Property Description Flashcards
Which principle of value best describes the affect an industrial plant would have on residential property values in a surrounding neighborhood?
Externalities
Which study examines the profitability of a proposed property?
Feasibility study
(think of profit)
A __________ mortgage is a mortgage that is secured by two or more separate properties.
blanket
A developer purchased a parcel of land that she plans to subdivide. She determines that 10% of the parcel is unusable, and another 5% will be set aside for streets and common areas. She divides the remainder of the parcel into lots to be sold off. If she sells 23 acres, how many acres did she originally purchase?
27 acres
A floor framing plan must specify what?
The sizes and spacing of joists, girders and columns used to support the floor
A land tract is designated as wetlands if:
it possesses the hydraulic, soil type, or vegetation influences that lead the government to designate it as wetlands.
A life estate can never be based on the life of:
a corporation.
A littoral right is the reasonable use of water from a:
lake.
A property for which there is no identifiable market is called a(n):
special purpose property.
Which phase of the economic cycle does a buyer’s market occur?
Decline
Which one of the following types of value refers to the nominal value of a property that has reached the end of its economic life?
Salvage
Which of the four agents of production is the last agent to be satisfied?
Land
Which of the following is not true regarding eminent domain?
A property owner may not sue for inverse condemnation
4111511
Who are the three parties involved in a deed of trust?
Trustee, trustor, and beneficiary
An appraiser asks a title company to confirm a sale. The title company confirms the sale as a full value transaction using documentary transfer stamps. The stamps were issued at a rate of $.55 per $500 in value, and they total $308.55. The loan-to-value ratio is 80%, and the buyer didn’t assume any pre-existing loans. What was the sales price?
$280,500
Which roof type slopes on two sides?
Gabel and Gambrel
Which of the following terms refers to the ‘mortgagor?’
Borrower
Which type of easement consists of a servient estate, but no dominant estate?
Easement in gross
Which of the following components of value are a contributing part of the going concern value?
The value of the real estate
The value of the business equipment
Intangible assets
Which of the following components of value are a contributing part of the going concern value?
The value of the real estate
The value of the business equipment
Intangible assets
Which of the following is always considered personal property?
Trade fixture
Which type of entity is created to hold title to property in cooperative interest ownership?
Corporation
What is a primary difference between a cooperative building and a condominium?
A cooperative building is financed by a single mortgage and a condominium building is financed by a series of individual mortgages
Frank is appraising a property, which is in a large development where the individual owners pay a monthly fee to the homeowner’s association. What should Frank ask about in order to determine whether the subject property is a Condo or a PUD?
Do owners own the land on which their respective units sit?
In a PUD, the planned unit development association owns and maintains property in a real property development project for the benefit of its members, who are owners of individual parcels of real property in the development and are members of the association because of that ownership.