Modern Real Estate Practice in Pennsylvania units 1-2 Flashcards

Modern Real Estate Practice in Pennsylvania (units 1-2) Flashcards A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?Subsurface Rights A provision in a subdivision declaration used as a means of forcing grantees to live up to the terms under which they hold title to the land is a Restrictive Covenant Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled

to support from the underlying coal. This is known as the:

Coal Notice The tenant of a single family home install an awning over the building's front windows to keep the sun away from some delicate hanging plants. Which of the following is true?The awning is considered a fixture.An individual is in the business of buying large tracts of land and then reselling them to consumers in small tracts.This person is a Subdivider Which of the following is a physical characteristic of real estate?Indestructability Which of the following is NOT an economic characteristic of real estate?Indestructability Zoning hearing boards are established to hear complaints about The effects of a zoning ordinance Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed?The purchaser may revoke the contract, at the purchaser's option, up to midnight of the seventh calendar day following the signing of the contract.Public land use controls include all of the following exceptdeed restriction The purpose of a building permit is toprovide evidence of compliance with municipal construction regulations When a subdivision was developed, a deed restriction covering all the properties in the subdivision set aside the back six feet of each parcel as a combination green belt area and bicycle path. One homeowner plans to convert the back one-half of her yard into an organic garden. What, if anything, can her neighbors do?Go to court in an attempt to obtain injunctive relief.The grantor of a deed may place effective restrictions onthe use of the land A developer may establish which of the following to control and maintain the character and quality of a subdivision?Restrictive Covenants Which phrase BEST defines real estate?Land and all things permanently affixed to it.What is the purpose of real estate license laws? To protect the public from fraud, dishonesty and incompetence

A homeowner is building an enclosed front porch on his home. A truckload of lumber that the homeowner purchased has been left in the driveway for use in building

the porch. At this point, the lumber is considered:

Personal Property Which of the following would NOT be a consideration when determining whether an item is real property?Cost of the item when purchased A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is

called:

Area preference To protect the public from fraudulent interstate land sales, a developer involved in interstate land sales of 25 or more lots must provide each purchaser with a report of details of the land, as registered with HUD.The buyers have asked their real estate agent to help them determine the correct way to take title to their new home. In

this situation the real estate agent should:

Suggest the that the buyers consult with an attorney.Which of the following would probably NOT be included in the list of deed restricitons?Allowable ethnic origins of purchasers The bundle of legal rights includes all of the following rights

EXCEPT:

use the property for any purpose, legal or otherwise The police power allows regulation of all of the following except building ownership A new zoning ordinance is enacted. A building that is permitted to continue in its former use even though that use does not comply with the new zoning ordinance is an example of a nonconforming use When is a certificate of occupancy issued? After a newly constructed building has been inspected and found satisfactory by the municipal inspector Soil absorption and drainage are measured by a percolation test (perc test) Real property can be converted into personal property

through:

Severance Which of the following is required in Pennsylvania Real Estate Transactions?Coal Mining Notice

The bundle of rights is included in the definition of:real property

The term nonhomogeneity refers to:uniqueness

Where are permitted land uses and set-asides, housing projections, transportation issues, and objectives for implementing future controlled development found?Comprehensive Plans How might a restriction in a seller's deed be enforced?Court Injunction Which entity is generally responsible for creating the requirements for a real estate license?Individual State Law After the construction of a building over a railroad right of way, the trains can No longer use the tracks under the building.Which of the following is considered to have the greatest impact on value of the a property?Area Preference

A map illustrating the sizes and locations of streets and lots in a subdivision is called a plat (plat map) A landowner who wants to use the property in a manner prohibited by a local zoning ordinance can try to obtain which of the following from the municipality?Variance When a development increases the traffic flow on existing streets and highways, the municipality can fund the cost of transportation improvements that are needed because of this development through impact fees While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?Ceiling fans are normally considered to be real estate.