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Property Description Flashcards

1
Q

1 of 117 Which of the following is not true regarding joint tenancy?

A

If there are only two owners, they must be married

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2
Q

2 of 117 Title Insurance

A

A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.

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3
Q

3 of 117 Gable Roof

A

A steeply angled, triangular roof.

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4
Q

4 of 117 New England Colonial

A

An architectural style dating from early American history typified by a two-story building with clapboard siding.

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5
Q

5 of 117 BOMA Standard

A

The standard method of measurement for office buildings as defined by the Building Owners and Managers Association. -Visit BOMA for more information.

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6
Q

6 of 117Personal Residence

A

The primary domicile of a person or family.

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7
Q

7 of 117 Which term is defined as land that is not necessary for the principal improvements on a parcel of land, may have a separate highest and best use, and has the potential to be sold separately?

A

Excess land

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8
Q

8 of 117 Title Search

A

The process whereby the title company researches a property’s title history and ensures that no outstanding claims exist.

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9
Q

9 of 117 Which type of easement consists of a servient estate, but no dominant estate?

A

Easement in gross

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10
Q

10 of 117 Which of the following is a unique feature of an easement in gross?

A

There is no dominant tenement

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11
Q

11 of 117 Duplex

A

A single-building improvement which is divided and provides two units which serve as homes to two families.

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12
Q

12 of 117 Improvements

A

Any item added to vacant land with the intent of increasing its value or usability.

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13
Q

13 of 117Georgian

A

A classic, English-style hose characterized by simple rectangular shape and multiple stories.

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14
Q

14 of 117Prefabricated

A

Any building or portion thereof which is manufactured and assembled off site, then erected on a property.

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15
Q

15 of 117Attached Housing

A

Any number of houses or other dwellings which are physically attached to one another but are occupied by a number of different people. The individual houses may or may not be owned by separate people as well.

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16
Q

16 of 117Façade

A

The front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.

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17
Q

17 of 117Quadraplex

A

Any building designed to accommodate four families often shortened to the more common term “fourplex”.

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18
Q

18 of 117Ad Valorem Tax

A

Taxes assessed based on the value of the land and improvements.

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19
Q

19 of 117Building Code

A

Regulations that ensure the safety and material compliance of new construction within a municipality. Building codes are localized to ensure they are adequate to meet the risk of common hazards.

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20
Q

20 of 117Tudor

A

A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.

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21
Q

21 of 117Inheritance Tax

A

A tax on the right to receive property by inheritance; as distinguished from estate tax.

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22
Q

22 of 117Gross Building Area (GBA)

A

According to Fannie Mae, gross building area is the total finished area including any interior common areas, such as stairways and hallways of the improvements based on exterior measurements. It must include all finished above-grade and below-grade living areas, counting all interior common areas such as stairways, hallways, and storage rooms. It cannot count exterior common areas such as open stairways. It is the most common unit of comparison for two- to four-unit properties. GBA may be defined differently when used for office, industrial and agricultural buildings. GBA for these types of properties is often broken down further into Gross Leasable Area and/or Net Usable Area.

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23
Q

23 of 117What makes up the drain, waste, and vent system?

A

Traps, drain lines, and vent lines

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24
Q

24 of 117Which of the following is not considered when determining whether an item is a fixture?

A

The cost of the item

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25
Q

25 of 117Renovation

A

The process in which older structures or historic buildings are modernized, remodeled, or restored. Generally, the objective of renovation is to maintain or restore the basic plan and style of the building rather than to modify the original design by accretions or alterations, though new construction often

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26
Q

26 of 117Remodeling

A

A type of renovation that involves modification or updating of existing improvements.

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27
Q

27 of 117Single-Family Property

A

A property designed and built to support the habitation of one family.

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28
Q

28 of 117What type of architectural style would you be looking at if a house you were inspecting had a low-pitched, red tile roof, arched windows, and columns?

A

Mediterranean

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29
Q

29 of 117Variance

A

An exception to municipal zoning regulations granted for a specific time period to allow for non-conforming use of the land.

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30
Q

30 of 117Which of the following parties to a lease has a leasehold estate?

A

Lessee

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31
Q

31 of 117What is the term for the length of a boundary that borders a thoroughfare?

A

Frontage

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32
Q

32 of 117Survey

A

A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.

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33
Q

33 of 117Property Tax

A

Any tax that is imposed on persons on account of their ownership or possession of property and is measured by the number of units, the value, or some presumptive evidence of number of units or value, of such property. Note: This tax is generally, but not necessarily, intended to be a direct, proportional ad valorem tax.

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34
Q

34 of 117Which room in the house requires the most heat and ventilation?

A

The bathroom

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35
Q

35 of 117Latent Defects

A

Any defect in a piece of property which is not readily apparent, but which has an impact of the value. Structural damage or termite infestation would be examples of latent defects.

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36
Q

36 of 117Assessor

A

The jurisdictional official who performs the assessment and assigns the value of a property.

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37
Q

37 of 117Comprehensive Land Use Plan

A

A generalized, coordinated land use map and policy statement of the governing body of a local government that interrelates all functional and natural systems and activities relating to the use of lands, including but not

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38
Q

38 of 117What type of house would you be looking at if you were inspecting a house that had two levels of living area featuring a steep roof slope and dormers?

A

Cape cod

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39
Q

39 of 117Bungalow

A

A one-story, home-style dating from the early twentieth century. Often characterized by a low-pitched roof.

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40
Q

40 of 117Dwelling

A

A house or other building which serves as a home.

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41
Q

41 of 117Title

A

A specific document which serves as proof of ownership.

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42
Q

42 of 117Tenancy

A

The right to occupy a building or unit.

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43
Q

43 of 117Covenant

A

A stipulation in any mortgage that, if not met, can be cause for the lender to foreclose.

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44
Q

44 of 117Cape Cod Colonial

A

A single-story house style made popular in New England. Often characterized by a steep roof with gables.

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45
Q

45 of 117What type of foundation contains solid concrete and is less than a foot above the natural surface of the site?

A

Slab on grade

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46
Q

46 of 117Multifamily Dwelling

A

A building containing two or more dwelling units.

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47
Q

47 of 117Sweat Equity

A

The method whereby a homeowner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built.

48
Q

48 of 117What type of lease holds the tenant responsible for not only the lease payment, but also for some or all of the costs associated with property ownership and upkeep?

A

Net lease

49
Q

49 of 117Off-Site Improvements

A

Buildings, structures or other amenities which are not located on a piece of property but are necessary to maximize the use of the property or in some way contribute to the value of the property.

50
Q

50 of 117Subject Property

A

The property that is appraised in an assignment.

51
Q

51 of 117Building Line or Setback

A

The statutory distance between buildings and the property line, imposed by municipalities, home associations, or other agreements.

52
Q

52 of 117Improved Land

A

Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.

53
Q

53 of 117Physical Characteristics

A

A category of elements of comparison in the sales comparison approach; comparable properties can be adjusted for differences in such characteristics as size, age (at the time of the transaction), condition, functional utility, and quality of the improvements.

54
Q

54 of 117Which of the following roof types slopes on four sides?

A

Hip

55
Q

55 of 117Common Areas

A

Any areas, such as entryways, foyers, pools, recreational facilities or the like, which are shared by the tenets or owners of property nearby. Commonly found in condominium, PUD or office spaces.

56
Q

56 of 117Which of the following components of value is not a contributing part of the going concern value?

A

Assessed value

57
Q

57 of 117Gambrel Roof

A

A ‘‘barn-like’’ roof, where the upper portion of the roof is less-steeply angled than the lower part.

58
Q

58 of 117Improvement Ratio

A

The comparative value of an improved piece of land to its natural, unaltered state.

59
Q

59 of 117Stigma

A

An adverse public perception regarding a property; the identification of a property with a condition (e.g., environmental contamination, a grisly crime) that exacts a penalty on the marketability of the property and may also result in a diminution in value.

60
Q

60 of 117Addendum

A

A supplement to any document that contains additional information pertinent to the subject. Appraisers use an addendum to further explain items for which there was inadequate space on the standard appraisal form.

61
Q

61 of 117Which of the following terms refers to a type of decorative paneling, which is usually stained or painted wood?

A

Wainscoting

62
Q

62 of 117Easement

A

The right of a non-owner of property to exert control over a portion or all of the property. For example, power companies often own an easement over residential properties for access to their power lines.

63
Q

63 of 117Built-Ins

A

Specific items of personal property which are installed in a real estate improvement such that they become part of the building. Built-in microwave ovens and dishwashers are common examples.

64
Q

64 of 117What part of a house’s mechanical system has a device called a p-trap?

A
65
Q

65 of 117Who are the three parties involved in a deed of trust?

A

Trustee, trustor, and beneficiary

66
Q

66 of 117Who benefits directly if a property’s market rent exceeds its contract rent?

A

Lessee

67
Q

67 of 117Which of the following is a legal description of real property?

A

Lot and block

68
Q

68 of 117Which is generally true regarding a trade fixture?

A

It is generally considered personal property

69
Q

69 of 117Off-Street parking

A

Designated parking spaces associated with a particular building or other structure which are not located on public streets.

70
Q

70 of 117Tax-Exempt Property

A

Any property which is not taxed.

71
Q

71 of 117Location

A

The relative position of the property to competitive properties and other value influences in its market area; the time-distance relationships, or linkages, between a property or neighborhood and all other possible origins and destinations of people going to or coming from the property or neighborhood.

72
Q

72 of 117Which of the following roof types slopes on two sides?

A

Gable

73
Q

73 of 117Non-Conforming Use

A

The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use.

74
Q

74 of 117Which of the following roof types is double pitched on two sides?

A

Gambrel

75
Q

75 of 117Gross Living Area (GLA)

A

According to Fannie Mae, the most common unit of comparison for one-unit properties, including units in PUD, condo, or co-op projects. Only finished above-grade areas can be used in calculating and reporting of above-grade room count and square footage for the gross living area. Exterior measurements should be used to calculate above-grade GLA, except that interior measurements should be used for units in condo or co-op projects. Gross living area does not include garages, basements or seasonal living areas such as porches, patios or decks. One standard of measurement used by some appraisers in calculating the gross living area of a single-family residence is the ANSI standard (American National Standards Institute).

76
Q

76 of 117What is the term for someone who rents property to another under a lease agreement?

A

Lessor

77
Q

77 of 117Grade

A

The slope of land around a building.

78
Q

78 of 117Seasonal Dwelling

A

A dwelling not intended for year-round use, e.g., a vacation home such as a beach house or ski lodge, or a cabin or cottage.

79
Q

79 of 117Which of the following is not true of personal property?

A

It is generally immovable

80
Q

80 of 117On-Site Improvements

A

Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.

81
Q

81 of 117Warranty

A

An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.

82
Q

82 of 117Which of the following is the best example of functional obsolescence?

A

Access to the sole bathroom in a house via a bedroom

83
Q

83 of 117Which of the following measurements is closest to one acre?

A

512’ x 85’

84
Q

84 of 117Assessed Value

A

The value of a property according to the tax rolls in ad valorem taxation; may be higher or lower than the market value or based on an assessment ratio that is a percentage of market value.

85
Q

85 of 117Detached Single-Family Home

A

A single building improvement intended to serve as a home for one family.

86
Q

86 of 117Which type of legal description describes a property’s boundaries in terms of courses and distances?

A

Metes and bounds

87
Q

87 of 117Which of the following terms refers to the ‘mortgagor?’

A

Borrower

88
Q

88 of 117Walk-Through Inspection

A

A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

89
Q

89 of 117Who holds the leased fee interest in a property being leased?

A

Lessor

90
Q

90 of 117Assessment Ratio

A

The comparative relationship of a property’s assessed value to its market value.

91
Q

91 of 117Assessment

A

The function of assigning a value to a property for the purpose of levying taxes.

92
Q

92 of 117Estate Tax

A

A tax on the estate or wealth of the deceased person that is usually computed as a percentage of the market value of the assets of the estate. See also inheritance tax.

93
Q

93 of 117Which of the following best describes an abstract of title?

A

A written summary of chain of title and current recorded liens and encumbrances.

94
Q

94 of 117Floor Plan

A

The representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.

95
Q

95 of 117Zero Lot Line

A

A municipal zoning category wherein a building or other fixture may abut the property line.

96
Q

96 of 117Semi-Detached Housing

A

Two residences which share a common wall.

97
Q

97 of 117Which of the following is not a leasehold estate?

A

Life estate

98
Q

98 of 117Accessory Building

A

A building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage.

99
Q

99 of 117Hidden Amenities

A

Assets of a property which contribute to its value but are not readily apparent. Examples might include upgraded or premium building materials.

100
Q

100 of 117Which of the following is typically shown on a plat map?

A

The layout of the sites in a neighborhood

101
Q

101 of 117Height Zoning

A

A municipal restriction on the maximum height of any building or other structure.

102
Q

102 of 117Which type of entity is created to hold title to property in cooperative interest ownership?

A

Corporation

103
Q

103 of 117Unencumbered Property

A

Any property which has no outstanding claims or liens against it.

104
Q

104 of 117Which of the following is true concerning the grantor in a life estate?

A

The grantor has a reversionary interest

105
Q

105 of 117Cul-De-Sac

A

A dead-end street. One with only one entrance/exit.

106
Q

106 of 117What type of structure refers to a particular floor of the home with one side of the house is built into the grade?

A

Daylight basement

107
Q

107 of 117What type of architectural style is noted by a house in which the second floor living area is 100% of the first floor living area and is very symmetrical with a centered door with windows equally spaced on both sides?

A

Colonial

108
Q

108 of 117Legal Nonconforming Use

A

A use that was lawfully established and maintained, but no longer conforms to the use regulations of the current zoning in the zone where it is located; also known as a grandfathered use.

109
Q

109 of 117Residential Property

A

A vacant or improved parcel of land devoted to or available for use as a residence, e.g., single-family homes, apartments, rooming houses. A piece of property used for permanent human habitation whether it be for single family or multifamily use. Many state regulatory agencies use this term to mean a property with 1-4 dwelling units.

110
Q

110 of 117Manufactured Housing

A

Manufactured housing refers to Structures that are transportable in one or more sections. They are designed to be used as a dwelling when connected to the required utilities, which include the plumbing, heating, air-conditioning, and electrical systems contained therein. Manufactured Housing is designed and constructed to the federal Manufactured Housing Construction and Safety Standards (MHCSS), as evidenced by an affixed HUD Certification Label. Manufactured housing may also be referred to as mobile housing, sectionals, multi-sectionals, double-wide, triple-wide, or single-wide. (HUD Handbook 4000.1)

111
Q

111 of 117Special-Purpose Property

A

A property with a unique physical design, special construction materials, or a layout that particularly adapts its utility to the use for which it was built; also called a special-design property.

112
Q

112 of 117Common Area Assessments

A

Fees which are charged to the tenets or owners of properties to cover the costs of maintaining areas shared with other tenets or owners. Commonly found in condominium, PUD or office spaces.

113
Q

113 of 117Which of the following refers to property taxes that are based on assessed value?

A

Ad valorem tax

114
Q

114 of 117Remodel

A

An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

115
Q

115 of 117Which kind of deed offers a buyer the least protection?

A

Quitclaim deed

116
Q

116 of 117Title Company

A

An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act as the facilitator to ensure all parties are paid during the real estate transaction.

117
Q

117 of 117Which of the following is always considered personal property?

A

Trade fixture

AZY (6 decks)

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