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Fundamentals of Real Estate > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

What percentage of all land does the federal government own in the United States?

A

Answer: One-third

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2
Q

Government land is owned by…?

A

Answer: The federal government, states, counties, and municipalities

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3
Q

Hospitals, jails, libraries, and public schools are all considered ………… in the comprehensive plan.

A

Answer: Community facilities

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4
Q

Zoning ordinances, at their essence, were implemented to…?

A

Answer: Protect the health and safety of the population

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5
Q

Which of the following is a type of zoning district commonly found in a municipality?

A

Answer: All of the answer choices provided are correct

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6
Q

Which of the following requirements are included in the local zoning ordinances?

A

Answer: All of the answer choices provided are correct

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7
Q

If a proposed building does not comply with the dimensional requirements of the zoning resolution, which of the following must be obtained?

A

Answer: Area variance

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8
Q

When a building fully complies with the local zoning ordinances, it is referred to as…?

A

Answer: As-of-right

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9
Q

Common uses for government land include all of the following, except?

A

Answer: Hunting clubs

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10
Q

Which document, or documents, provide a visual layout of a proposed subdivision that shows individual tracts, total subdivision acreage, approximate size of each lot, and designated public use areas?

A

Answer: A plat

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11
Q

Ken, a licensed real estate agent, is touring an established subdivision with a couple interested in buying property in a gated community. After the couple find several homes that have at least one large crack running from the floor to the ceiling, Ken decides the builders must have used sub-quality processes and materials to lay the foundation. He tells his clients they won’t get approved for ………… financing unless repairs are made before the appraisal, or they apply for a second loan to correct the issues themselves.

A

Answer: FHA

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12
Q

Real estate professionals, like Zoning Office officials and commissioning boards considering subdivision project plans, know that population dynamics influence expansion. Along with monitoring migration patterns, deaths, and births, both groups study all of the following demographic data points, with the exception of…?

A

Answers: Visitors

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13
Q

What percentage of government land assets, including lakes, rivers, and streams, are set aside as public lands designated for recreational use or managed to protect natural resources?

A

Answer: 95 Percent (%)

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14
Q

Mitchell has decided to sell a home in a covenant community with HOA bylaws. A potential buyer has a family member who is hearing impaired and is concerned about traffic hazards. The buyer would like to learn if there are options to improve community safety. Which governing body has jurisdiction over roadway signage, traffic control devices, and speed limits?

A

Answer: All of the answer choices provided are correct

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15
Q

Which document establishes the mechanism for transferring ownership to the first buyers, and all subsequent buyers?

A

Answer: The plat

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16
Q

Municipal building code enforcement regulates buildings and other structures to protect the health, safety, and…?

A

Answer: Welfare of the general public

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17
Q

The …………. helped the insurance industry develop a survey for municipalities to establish building guidelines in the early 20th century.

A

Answer: National Board of Fire Underwriters (NBFU)

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18
Q

Sally is looking for a unique commercial building for a planned children’s museum. Her agent may show her properties in areas zoned for…?

A

Answer: Mixed-use or commercial activity

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19
Q

What is the minimum size for ramp landings under ADA guidelines?

A

Answer: 5’ X 5’

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20
Q

A comprehensive plan may be modified to accommodate changes in…?

A

Answer: The local economy, social and cultural norms, or net migration.

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21
Q

What is the maximum slope of a ramp under the ADA guidelines?

A

Answer: 1 inch vertical rise for every 12 inches in length

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22
Q

Interstate land sales contracts are governed by the Department of Housing and Urban Development (HUD) through…?

A

Answer: The Office of Interstate Land Sales Regulation

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23
Q

Before advising a buyer-client to sign a contract to purchase a lot in a subdivision under development, real estate agents should help them obtain a ………… which discloses valuable information about the developer’s obligations and construction timelines.

A

Answer: comprehensive report

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24
Q

Developers must provide certain information to prospective buyers before they sign a contract. Which item in the list below is not a requirement?

A

Answer: Developer’s credit score and business rating

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25
Q

Michael is working with a business investor who wants to buy several lots in a new subdivision to build houses for sale. When the client asks for a copy of the comprehensive report, Michael tells him it isn’t required, but he will ask if the developer is willing to provide one. Why wasn’t the report automatically available?

A

Answer: This type of business-to-business transaction is exempt from ISLA regulations.

26
Q

Certain industrial and commercially zoned properties are exempt from ISLA rules, providing all of the following conditions are met, with the exception of…?

A

Answer: The buyer agrees to pay an exemption fee in the amount equal to 5% of the purchase price.

27
Q

Sustainability measures aren’t only about green initiatives that reduce the carbon footprint by encouraging renewable energy consumption. City planners may periodically review…?

A

Answer: All of the answer choices provided are correct

28
Q

Improved lots are eligible for full exemption status, providing construction can be completed within ………… after the sales contract is executed.

A

Answers: 24 months

29
Q

Maps that indicate the location and boundaries of zoning districts within a municipality are known as…?

A

Answers: Zoning maps

30
Q

Housing inventory has reached a ten-year low, primarily because a new plant in a nearby town brought in hundreds of workers from other parts of the state. City leaders are considering an application for a new subdivision development that would increase housing options. This is an example of …………, triggering change to the master plan.

A

Answers: Net migration

31
Q

The comprehensive plan must balance the needs of current residents with…?

A

Answer: The financial interest of developers and future residents

32
Q

The…dictate the allowed building envelope for a building on a property.

A

Answer: Bulk regulations

33
Q

Becca, a real estate agent who serves a semi-rural area, recently learned that ………… of all post office locations are owned by individuals and leased back to the USPS. This information may be helpful when she works with investors looking for a stable, guaranteed return on investment.

A

Answer: 75%

34
Q

That portion of a zoning lot, which when viewed from above, is covered by a building, is known as…?

A

Answer: Lot coverage

35
Q

If a building totals 5,000 square feet, and the building covers 100% of the property, what is the floor area ratio if the property measures 1,000 square feet?

A

Answer: 5

36
Q

Justin is a developer. He wants to limit or prohibit certain commercial activities within his subdivision. He can legally control how a property is used by …?

A

Answer: Selling lots with deed restrictions

37
Q

Building codes started out as a…?

A

Answer: Mechanism for insurance companies to manage risk

38
Q

John is looking for an existing multi-story building zoned for mixed-use. He wants to open a small, by-reservation-only restaurant on the lowest floor. Local code requires 15 square feet per person in a commercial setting with non-concentrated seating. What is the minimum square footage he needs to serve 50 people?

A

Answer: 750 sq-ft.

39
Q

Which document signifies a building is ready for habitation or commercial use?

A

Answer: Certificate of occupancy

40
Q

Alex is showing a multi-story apartment building to an investor. The buyer plans to modify all units to accommodate visually impaired tenants. To make sure that corridors, halls, and connecting paths are compliant, the investor needs to make sure nothing protrudes from the wall more than ………… into the path and is positioned no lower than ………… from the floor.

A

Answer: Four inches, twenty-seven inches

41
Q

Gene is a new real estate agent. He is finding that sometimes state and local codes conflict with other agencies’ guidelines, like the EPA rules and ADA mandates. His broker tells him that in these situations…?

A

Answer: The most stringent regulations are usually adopted and enforced

42
Q

According to the ADA, what is the minimum height requirement of handrails on ramps?

A

Answer: 34 inches

43
Q

Interstate land sales contracts are governed by the Department of Housing and Urban Development (HUD) through…?

A

Answer: The Office of Interstate Land Sales Regulation

44
Q

The Interstate Federal Land Sales Full Disclosure Act regulates all of the following, except?

A

Answer: Local transactions between residents of the same county

45
Q

Congress passed the Interstate Federal Land Sales Full Disclosure Act in response to…?

A

Answer: Growing concerns over fraudulent and deceptive marketing practices by developers

46
Q

Improved lots are eligible for full exemption status, providing construction can be completed within ………… after the sales contract is executed.

A

Answer: 24 months

47
Q

Which of the following dictates the maximum three-dimensional space on a zoning lot within which a structure can be built, as permitted by applicable height, setback, and yard controls?

A

Answer: Building envelope

48
Q

The authorization to improve or develop a particular property in a manner not authorized by zoning is known as a/an…?

A

Answer: Variance

49
Q

Which of the following is used to ensure light and air between buildings?

A

Answer: Yard setbacks

50
Q

That portion of a zoning lot, which when viewed from above, is covered by a building, is known as…?

A

Answer: Lot coverage

51
Q

What is the maximum allowed buildable square footage on a property if the property measures 10,000 square feet, and the maximum permitted floor area ratio is 4.0?

A

Answer: 40,000 sq.ft.

52
Q

Who is responsible for assuming the financial burden and oversight of the construction of all roadways, sidewalks, alleys, nature trails, and other non-residential areas within a new subdivision?

A

Answer: The developer

53
Q

Which document, or documents, provide a visual layout of a proposed subdivision that shows individual tracts, total subdivision acreage, approximate size of each lot, and designated public use areas?

A

Answer: A plat

54
Q

A developer of a subdivision may impose easements for which of the following reasons?

A

Answer: Provide access to a lot

55
Q

Three universal control metrics in building codes are…?

A

Answer: Construction type, occupancy type, and building supplies and materials.

56
Q

What is a comprehensive plan?

A

Answer: A set of regulations that dictates how development and expansion occur in a city, county or other region.

57
Q

Jason is a real estate agent working with a client that wants to build a commercial complex to serve retail clients. Jason suggests his client insist the builder do all of the following to enhance fire protection and safety in the buildings, except?

A

Answer: Prohibit smoking within five feet of all buildings

58
Q

A comprehensive plan may be modified to accommodate changes in…?

A

Answer: The local economy, social and cultural norms, or net migration.

59
Q

The Interstate Federal Land Sales Full Disclosure Act regulates all of the following, except?

A

Answer: Local transactions between residents of the same county

60
Q

Congress passed the Interstate Federal Land Sales Full Disclosure Act in response to…?

A

Answer: Growing concerns over fraudulent and deceptive marketing practices by developers

Fundamentals of Real Estate (12 decks)

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