property ownership

Question 1

real estate

Answer 1

land, plus all things permanently attached to it naturally or artificially

Question 2

real property

Answer 2

real estate, plus interest, benefits and rights included with real estate ownership

Question 3

improvements

Answer 3

artificial attachment to the land that includes things such as fencing, buildings, and walkways

Question 4

ownership right

Answer 4

are the bundle of rights all of them

Question 5

land

Answer 5

the earth’s surface extending downwards to the center of the earth and upwards to infinity, including permanently attached natural objects

Question 6

personal property

Answer 6

everything owned that is not real property aka chattel

Question 7

annexation

Answer 7

the process of converting personal property into real property

Question 8

the baseline

Answer 8

runs east and west from which measurements originates

Question 9

north and south lines are called

Answer 9

range lines

Question 10

runs east and west lines called

Answer 10

township lines

important: every township is 6 miles or 36 square miles

Question 11

the rectangular government system

Answer 11

divides land into townships and further into sections. it is read from right to lefts: S1/2 SE1/4 NW 1/4 section 14, township Clarkson

Question 12

the principal meridian

Answer 12

are the north-south line that runs through an initial point

Question 13

every section is

Answer 13

one square mile, which is also one-mile square

Question 14

lots and block

Answer 14

a lot and block leagal descriprion looks like

lot 6 of block 3 of the east subdivision plus ad recorded in mao book 18, page 11 and the recorded of deeds

Question 15

Do metes refer to?

Answer 15

distance

Question 16

Do bounds refer to?

Answer 16

direction

Question 17

metes and bounds

Answer 17

descriptions characterized by a point of beginning, which is where the description both begins and ends

a metes and bounds legal description looks like this:
beginning at a stake and stones about 30 feet from the center of the brook that runs accross the road southwesterly from the dwellig house etc

Question 18

datum

Answer 18

a horiontal point of reference from which survetors measure the depth and height of various land elevation

Question 19

benchmark

Answer 19

is a a point of exact elevation

Question 20

servient estate

Answer 20

is the property that suffers from the easement. the servient is the property on which the easement lies

Question 21

dominant estate

Answer 21

the property or individual who uses the easement holds the dominant estate. he enjoys the easement

Question 22

what liens take priority over all other types?

Answer 22

HOA lines

Question 23

prior appropriation

Answer 23

if you use or take water from a source you will continue to have a claim of the water

Question 24

reliction

Answer 24

when water uncovers new land

Question 25

avulsion

Answer 25

a sudden loss of land or tearing away land

Question 26

erosion

Answer 26

gradual loss of land due to a natural force

Question 27

alluvion

Answer 27

a new deposit of land that is the result of accretion

Question 28

accretion

Answer 28

water carries rock, sand, and soil and causes a land build-up

Question 29

tenancy in common

Answer 29

form of co-ownership in which each is entitled to possession. and owners ownership is inheritable upon owners death, doesn’t necessarily pass to the other owners

Question 30

When considering loan risk, which two items will lenders consider in equal measure?

Answer 30

borrower and credit

Question 31

A living trust differs from a testamentary trust in that a living trust is established to convey property as well as to ______.

Answer 31

Transfer ownership before death and avoid probate

Question 32

What does the income approach to value rely on when valuing properties that are five or more units?

Answer 32

gross income multiplier

Question 33

income approach

Answer 33

analyzes income the property could generate

Question 34

Gross Income Multiplier

Answer 34

Sales price divided by gross annual income

Question 35

Gross Rent Multiplier

Answer 35

Sales price dividing by gross monthly rental income

Question 36

bulk zoning

Answer 36

controls density and overcrowding

Question 37

Which of the following is most likely to have an extremely negative effect on the time and cost of a development project?

Answer 37

Discovery of hazardous materials on the project site

Question 38

What’s the term for a requirement that all property owners in a subdivision have a six-foot privacy fence surrounding their entire property?

Answer 38

restrictive convenant

Question 39

Which agency enforces Title II under the Americans with Disabilities Act of 1990, when it relates to state and local public housing, housing assistance, and housing referrals?

Answer 39

Department of Housing and Urban Development

Question 40

Bob signed a contract to purchase Ingrid’s apartment building. Bob decided he didn’t want to be a landlord, and Ingrid decided she didn’t want to sell and move to Maui. They mutually agreed to cancel the contract, and Ingrid returned Bob’s earnest money. This is referred to as ______.

Answer 40

recession

Question 41

Which clause in a contract states that one or more parties won’t be held liable if there are losses or expenses related to the contract?

Answer 41

indemnification clause

Question 42

a clause in a contract that states that if parts of the contract are held to be illegal or unenforceable, the remainder of the contract should still be valid. It is also called a Salvatorian clause.

Answer 42

Severability clause

Question 43

John’s property is shaped like a triangle. The street side is 185 feet, and from the street to the longest point of the triangle is 225 feet. How do you calculate the square footage of John’s property?

Answer 43

Multiply 185 by .5; multiply your answer by 225.

Question 44

Joe gave land to a school, but still wanted to have some control over its use, so a deed was prepared that gave the school title as long as the land is used for educational purposes. What type of interest does the school have?

Answer 44

Fee simple determinable

A fee simple determinable has limitations as to what can or can’t be done with a property. It uses phrases such as “so long as,” “while,” or “during” to describe the required condition.

Question 45

What does an REO on a lender’s assets mean?

Answer 45

The lender owns real estate after a foreclosure sale.

Question 46

Which statement best describes an adjustable rate mortgage?

Answer 46

A loan with a rate that fluctuates based on the economic index to which it is tied

Question 47

What’s the purpose of a buyer representation agreement?

Answer 47

To establish an exclusive agent/buyer relationship

Question 48

In contract law, undue influence differs from duress in that duress includes _____

Answer 48

Use or threat of force

Question 49

In order to qualify as one of the five real estate professional members of the Maryland Real Estate Commission board, how many years of real estate experience must you have?

Answer 49

10 years

Question 50

Fabio just received his broker’s license and is striking out on his own after 15 years as a salesperson. He’s registered his firm with the commission and is setting up his firm’s bank accounts. What must he make sure to do in order to comply with Maryland law regarding trust accounts?

Answer 50

Maintain the accounts at a federally insured financial institution in Maryland.

Question 51

what is the purpose of underwriting

Answer 51

to determine the risks of making a loan

credit, capacity, collateral

Question 52

BLOCKBUSTING

Answer 52

An illegal method of obtaining houses at below fair market value by telling the inhabitants that people of a different race or religion, moving into the area, will cause property values to fall.

Question 53

steering

Answer 53

is the act of directing or not directing clients to a certain area based on their, color, religion, sex, familial status, national origin, or handicap. just because she believes that a person is Muslim and the area does not mean that the area is bad for them is a violation of the federal fair housing act.

Question 54

what is the main purpose of regulation Z?

Answer 54

to let borrowers know the true cost of credit