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Real Estate National > UNIT 1 > Flashcards

UNIT 1 Flashcards

1
Q

T or F? Real property is immovable and includes land plus appurtenances that benefit the land.

A

True

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2
Q

What are attached to and run(transfer) with the land?

A

Fixtures

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3
Q

Government control of water rights for beneficial use is issued under the doctrine of what?

A

Prior Appropriation

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4
Q

T or F: Mineral(subsurface) rights are often held by a 3rd party

A

True

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5
Q

Real Estate is transferred by what?

A

a Deed

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6
Q

One transfers PERSONAL property with a _____.

A

Bill of Sale

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7
Q

Y or N: Is land ever considered a fixture?

A

No

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8
Q

An item that was once personal property that has been attached to an improvement is considered a _____.

A

Fixture

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9
Q

Intent is the test for a fixture and includes it’s Attachment, Adaptation, or ________.

A

Agreement–in the written contract, fixtures must be excluded in the contract to not be conveyed–Size, value, and location not important

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10
Q

Tenant installed additions necessary for a tenant’s business are called _________.

A

trade fixtures

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11
Q

Annually cultivated crops that belong to the party who planted them are called ________.

A

Emblements

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12
Q

Personal property must be INCLUDED in writing, ________ must be EXCLUDED in writing.

A

Fixtures

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13
Q

T or F, street addresses are informal descriptions that can change, and are not considered LEGAL descriptions that convey ownership.

A

True

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14
Q

T or F: Legal descriptions do not describe improvements, only the land.

A

True

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15
Q

A _______ is used to create or confirm a legal description

A

Survey

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16
Q

Once a fixture is attached to an improvement, it becomes an ____________.

A

appurtenance

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17
Q

______ method uses monuments or visual markers to establish boundaries.

A

Survey

18
Q

T or F: Improvement Location Certificates(ILC) or mortgage survey locate improvements on property and are used to LEGALLY set boundaries.

A

False–they are NOT used to legalley set boundaries

19
Q

This form of legal description uses “starting at or commencing at” and has a POB, point of beginning.

A

Metes and Bounds

20
Q

T or F: Townships are 6 miles x 6 miles squares and contain 36 sections.

A

T

21
Q

1 acre contains how many Square feet?

A

43,560 sf

22
Q

1 section is 1 mile by 1 mile and contains how many acres?

A

640 acres

23
Q

What section is commonly called the school section?

A

16

24
Q

Plat Map method is also called the _____ and ______ method.

A

Lot-and-block method, mostly used in subdivisions and urban areas

25
Q

Master development plans are to control what?

A

Population and types of growth

26
Q

An area of land that separates two significantly different land use zones is a _______?

A

buffer zone

27
Q

Building permits are used to ensure property owners are in compliance with what?

A

Building codes

28
Q

when there is a difference in law between local, state, and federal codes or restrictions, the _______is always used.

A

Strictest or most stringent

29
Q

A _______ is given after fulfilling all the requirements of the building permit.

A

COs or Certificate of Occupancy

30
Q

T or F: Setback requirements and building footprints will specify where improvements on your property can be made.

A

True

31
Q

Zoning laws and ordinances are set at the ______level.

A

Local

32
Q

this allows the owner to continue present use that no longer complies with current zoning

A

Non-conforming use, and can be grandfathered in…new owners will need to adhere to new zoning and may not enlarge or rebuild new improvements

33
Q

This allows an owner to vary or deviate from strict compliance with zoning in order to relive or prevent economic hardship.

A

A variance

34
Q

Zoning requirements and use is the responsibility of the buyer or seller?

A

the Buyer

35
Q

T or F: Traditionally, Frontage is figured or is the first number in the A = W x L of a property’s area formula.

A

True

36
Q

Real Estate consists of land, improvements, and ______.

A

a Bundle of Rights

37
Q

Real Estate and fixtures are transferred with a what?

A

Deed

38
Q

What is biggest factor affecting supply?

A

Governmental monetary policy

39
Q

To be called a REALTOR and individual must hold a real estate license and be a member of?

A

NAR–National Association of REALTORS

40
Q

Does population have more of an affect on supply or demand?

A

Demand

41
Q

T or F: Uniqueness and Immobility and location affect supply and demand.

A

True

Real Estate National (8 decks)

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