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Real Estate Exam > Modern Real Estate > Flashcards

Modern Real Estate Flashcards

1
Q

In general when the supply of a certain community increases

A

Price tends to drop

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2
Q

Which factor primarily affect supply in the real estate market

A

Governmental monetary policy

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3
Q

Which factor is most likely to influence demand for real estate

A

Wage levels and employment opportunities

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4
Q

A realtor is best described as an individual who is

A

A real estate license he and a member of the national Association of realtors or (NAR)

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5
Q

Property management appraisal financing and development are all examples of

A

Specialization with in the real estate industry

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6
Q

A major manufacturer of automobiles announces that it will relocate One of its factories along with 2000 employees to a small town. What effect will this announcement most likely have on the small towns housing market

A

Housing will likely become more expensive

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7
Q

A real estate professional who has several years of experience in the industry decides to retire from actively marketing properties. Now this person helps clients choose along the various alternatives involved in purchasing using or investing in property. What is this person’s profession?

A

A real estate counselor

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8
Q

The word broker and realtor are

A

Not necessarily related. A broker is a real estate licensee and a realtor is a real estate licensee who is a member of the national Association of realtors

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9
Q

Schools would be considered part of which real estate classification

A

Special purpose

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10
Q

When demand for a community decreases and supply remains the same

A

Price tends to fall

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11
Q

A license real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, or purchase or a property is known as a (n)

A

Broker

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12
Q

An increase in the following would affect supply except

A. Population
B. Construction cost
C. Governmental controls
D. The labor force

A

A population

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13
Q

All of the following are categories of the uses of real property except

A. Residential
B. Developmental
C. Agricultural
D. Industrial

A

B. Developmental

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14
Q

All of the following would affect demand except

A. Population
B. Demographics
C. Wage levels
D. Monetary policy

A

D. Monetary policy

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15
Q

All of the following affect how quickly the force of supply and demand work except

A. A property specific geographic location
B. The mobility of a property
C. Degree of a standardization of the property’s price
D. Uniqueness of a property

A

C. Degree of a standardization of the property’s price

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16
Q

A real estate professional Who performs a visual survey of a properties structure and prepares a report for a purchaser or an owner is

A

A home inspector

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17
Q

When the supply of a community decreases while demand remains the same price tends to

A

Rise

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18
Q

A person or a company responsible for maintaining a clients property and maximizing the return on the clients investment is serving as

A

A property manager

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19
Q

Detailed information about the age education behavior and other characteristics of members of a population group is called

A

Demographics

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20
Q

A professional’s opinion of a properties market value based on the established methods and using training judgment is performed by a?

A

Real estate appraiser

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21
Q

Real estate doesn’t include

A

Annual crops

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22
Q

A woman rent space in a commercial building where she operates a bookstore. She has installed large reading tables fastened to the wall and bookshelves that create Isles from the front of the store to the back. What best describes the contents of the book store?

A

The shelves and tables are trade fixtures and may properly be removed by the woman before her lease expires and the tenant would be responsible to the landlord for any damage that the removal caused to the premises

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23
Q

The term nonhomogeneity refers to

A

Uniqueness

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24
Q

Another term for personal property is

A

Chattels

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25
Q

A man inherits a piece of vacant land removed and sold all topsoil limestone and gravel. At his death he left the property to his daughter. Which is true?

A

The daughter inherits the property as is

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26
Q

What is the definition of doctrine of prior appropriation?

A

The right to use any water with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water

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27
Q

In determining whether an item is real or personal property the court does not consider what?

A

The cost of the item when it was purchased

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28
Q

What describes the act by which real property can be converted into personal property

A

Severance

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29
Q

What is the act by which personal property can be converted into real property

A

Annexation

30
Q

While moving into a newly purchased home with the buyer discovers that the seller had taken the ceiling fan that hung over the dining table. The seller had not indicated that the ceiling fan would be removed and the con tract did not address this issue.. What is a ceiling fan usually considered

A

Real estate

31
Q

A buyer purchased A parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up

A

Subsurface rights

32
Q

A truck load of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is considered

A

Personal property

33
Q

Method of annexation, adaptation to real estate in agreement between the parties are the legal test of the determining whether an item is

A

A fixture or personal property

34
Q

Parking spaces in a multiunit buildings, water rights and similar things of value that convey with the property are classified as

A

Appurtenances

35
Q

A property owners land is located along the banks of a river this owners rights are called

A

Riparian rights

36
Q

A property owners land is located along the bank of a lake. This owners water rights are called

A

Littoral rights

37
Q

A property owners bundle of rights entitles the owner to do all of the following except

A. Sell the property to a neighbor
B. Exclude utility meter readers
C. Erect No trespassing sighs
D. Enjoy profits from ownership

A

B. Exclude utility meter readers

38
Q

According to the law a trade fixtures usually treated as

A

Personalty

39
Q

A buyer is interested in a house that fits most of her needs but it is located in a busy area where she is not sure she wants to live. Her concern about the property location is called

A

Area preference

40
Q

Which of these is considered personal property

A. Wood-burning fireplace
B. Awning
C. Bathtub
D. Patio furniture

A

D. Patio furniture

41
Q

Keep going!!! 😊😊😊😊

A

You got this!! 👍🏼👍🏼👍🏼

42
Q

Complains related to the civil rights act of 1866

A

Must be taken directly to federal court

43
Q

Why is the civil rights act of 1866 unique

A

It provides no exceptions that would permit racial discrimination

44
Q

A real estate professional said to a homeowner I hear you’re moving in. There goes the neighborhood. Better put your house on the market before values drop. This is an example of what legal practice?

A

Blockbusting

45
Q

The act of directing home seekers towards or away from particular areas, either to maintain or to change the character of the neighborhood is

A

Steering

46
Q

A lender’s refusal to lend money to potential homeowners attempting to purchase properties located in predominantly Latino neighborhoods is known as

A

Redlining

47
Q

It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the

A

Physical location of the property

48
Q

Which agency upon receiving a complaint regarding a fair housing act violation investigates

A

HUD

49
Q

Housing that qualifies for exemption from familial status provisions

A

Includes a restriction that 80% of the units be occupied by persons 55 or older

50
Q

What describes the Supreme Court’s decision in the case of Jones V. Alfred H. Mayer Company

A

Racial discrimination is prohibited by any party in the sale or rental of real estate

51
Q

The fine for a first violation of the federal fair housing act could be as much as

A

$16,000

52
Q

A discrimination suit maybe filed in a federal court by

A

A person aggravated by racial discrimination

53
Q

A federal fair housing act does not prohibit

A

Discriminating on the basis of marital status

54
Q

The provisions of the fair housing act apply to

A

All states

55
Q

One step closer

A

To following your dreams!! 💁🏼💁🏼💁🏼

56
Q

The right of a government body to take ownership of real estate for public use is called

A

Escheat

57
Q

One who has ownership rights of real estate that could continue forever and which provide that no other person can claim it to be the owner of or have any ownership control over the property has

A

Fee simple interest

58
Q

Your neighbor uses your driveway to reach their garage which is on their property. Your attorney explains that ownership of neighbors real estate includes an easement appurtenant giving them the right to do this. Your property is the

A

Servient tenement

59
Q

A license is an example of a

A

Personal privilege

60
Q

An easement appurtenant

A

Runs with the land

61
Q

A property on main street that was formerly A retail store will become the site of a new City Hall made possible by government’s power of

A

Eminent domain

62
Q

What are examples of governmental power

A

Police power
Eminent domain
Taxation

63
Q

A property owner who has the legal right to use a neighbors land holds

A

Easement

64
Q

What is illegal life estate

A

Homestead

65
Q

A honor conveys ownership of his residence to his church by reserves for himself a life estate in the residence. The future interest held by the church is a

A

Remainder

66
Q

The owner has a fence on his property. By mistake the fence extends 1 foot over the lot line into a neighbors property. The sense is an example of

A

Easement by prescription

67
Q

A homeowner may be allowed certain protection from judgments of creditors as a result of the states

A

Homestead rights

68
Q

A person has permission from the property owner to hike on the owners property during the autumn months. The hiker has

A

A license

69
Q

A homestead is a legal life estate in real estate that is

A

Occupied as the family home

70
Q

Because a homeowner failed to pay The real estate taxes on time the taxing authority imposed a claim against the homeowners property. This claim is known as

A

Lien

71
Q

The type of easement that is a right of way for a utility company powerlines is an

A

Easement in gross

72
Q

The process by which government takes control of a property after the owner dies without a will or lawful heirs is

A

Escheat

Real Estate Exam (3 decks)

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