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.
What are the three types of framing construction?
Platform, balloon, and post and beam
Platform framing is the most widely used type of construction for one and two-story residential buildings. Balloon framing is usually used when the exterior will be constructed of brick, stone veneer, or stucco. Post and beam framing is used mainly with contemporary buildings.
What is the term for someone who rents property to another under a lease agreement?
Lessor
Footings are:
part of the substructure.
Footings and foundation walls make up the substructure.
Which of the following is considered when determining whether an item is a fixture?
The method of attachment
The relationship of the parties
The intent of the person who attached it
Several people own shares in a corporation, which in turn owns a piece of real estate that includes a multi-unit building. Each shareholder is given a proprietary lease that allows them to occupy one of the units in the building. What form of ownership is this?
Cooperative
Which of the following best describes an abstract of title?
A written summary of chain of title and current recorded liens and encumbrances.
A homeowner wants to add a room to his house, but the current zoning does not permit the future use. The homeowner should apply for which of the following?
A variance
A variance is an allowable deviation to the zoning ordinance for a structure or land use.
The replacement cost for carpet is $22.17 per square yard and a house has carpet over 80% of the floor surface. How much would it cost to replace the carpet in a house with a gross living area of 2,117 square feet?
$4,172
The grantor has a reversionary interest. True or False?
True
A floor framing plan must specify what?
The sizes and spacing of joists, girders and columns used to support the floor
A property for which there is no identifiable market is called a(n):
special purpose property.
What demonstrates this situation:
Access to the sole bathroom in a house via a bedroom
Functional Obsolescence
Public regulations determine what types of materials may be used to construct improvements. These regulations are:
building codes.
Tim needs to indicate the architectural term for the house’s roof. The house is rectangular and the rain runs off the four sloping sides of the pitched roof. What type of roof does the house most likely have?
Hip
A structural element that creates extra space in a roof for additional headroom or windows is a:
dormer.
Which of the following is typically shown on a plat map?
The layout of the sites in a neighborhood
The builder of a new single-family neighborhood restricts the owner from installing a wood fence. This is an example of a:
covenant
An owner’s right to recover the use of his property at the end of a lease is called:
reversionary right.
Gus is appraising a house with a total gross living area of 2,217 square feet. Most of the house has carpet floor covering at 1,596 square feet and the tiled floor area measures 621 square feet. If the replacement cost for carpet is $21.17 per square yard and the cost for tile is $8 per square feet, how much would it cost to replace the floor cover in the house?
$8,722
For the carpet floor, there are 9 feet in a square yard. Therefore, 1596 divided by 9 = 177.3 square yards necessary to replace the carpet. At $21.17 per square yard, the cost to replace the carpet is $3,754.15 ($21.17 x 177.3). For the tile floor, the cost is $4,968.00 ($8.00 x 621). The total cost is the sum to replace the carpet and the tile floor: $3,754.15 + $4,968 = $8,722.15.
An appraiser would consider littoral rights when valuing a/an:
marina at a large lake.
townhouse on the bay.
ocean-front restaurant.
Littoral rights apply to land that borders large bodies of water such as a lake or a sea, and allows the owners to use and enjoy the body of water. Riparian rights apply to property bordering flowing bodies of water such as rivers and streams, such as the house on the river.
What makes up the drain, waste, and vent system?
Traps, drain lines, and vent lines
DWV system
The drain, waste, and vent
What is the primary support for the flooring in a building?
Joists
Roof and floor joists are the primary support for their respective structures.
An example of a riparian right is the reasonable use of water from a(n):
river
Roof trusses are:
factory-built systems that support the roof.
Mark leases a property to Don, who then subleases the property to Tracy. What is Mark’s ownership interest in the property?
Leased fee
Jim needs to indicate the architectural term for the house’s roof. The house is rectangular and the rain runs off on two sloping sides of the pitched roof. What type of roof does the house most likely have?
Gable
Fenestration is:
the design and placement of windows in a building.
Regarding framing, most homes built in the United States are made of what?
Wood frame construction
Which kind of deed offers a buyer the least protection?
Quitclaim deed
A quitclaim deed offers a buyer the least protection of any deed. Quitclaim deeds do not guarantee good title. The grantor of the deed does not make any claim of ownership interest in the property being conveyed.
The term “substructure” refers to:
construction components below ground.
Substructure refers to construction components below ground. The substructure supports the visible parts of the building, the superstructure.
Which type of legal description describes a property’s boundaries in terms of courses and distances?
Metes and bounds
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 property recently sold for $1,000,000. A tax assessor determines that 90% of the sales price is appropriate for the market value. He assesses the property at 60% of the market value. The property tax rate is $6 per $100. What is the tax bill?
$32,400
First you must find the property’s market value: $1,000,000 multiplied by 0.90 = $900,000. Next, find the property’s assessed value: $900,000 multiplied by 0.60 = $540,000. Then find the millage (or tax) rate: $6.00 divided by· $100.00 = $0.06. Finally, find the tax bill: $540,000 multiplied by 0.06 = $32,400.
What is the term for the length of a boundary that borders a thoroughfare?
Frontage
Before selling his property, Joe places a deed restriction on the property that states it must never be used for anything but a Little League field, which is its current use. Bob buys the property, and due to the deed restriction, has a:
fee simple defeasible.
Functional utility is:
the ability of a component or item to perform its intended task.
Functional utility is the ability of a property, building, or component to be useful and to perform the function for which it is intended according to current market tastes and standards.
What is the best term to describe a porch leading to the entrance of a building or extended as a colonnade, with a roof structure over a walkway and supported by columns?
Portico
What contract termination method involves transferring contract rights to a third party?
Assignment
Which is generally true regarding a trade fixture?
It is generally considered personal property
Reinforced concrete is concrete that:
contains steel.
What are the powers of government
escheat.
eminent domain.
governmental powers of taxation
police power.
What type of structure refers to a particular floor of the home with one side of the house is built into the grade?
Daylight basement
A walkout or daylight basement is a modern architectural form in which the house is situated on a slope and part of the basement is above ground.
Studs are:
vertical framing members.
Which of the following is a unique feature of an easement in gross?
There is no dominant tenement
An easement in gross belongs to an individual person or business and does not run with any specific parcel of land. Therefore, there is no dominant tenant.
Which roof types slopes on four sides?
Hip
Which of the following is true regarding joint tenancy?
All owners must have equal interest
All owners must have equal rights
All owners must have possession
What is the proper term for a structure that provides cover for a drive-through entrance allowing passengers to enter and exit in front of the main entry while the vehicle can be parked elsewhere?
Porte cochere
Compared with modern homes, older home ___________ tend to suffer the greatest amount of functional inutility.
kitchens and bathrooms
Market standards for kitchens and bathrooms have changed significantly over the years. Consequently, they are the rooms that are most likely to suffer from functional inutility.
What distinguishes an easement in gross from other types of easements?
There is no dominant estate with an easement in gross
All of the following statements are true about condominiums
separate titles apply to each unit.
units can be sold individually.
it is a unique blend of joint and individual property ownership.
Condominium owners pay a monthly fee for maintenance of common areas.
An appraiser should ________ to determine the effect of a corner lot location on property value.
examine market data
The appraiser must determine the influence a corner lot location has on property value. The decision should be made based on the specific lot and the market where it is located. While a corner lot may provide more light, air, and prominence, it may also be subject to more road noise, higher taxation, and less privacy.
What is the annual property tax on a property worth $460,000 in a jurisdiction where the basic rate is 1% of assessed value, the additional rate of voter-approved levy is .19%, and the subject property is assessed at $345,000 before the application of a $19,000 exemption?
$3,879
For this example, the voter levy of .19% is added to the 1% tax base for a total of 1.19%. This is multiplied by the assessed value minus the exemption so ($345,000 - $19,000) x 1.19% = $3,879.
