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Real Estate Exam > Nature, Description And Rights In Land > Flashcards

Nature, Description And Rights In Land Flashcards

1
Q

The SW 1/4 of the SW 1/4 of section 6 and the NW 1/4 of the NW 1/4 of section 7 contains how many acres?

A

80

640 acres in a section.

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2
Q

How many acres in a section?

A

640

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3
Q

A meters and bounds must have what?

A

Starting point
Ending point
Measurements

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4
Q

Characteristics or Real Estate

A 
Scarcity
Situs
Improvements
Immobility 
Indestructibility
Uniqueness
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5
Q

What term is a test that determines whether an item is personal property or a fixture

A

Annexation

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6
Q

With HOMESTEAD; how much money is exempt from taxation?

A

25k - 50k

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7
Q

What kind of property is exempt from property taxes ?

A

Church

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8
Q

The creditor of which type of delinquent debt cannot force dale of residence under homestead?

A

Judgement lien or credit card debt

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9
Q

What is the governments right to enact and enforce land use restrictions

A

Police power

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10
Q

Special assessments are charged to

A

The benefiting property owners

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11
Q

Final process by which the government takes the title to property when an owner dies without heirs

A

Escheat

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12
Q

Home designed and built for owner on their lot is a ?

A

Custom home

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13
Q

Board enacted restrictions specifying acceptable uses and density

A

Zoning ordinances

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14
Q

What type of tenancy has a specific ending date?

A

For years

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15
Q

Type of lease that has no expiration date?

A

Tenancy at will

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16
Q

A township has how many square miles

A

36

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17
Q

How many feet in an acre?

A

43560

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18
Q

Definition of real estate

A

Buildings
Substance below the surface
Airspace above the land

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19
Q

A freestanding refrigerator is an example of ?

A

Personal property

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20
Q

Simplest way to divide large parcel land into smaller lots

A

Recorded plat/lot and block

21
Q

Another term for recorded plat

A

Lot and block

22
Q

A document used to record a subdivision of land

A

Plat

23
Q

What can be done with mineral rights?

A

Can be reserved by seller if buyer agrees

24
Q

A property description using monuments, distances, and compass directions

A

Metes and bounds

25
Q

Article that was once personal property but is now permanently attached to the building

A

Fixture

26
Q

The government survey system starting point if where?

A

Tallahassee meridian and baseline

27
Q

Economic characteristic that refers to a group being attracted to a certain location due to economic conditions

A

Situs

28
Q

How are sections numbered ?

A

1-6 snaked down 7-12 and so on

29
Q

Opposite of N 27 E using metes and bounds

A

S 27 W

30
Q

Tallahassee principal meridian runs which direction?

A

North/South

31
Q

Tallahassee baseline runs what direction

A

East/West

32
Q

When Numbering sections #1 begins where?

A

Too right

33
Q

What type of classification is NOT established by municipal zoning

A

Architectural

34
Q

No conforming means?

A

Property not complying with zoning requirements

35
Q

Value of property established for property tax purposes

A

Assessed value

36
Q

Useful asset life for residential property

A

27.5

37
Q

Useful asset life for NON residential property

A

39 years

38
Q

When property taxes are delinquent the government collects money by auctioning

A

Property tax certificate

39
Q

If zoning causes hardship to property owner, what can be issued ?

A

A variance

40
Q

A major employer in the area can be known as what type of industry?

A

Base industry

41
Q

Taking with just compensation or taking private land for public use

A

Eminent domain

42
Q

If the project will impact the environment, what must be submitted

A

Environmental impact statement

43
Q

A comprehensive plan can also include

A

Zoning ordinances

44
Q

T/F members of a local planning commission are mostly residential planning professionals

A

False

45
Q

What happens to a lease when the property undergoes eminent domain

A

Terminated

46
Q

IRS and federal tax deductions can apply to two things

A

Property tax

Mortgage interest

47
Q

T/F. Reserves for replacement are NOT deductible tax for commercial residence

A

True

48
Q

Distance between boundaries and improvers

A

Setback

49
Q

Eminent domain is also called

A

Condemnation

Real Estate Exam (8 decks)

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