NationalIdaho real estate test Flashcards

National/Idaho real estate test Flashcards the reversion of a property to the state or county when a person dies intestate with no heirs or property is abandoned this is called escheat the parcel that provides the land for the easement is theSERVIENT estate Agents use which approach to value usually in residential sales Sale date approach equity is defined asthe market value less the debt owed Which item would be an example of depreciation accounted for in the cost approach ?Broken windows how do you transfer personal property in a sale ? Bill of sale bookshelves screwed into the wall in the family room is example of ..fixture what is the legal description style which uses a map that references streets easements and points of beginning?recorded plat What do you not deduct from gross income to get net operation income Debt service What forms would be used to ask for a different closing date during escrow An addendum Marketable title meansThe buyer could sell or mortgage the property which type of easement attaches to the owner land and transfers to the new owner appurtenant easement an ice cream making machine bolted to the wall in a restaurant is an example of a trade fixture a permitted use of real property that was lawfully established at the time of original construction but no longer conforms to existing zoning is called NON- Conforming use What principle of value addresses how well a property conforms to its surroundings?Progression/regression Which is not an approved method to legally describe real estate in Idaho Street address What is the same as sole ownershipSeverally ownership An estate refers toCertain rights and ownership in land By what process does the government exercise eminent domain Condemnation Transferring a intangible right to a contract in escrow is called Assignment the style of legal description that uses monuments and compass direction is metes and bound What happened to the interest of a tenants in common owner upon their death ?Their will would stipulate

An estate refers toCertain rights and the extent of ownership in land What type of depreciation considers factors outside the property lines?Economic obsolescence When does an ordinary life estate terminate Upon the death of the life tenant Which title policy would insure against encroachments ?Owners extended policy can a tenant remove a trade fixture one the lease is up?yes but any damages must be repaired these agreements are personal in nature, does not attach to the dominate estate, rather a person or entity easements in gross initially the neighbors believe and agree to a property line but later find out its in the wrong spot. what legal concept would leave the fence where is was originally placed?boundary by agreement the term used to denote not only the land and improvements to real estate but also the intangible rights included is real property how does a corporation own real estate?in severalty What is the formula to determine value in the income approach The net operating income divided by the cap rate What is an over improvement ?Building an 1,800 sq fit Home amongst 1200 ft homes Where there are lots of comparable sales it is best to use which approach to value Market data approach What has happened when traffic patterns change and cause Business to drop Economic obsolescence a possible encroachment is determined by a Survey An owner of a home died. The owner was not married the probate court disposed of the Home per state statues .How did the owner die Intestate Which statement is true regarding the cost approach to value You deduct the amount of accrued depreciation from the cost to build or re build If a party signs a contract because they fear for their life what has occurred Duress An appraisal is an --- of valueOpinion what are the owners rights if their farm zoning is changed by the county to single family residential ?their old use continues through non conforming use.Determining a property most valuable use is the study ofHighest and best use Can a seller accept and offer from buyer 2 while waiting to hear if buyer 1 will accept sellers counter offer Yes but they would with draw the counter offer made to buyer 1 first Which occurs by operation of lawInvoluntary alienation what is the area between businesses and wetlands? buffer-zone A married man received an inheritance and buys an office building as a rental with the money. What is the status of the paid by the building tenants ?He and his wife must share the rent An example of special purpose real estate is A public school Which is not an approach to value in appraising Appraisal approach Which approach to value requires we determine the amount of depreciation The cost approach

if you cut a tree down in your yard and stack it up into cords of wood what has happened?severance turning real property into personal the bundle of rights is part of the def of REAL PROPERTY What is correct regarding functional obsolesces? It is curable How may a life estate be establishedBy the provisions of the deceased estate What's the requirements to establish an adverse possession claim Poacher - pay taxes -open(not hiding it ) -actual possession-continuous for 20years -hostile to the owner- exclusive to the possessing party-really quiet title.Which is not a seller remedy after a buyer default during escrow Misrepresentation The bundle of legal rights is part of the definition ofReal property this is used as a transition between two incompatible zonesbuffer zone What type of business structure allows all owners to participate in running the concern and save unlimited liability ?General partner ship It is necessary to know all these numbers to derive market value in the income approach except ?Annual depreciation charge A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do ?Refer them to a lawyer a wife buys home with inheritance. how does she own it ?in severalty Can a seller accept an offer that has expired Yes but the buyer need to acknowledge the late acceptance If you take a short cut through your neighbors land to get to the lake for a long enough time you may be able to gain legal access forever through this concept Prescriptive easement One of the 4 owners of an apartment building wants to sell but the others do not. Can the one owner force the partners to sell?Yes a partition suit in court may do that What type of appraisal is most commonly used in a residential sale ?Form report access created by the courts to grant a landlocked owner access is easement by necessity What's does not appear on a property chain of title report?The property zoning Using a cap rate in the income approach helps one determine The market value of an income producing property Having your river front lot grow in size because the current deposits sediment on your lot is called Accretion If one dies with a will they dieTestate A condensed history of the chain of title is called aAbstract The priority of loans against a property is set byRecording date this refers to the number of lots a parcel of ground can be subdivided into gross density the party that USES an appurtenant easement is calledDOMINANT estate In the market data approach what would you do if s comparable had an upgrade the subject didn't have ?Deduct from the comparable

If a couple married and she retains 100% free and clear ownership of her old house as a rental what happened to the monthly rent received ?The rent is community property shared by both What types of properties would the cost approach to value be best to use Properties where no comparable exist If one dies without a will and no Heirs can be located their property goes to the state through Escheat which police power allows a city to forcibly purchase a vacant lot to build a parking lot?eminent domain Legal life estates areFor husbands and wives only condo ownership includesan undivided interest in common areas Condemnation and escheat are examples of Involuntary alienation During escrow what right does a buyer have to the subject property?Equitable title If two parties sign a contract to rob a bank it isVoid What does lis pendens meansLawsuit pending Which is not a requirement to establish a prescriptive easement Payment or the property taxes Assembling lots to make one large parcel worth more than the combines values is Plottage What's do you deduct from gross income to get net operation income ?Leasing commissions an unauthorized invasion or intrusion of an improvement or other real property onto anothers property is a(n) encroachment The police power that allows a government to force a party to sell them some or all of their land is called Eminent domain What law says a real estate contract must be in writingStatute of frauds When a personal residences is foreclosed on this law would protect some of the equity against unsecured creditors Home stead law What is the type of preorder where the owner owns a block of air but no ground ?A condominium Which of these considerations would be most important to note in the comparable using the market data approach Square footage of the improvements an easement through your neighbors land for you to use to get to the lake is called an appurtenance In the market data approach an appraiser would take which step first Determine highest and best use When writing an offer a licensee mayFill in the blanks when a grantor attests they are signing the deed of their own free will it is called acknowledgement a corn crop growing out in a field is an example of aemblement When does an offer expireAs per the offer terms