Quiz 1 Flashcards
What is an example of the private control of land use
A. Zoning
B. Restrictive covenants
C.Building codes
D. Environmental controls
Restrictive Covenants ( zoning, building codes and environmental controls are all government controls while restrictive covenants are private)
What is classified as “real property”
A.Bedroom curtains
B. Big screen tv
C. Dining room chandelier
D. Portable dishwasher
A fixture is something which was once personal property but now has become real property by annexation, adaptation, or intent. A dining room chandelier is attached to the property by hard wiring while other items are considered movable and thus personal property (dining room chandelier) is an example of
Public land use controls exist in the form of?
A. Restrictive covenants
B. Zoning Laws
C. Deed restrictions
D. Conditions in a plated subdivision
Zoning laws (zoning is a government control while restrictive covenants are in private deeds and subdivisions conditions are often set up by the developer
Land use that, among other things, result in the greatest present value of the land is referred to ?
A. Highest and best use
B. Economic characteristics
C. Valuation analysis
D. Economic factors
Highest and Best value ( Highest and best use combines all factors to result in the highest value while economic characteristics and factors are merely a part of that determination which would be in a valuation analysis)
A seller wishes to remove certain shrubs planted in the front yard and not include them in the sales price of the home. How should he go about it?
A. The shrubs must be left and included in the sales price of the home
B. The shrubs can be removed unless they are valuable
C. If the seller planted the shrubs they can be removed
D. The seller may only do so if permission for the removal is specifically stated in the sales contract.
The seller may do so only if permission for the removal is specifically stated in the sales contract (The shrubs are a fixture so it is assumed that all personal property will be removed by the seller. The value of the shrubs and who planted them is immaterial. However the best answer is D because the buyer and seller may always negotiate the disposition of the real and personal property which should be clearly stated in the sales
The title company’s template for closing is the?
A. Listing contract
B. Deed
C. Purchase agreement
D. Land Contract
Purchase agreement ( The purchase agreement is the Title companies template for the closing and it is illegal to close the transaction contrary to the purchase agreement. The listing contract is an employment contract between the seller and broker not the buyer. The deed and the land contract are documents actually transferring ownership.
To refer to someone as a realtor means the person must?
A. Have a salesperson license
B. Be a member of NAR
C. Have a broker license
D. Land Contract
Be a member of NAR (realtor is a trademark term which means someone who is a member of NAR licensing is handled by the state.
Physical characteristics of land include all of the following except?
A. Homogeneity
B. Heterogeneity
C. Indestructibility
D. Immobility
Homogeneity ( Homogeneity means simply that some properties are very similar to each other. Heterogeneity ( meaning no two properties are identical), immobility and indestructibility are characteristics of land.
Sale of the land includes all of the following except
A. Mineral rights
B. Air rights
C. Water rights
D. Personal property
Personal property (Ownership of the land includes the surface, air and subsurface rights thus; mineral rights, water rights, and air rights are real property. Personal property is not part of the real property so not included in the sale unless mentioned specifically in the purchase agreement.)
The most important single feature which contributes to the value of the property is?
A. Conditions
B. Location
C. Uniqueness
D. Supply
Location (Location is the most important contributor to value because it is the one thing which cannot be changed.)
