Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Appraisal Principles > Module 5 > Flashcards

Module 5 Flashcards

1
Q

Who is the mortgagee?

A

the lender

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The mortgagor is the?

A

borrower

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Ownership forms divide into what 3 groups?

A
  1. Ownership in severalty
  2. Co-Ownership (concurrent ownership)
  3. Trust
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The reality is that ownership in severalty means________

A

just one person or at least one entity, such as a corporation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

REITs must have at least ____ investors and the REIT allows these individual investors to pool their funds to acquire real estate.

A

100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A private or public partnership that pools funds for the acquisition and development of real estate projects or other business ventures.

A

Syndication

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

With ______, property is held by two or more individuals and is categorized into four types.

A

Co-ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the 4 types of co-ownership?

A
  1. Tenancy in common
  2. Joint Tenancy
  3. Tenancy by the entirety
  4. Community property
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q
  1. Real estate owned by two or more people as tenants in common.
  2. Own an undivided fractional interest
  3. Property is not physically divided.
  4. Each co-owner holds a separate interest and can sell, mortgage, or transfer this interest without consent of the other co-owners.
  5. Upon death, the undivided interest passes in accordance to the will of that owner.
A

Tenancy in common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Business partnerships generally own real estate under__________

A

Tenancy in common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When title to real estate is conveyed to two people, and the deed does not specify the form of tenancy, it is assumed as

A

tenancy in common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The distinguishing characteristic of this type of ownership is known as the right of survivorship.

A

Joint tenancy

can involve multiple persons and they don’t have to be married.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

This type of ownership was specifically created for two individuals who are married.

A

Tenancy by the entirety.

also has right of survivorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

This type of ownership is also designed for married couples but, the property owned by the couple is divided into two categories: separate property and community property.

A

Community property rights.
Essentially, separate property is what you owned before you entered the marriage, whereas community property is real estate that is purchased during the marriage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The players in a trust are_______

A

The trustor,
The trustee
The beneficiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

This is a unique form of co-ownership for married couple in which each spouse has an equal, undivided interest in the property.

A

Tenancy by the entirety

Avoids probate for the surviving spouse

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

9 states use this system for property owned by husband and wife. Each spouse has undivided one-half interest in property acquired during the marriage. In contrast to joint tenancy, when one spouse dies, the survivor is entitled to one-half of the community property. The other half is distributed according to the will of the deceased. If there is no will, the interest will go to the surviving spouse(or thier heirs)

A

Community property rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

A_______ trust is created by an agreement while the property owner is alive.

A

Living trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A_______ trust is established by the will of the property owner after his or her death

A

Testamentary trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Real estate is the only asset in a land trust.
The trustor in the case is also the beneficiary. The trustor has a beneficial interest in the property and that interest is actually treated as personal property.

A

Land trust

Provides tax and privacy advantages.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How condominiums function

A
  1. Owner holds a fee simple title to an individual condo unit.
  2. Each condo has its own legal description and taxes.
  3. Condo owners also hold an undivided interest in the common elements
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What makes a property a condominium is

A

its legal declaration. It can look like a single-family house, or a townhouse or a low-rise building

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Under _____ownership a corporation actually owns the real estate and individuals own shares of stock in the corporation.

A

Cooperative ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

A fee simple interest in condominium ownership, with accompanying rights. The ownership rights are limited to a specified time period, but the owner can still mortgage, lease, sell, or bequeth the rights.

A

Timeshare

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

PUD’s can include

A

Condominiums, townhouses, apartments and even single-family residences.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

PUD’s have

A

common elements and association dues.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

de minimus planned unit development

A

the common elements don’t add significantly to the value of the individual properties in the PUD. Low association dues.

28
Q

A type of building development designed as a grouping of complementary land uses, such as housing, schools, recreation, retail, office, and industrial parks, contained within a single master development.

A

Planned unit development

29
Q

PUD’s were created to provide more efficient use of land.

A

PUDs cluster residences into tighter spaces and then allow larger open spaces that all owners in the PUD can share. NOT an ownership type

30
Q

______ ownership is a fee simple estate, but in this case the property owner actually owns an air lot.

A

Condominium ownership

31
Q

Ownership held by an individual or single entity is called

A

ownership in severalty

32
Q

The party that gives a mortgage is called

A

the mortgagor

33
Q

Williams owns property with Campbell by tenancy in common. When Williams dies her interest in the property will go to

A

her heirs or according to her will

34
Q

In a basic trust, the fiduciary is known as the

A

trustee

35
Q

Elevators, tennis courts, and hallways in a condominium are

A

common elements

36
Q

Purchasing a cooperative unit means you are buying

A

shares of stock

37
Q

An ownership interest in real estate that allows the use of the property facilities for a specified period of time is called

A

timeshare ownership

38
Q

Joint tenancy has a right of survivorship feature shared with what other form of ownership?

A

tenancy by the entirety

39
Q

Concurrent ownership is also known as

A

Co-ownership

40
Q

All real estate is subject to what four powers of government?

A
  1. Taxation
  2. Eminent domain,
  3. Police power,
  4. Escheat
41
Q

When real estate is taxed based on its property values, it is called

A

Ad valorem tax

42
Q

The U.S. Constitution precludes the federal government from taxing real property directly, reserving that right instead for state and local governments.
True or false?

A

True

43
Q

If a property sells between the time a special assessment becomes of record and the time it is actually levied, it is referred to as a

A

Pending special assessment.

44
Q

________ is the government’s right to take or acquire privately held land for public use.

A

Eminent domain

The acquisition process is called condemnation

45
Q

The inherent power of government to regulate property in order to protect public health, safety, and general welfare.

A

Police Power

46
Q

Four guiding principles of police power

A
  1. Police power is intended to protect health, safety, and general welfare of the public.
  2. in a nondiscriminatory manner.
  3. Should not negatively impact the value
  4. Should provide a benefit to the public through policy
47
Q

______ are a form of police power used to control growth and development.

A

Comprehensive plans

48
Q

_____ Public regulation of the use of private land through application of police power; accomplished by establishing districts or areas with uniform requirements relating to lot coverage, setbacks, type of improvement, density ect.

A

Zoning

49
Q

A ______ allows for open space between two land uses.

A

buffer strip

50
Q

_____ allows for an exception from what is generally accepted as a land-use in a specific area. (supposed to be the exception, not the norm.

A

Spot zoning

51
Q

What are the general zoning classifications?

A 
Agricultural
Residential
Commercial
Industrial
Mixed Use
Public
52
Q

______pertains to a use that at one time conformed to the zoning ordinance, but not does not comply

A

Legally nonconforming

53
Q

There are (how man) building codes used in the United States?

A

4

54
Q

The right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs.

A

Escheat

55
Q

The condition of dying with a valid will

A

Testate

56
Q

The condition of dying without leaving a valid will

A

Intestate

57
Q

Liens break down into what two general categories?

A

General liens (attaches to all the assets of the debtor)

Specific liens (attaches to an individual property)

58
Q

Government liens are considered _______ liens

A

Specific

59
Q

If a contractor or builder works on a property and then does not get paid, they can file a

A

mechanics’ lien against the property

60
Q

When a lien is attached to real property, it does not necessarily prevent the transfer of title.

A

Indeed, a lien transfers with the property

61
Q

______ is a legal term signifying pending litigation that can affect the ownership title to real estate.

A

Lis pendens

Lis pendens is not a lien; it’s simply a notice of a potential lien in the near futures.

62
Q

An __________ is a lien that allows a creditor with an interest in an otherwise unsecured property to prevent the debtor from conveying title while the dispute is being decided in court.

A

An attachment

63
Q

The form of legal description most often used west of the Mississippi River is_______

A

Rectangular survey

64
Q

Sam Gates wants to buy a summer home with his sister Jean. Because they are both retired and have no heirs, they want to be sure that if one of them dies, the interest of the deceased will pass to the other sibling. Which form of ownership should they use to acquire title?

A

Joint Tenancy

65
Q 
Common elements in condominium ownership include all of the following except the
A.  Elevator
B.  Land
C.  Shareholder stock
D.  Swimming Pool
A

Shareholder stock

66
Q 
McKibbin has been approved to have a possessory interest in a property and is given a proprietary lease.  What kind of ownership does McKibbin have?
A.  condominium ownership
B.  Cooperative ownership
C.  Leasehold ownership
D.  timeshare ownership
A

B. Cooperative ownership

Appraisal Principles (19 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions