the principle which most applies. All of the following are considered to be real property rights EXCEPT. c) presence a. Mechanics lienb. D. Life estates always pass to the remainderman, For ten years Jones had a verbal permission to park his car on Smiths driveway . 1. crime control is an approach that is consistent with the following except. Use a 360 day year. a. Escheatb. (Externalities), The owner of the dominant tenement executing a . The hiker has He sold the thirty front acres to Smith but reserved an easement for the right of acess to back twenty acres, D. Jones estate in the twenty acres is subject to Smiths interest. False: Police power is the uncompensated regulation of property; eminent domain is a compensated taking. This is a central tenet to the system of federalism, which the U.S. Constitution embodies. sell the property.c. Taxing powerd. . The right to occupy and use land forever is a fee simple estate. Which of these easements might the neighbors claim would require the owner of the footpath to remove the fence 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. eminent domain If the demand for homes remains constant ant the supply: Decreases, the value will increase. a. subjective value.b. Who can arrest me and why? What is the appraised value of a property which is financed at 80% of the appraised value if the loan amount is $100,000? c. The president negotiates treaties. d. the state. The lease has expired but Jones has stayed on and continues to pay rent Smith. Comprehensive plans. c. must be renewed by rerecording it with the county.d. human rights of all persons, among which are the following: Court judgment. Which of the following is a physical characteristic of land? d) a leasehold estate, Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens. Freehold estates are estates of ownership. How much is the tax? The buyers obtain an 80% loan at 7% for 30 years. The presidential power to block an act of . Upgrade your player limit now and unlock additional features. a) is revocable When is a certificate of occupancy issued? Nothing, because individual homeowners have no authority in this matter, Go to court in an attempt to obtain injunctive relief. The children have no ownership in the home. If a property is sold for an illegal purpose, then the contract would be considered. Aaron hates to go to restaurants for fear that he will be seated in the far back of the restaurant and be unable to get out in case of an emergency. How much will the buyer owe at the closing for the taxes? b. types of plumbing and electrical materials allowed. c. a hunter who has been given permission tohunt in a field. (The stable phase), Condemnation is the process by which the government exercises its power of eminent domain. an exercise of police power. If land doesn't include possession c.) It must be measured according to value Which of the following is the LEAST likely cause for depreciation? Where are permitted land uses and set-asides, housing projections, transportation issues, and objectives for implementing future controlled development found? Filing a contract in the public records of the court house is considered, The deposit on a rejected offer should be given to, A property description that begins at one point on the property line and proceeds along the perimeter of the property using compass directions and linear measurements is, A system of measurement that is based on squares of land which are known as townships and sections is. Which of the following statements is TRUE? A 17 year old enters into a contract with his 42 year old cousin. Sam wishes to sell his true unrest on the property. You have a contract to occupy a unit in a resort complex for the 20th week of the year for the next 20 years. The acre that was sold is Which of the following is true? d. break tie votes in the senate. A woman bought a house 7 years ago for $85,000. . An offer which has been made but has not yet been accepted is, The Browns are selling their house, which is unencumbered, to the Blacks for $115,000. Escheat. If the sentence is correct, write Correct. (It is inheritable). Whom does the court appointed to settle and manage the estate of a person who dies intestate ? The land B owns has benefited by this easement and is known as the: Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. governmental rights.c. d) easement in gross, The state's authority to enact legislation to protect the public is passed through the municipalities and counties by The type of depreciation which is NEVER curable is called, The single most important factor in determining the value of a property is. Taxation, A. Sams buyer will have the same interest as Sam. Rescission of a contract is best defines as which of the following? Police power gives the government the ability to enforce these regulations. 49 state police departments. Police Power. c. a non-conforming use The materials are delivered on July 1. (All the above), an increment of value that results when two or more sites are combined under single ownership. Or, in others, the Supreme Court has only let the federal government go so far in legislating a certain issue. A fixture which is permanently attached to a structure is considered, If a person claims to own a property to which he does not have clear title, in front of the owner and witnesses and the owner does not object, he may acquire title through. b. sign and veto bills. All, Licensees often handle the possibility of, B: The correct answer is deed restriction, as it is an example of private land use control. a) a personal privilege This mortgage arrangement is best described as a, A contract in which Mr. Smith is obligated to sell but Mr. Jones is not obligated to buy would be, a unilateral contract in which Mr. Jones has the option, One of the main purposes of zoning laws is to. An estate that lasts only so long as a specified condition is met is known as a. a. life estate.b. d) processing papers, Which of these must exist for an appurtenant easement to exist? False: You could only make a claim against your insurance company. a holder of an easement. Study with Quizlet and memorize flashcards containing terms like Who is responsible for the taxes on a given piece of property? (Eminent domain), All interests in real estate are estates in land Zoning codes determine acceptable land uses. c.) rule of law b. a license.c. residential area. Contribution, a) easement by necessity An investment property has a gross income of $50,000 with annual expenses $10,000. b. psychophobia. Which of the following is/are examples of voluntary alienation? She will need a variance to In early Tenth Amendment cases, the Supreme Court examined federal taxing power and federal police power. Eminent Domain. d) a lien, A life estate that is not created by a property owner is 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? Substitution, A husband and wife own their home as tenants in the entireties. d. certificate of occupancy. regulations that protect the public health, safety, and welfare. Police powers include all of the following EXCEPT: A. b) restrictive covenant The use value of the property. a. Owner A gives owner B an easement across A's land to shorten the distance B has to travel to reach land he owns. a) a license a) eminent domain refers to the property owner seeking just compensation when land is taken for public use, but B. benefits belonging to the owner of real property. 20) Powers reserved to the states include all of the following EXCEPT the power to a. conduct elections. easement by prescription as it is not long standing. A seller wants to sell his house and pay off a mortgage of $43,000. a qualified fee estate.c. 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? rights of remainder.d. Some common examples of police power, as it relates to real estate, are Zoning, Building codes and Rent control All of the following can be characteristics of an easement EXCEPT: D. An easement May be provoked at will by the servient landowner, Jones owns fifty acres with frontage on slater mill road. SURVEY . Police Power. a) escheat If the capitalization rate is 10%, what is the value of the property? Powers of the federal government include all of the following EXCEPT: Select one: a. the right to impose a tax lien for unpaid real property taxes. When Sam sells the property, the easement. C: Variance applies to the zoning ordinances, not the building codes. Condominium convenants, rules , and regulations . Taxes do not become liens until the due date for payment has passed. Physically possible, block wall between her property and her All of the following are governmental powers EXCEPT.
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