Chapter 1 - 2 Flashcards

Chapter 1 - 2 Flashcards An increase in value resulting from plottage is known as assemblage.a. Trueb. False

• False

David owns property along the banks of the Little Big Horn River. Scott owns property adjoining David's, and has access to the highway, but not to the river. Scott and David grant each other appurtenant easements to cross each other's property to get to the road and the river respectively. The riparian rights associated with property

ownership belong to:a. David because his property abuts

the riverb. Scott, because he has an easement to cross David's landc. Both David and Scottd. Neither, the granting of the easement revoked David's rights and Scott's property does not abut the river

• David because his property abuts the river

Combining two or more contiguous parcels real estate into a single parcel is known as plottage.a. Trueb. False

• False

Two real estate developers are working on similar but competing commercial developments. Both projects are finished at approximately the same time and are of similar quality and purpose. Which of the following would most likely characterize the reasons that one succeeds while the other fails?a. Supply and demand.b. Situs.c. Plottage value.d. Nonhomogeneity.

• Situs.

Barney owns a lot valued at $84,000. He purchases an adjoining lot for $66,000 and merges the two properties.The current appraised value of the newly formed lot is

$177,500. This is an example of:a. Accretion.b. Avulsion.c.

Plottage.d. Hypothecation.

• Plottage.

The real estate market is just like the market for any other commodity.a. Trueb. False

• False

Soil from Smith's land is washed down and deposited on Brown's property. Who owns the soil?a. Smith.b. Brown.c.The state.d. The city or county in which the property is located.

• Brown.

When the action of water causes moves soil away from a

property, that is referred to as:a. Erosion.b. Accretion.c.

Heterogeneity.d. Assemblage.

• Erosion.

Merging two or more properties into common ownership is known as ______, while any increase in value that results is known as ______.a. Progression; regression.b. Plottage; assemblage.c. Assemblage; plottaged. Situs; production.

• Assemblage; plottage

Barney owns a lot valued at $84,000. He purchases an adjoining lot for $66,000 and merges the two properties.The current appraised value of the newly formed lot is

$177,500. This is an example of:a. Accretionb. Avulsionc.

Plottaged. Hypothecation

• Plottage

The merging of adjacent properties into one of common

ownership or usage is known as:a. Annexation.b.

Abutment.c. Marshaling.d. Assemblage.

• Assemblage.

A real estate developer who plans to build a large industrial park must buy property from three different owners before he can proceed with his development plans. This would be considered...a. The development stage of planning.b.Plottage value.c. Assemblage.d. Contiguous combination.

• Assemblage.

There will always be plenty of land for everyone who wants to buy some.a. Trueb. False

• False

Because investments in real estate tend to be long-term, the real estate market is slow to respond to changes in demand.a. Trueb. False

• True

The accumulation of soil on an owner's property caused by the movement of water is known as?a. Accretion.b.Riparian.c. Assemblage.d. Annexation.

• Accretion.