Perry real estate final exam Flashcards

Perry real estate final exam Flashcards Our local government subject to the restraints of the fair housing act Yes, land use regulations, including zoning provisions in special use permit cannot effectively prohibit groups of disabled individuals from living in the residence of their choice This is a special type of zoning used to control density by imposing restriction such as setbacks Bulk zoning A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform only if the buyer is first able to sell her condo. This is an example of A property sale contingency protects a buyer who has to sell a property in order to buy the sellers property He governments payment to a landowner for seizure of his or her property is called Just compensation If a real estate agent suspects mold in a property what should he or she recommend An inspection can uncover the presence of mold According to the Supreme Court there are no exceptions regarding which protected class Racial discrimination Ownership of real estate by one individual is calledSeveralty A landlord is required To permit a tenant at the blank expense to make a reasonable modification of the living space in order to have full use and enjoyment of the premises Tenants Illegal because contracts must have a definite end dateBlank is possession without harassment or interference The term statue of limitation is best described as the limitation on the Every state limits the right during which parties to a contract may bring a legal action to enforce their rights.Rights not enforced within the Applicable time period Are lost EnjoymentThe terms land, real estate and real property are synonymous noneA tenant signed a one-year lease with a landlord on April

• On the following March 1, the landlord asked the tenant

whether the lease will be renewed. The tenant did not respond but was still in the apartment on April 11. What can the landlord do Air rights do not interfere with the use of the landAn individual who buys a cooperative receives which of the following The federal fair housing act prohibits discrimination on the basis of all the following except Sexual orientation In applying the balancing test the courts appear to favor the blank except under extreme circumstances Handicapped person $20KDonna's license has been canceled. She can have her license renewed as long as she does so within

If hud files charges, the aggrieved party has blank to exercise an election to take this matter to federal court for a jury trial 20 days he has 20 days to answer a complaintEloise is representing a buyer for a property. The buyer looks at a property that is actually owned by Eloise and her husband Lenny and listed by Eloise. Eloise does not mention this fact to the buyer. Eloise is in violation of license law for Remit money to the rightful ownerA builder has asked a licensee to list a newly built home.The sellers disclosure form is required unless An occupancy requirement is exempt from familial status protection under the fair housing act if the housing is intended to be occupied by persons 62 years of age or older. Or for occupancy and 80% of its units by at least one person 55 years of age or older It is improper to fail to return an agents license when askedIf a Kentucky license he wants to promote an out of state property in the state of Kentucky he or she must Proprietary leaseMark has directed a fence to keep trespassers from hunting on his property. Since Mark owns the land he can keep others off under the right of As an estate for years no notice was required to terminate.If the tenant does not pay rent, it will become a tenancy at sufferance. If the tenant pays rent and the landlord accepts it, it will be a holdover or periodic tenancy, which could be changed into an estate for years if they enter into a year-long lease If a landlord agrees to put part of the tenants rent towards the purchase price the landlord and tenants have agreed to One yearAn earnest money deposit must be placed into escrow within blank days of receipt A manufactured home can be turned into real estate by what process

AFFIXATION

For income producing property is the amount remaining after all expenses have been paid is known as Cash flow The amount a property increases in value after successful assemblage is Plottage What is an example of a unilateral contract In a unilateral contract only one party is obligated to perform. The optionor-owner of the property must sell at the agreed-upon price only if the optionee he decides to buy A lawsuit to terminate an easement is called an action toAction to quiet title In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money is there as Liquidated damages limit the compensation available to the injured party should a breach of contract occur The beneficiary of a land trust is also commonly The trustor The cost approach estimates accrued depreciation using the Straight line method This person is exempt no matter who pays the fee In designated agency the principal broker or managing broker is a

FalseBlank is the ability to legally refuse others interest Rights granted to owners along a river or stream are known as Riparian rights On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is set for June 10.On April 15 the property is struck by lightning and destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been adopted by the state in which the property is located, which party bears liability for the loss?In states that have adopted the uniform vendor and purchaser act, the seller remains responsible for the property until the day of closing A testamentary trust is created byA will What is minimum consideration in a valid contract Anything the parties agree is good and valuable All of the following are associated with a 1031 tax exchange except1. Like kind2. Boot3. Qualified intermediary4. The elimination capital gains taxes 4 120The duty of accounting means that a licensee must Exercise adequate supervision over their agents By law if an agent is asked to complete the sellers disclosure form the agent must have Mary received a life estate in 310 Broadway. Mary died in

• This means that the life estate

A life estate is a freehold estate limited in duration to the life of the owner or some other designated person What was banned in 1978 ever is associated health risk for discovery but it remains an ongoing going concern Asbestos A trust is a legal arrangement in which title to property is held for the benefit of a third-party by a trustee If I am makes an offer on a house and the seller excepts in writing. What is the current status of this relationship?Because the seller has promised to sell and the buyer has promised to buy, it is clearly a bilateral contract. It is express because they announced their intentions in writing.This contract is executory because the sale has not closed yet A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to the top selling sales person each quarter. This contract is an The offer of a bonus to the top selling sales person each quarter is an express contract because the broker clearly stated her intentions and words to the sales people. It is unilateral contract because she's obligated to keep her promise but the sales people are not obligated to perform Jamal Morton an herb are joint tenants in a parcel of land.Herb conveys his interest to his longtime friend Walid. After the conveyance Jamall and Morton Remain joint tenants owning a two thirds interest Once HUD approves the ruling the parties have blank days to appeal the case to the appropriate federal court of appeals 30 One of the drawbacks of a corporation is Double taxation Can appeal to circuit courtIn order to legally sell real estate at auction, to licensees must be present an auctioneer and a ResidentialWho owns the building that is erected on land that has a ground lease

At closing the virus is credit for accrued items. What expenses could these have been Accrued items are bills to be paid by the buyer The sellers disclosure is not required if the builder provides a warranty Listing agent should present the sellers disclosure form to the seller A woman is buying a man's house and wants to take over the mortgage. The lender releases the man from the obligation substituting the woman as the party liable for the debt. This new agreement is called Novation The equal credit opportunity act primarily deals with whatDiscrimination in lending At closing the listing broker commission is typically shown as a Debit to the seller Among other classifications the fair housing act of 1968 made it illegal to discriminate on the basis of Race, color, religion, or national origin If an adjacent public land use diminishes the value of your property you may claim compensation under which theory Inverse condemnation Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he will recapture ownership. The interest Lonnie has in the property is a reversionary interest The equal credit opportunity act of 1974 prohibits discrimination on the basis of all the following except Familial status PITT stands forPossessionInterestTimeTitle A business in which real estate investors pull the resources to own a particular property is called Syndicate ExclusionAfter the construction of a building in the air right above a rail road right of way the trains can Additional conditions that must be satisfied before a sales contract is fully enforceable are called contingencies If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are back to the positions they held before the contract, the contract has been Rescission allows both parties to return to their original possessions before the contract, so any monies exchange must be returned Disturbing blank during remodeling a renovation creates dangerous airborne particles that pose a health risk Asbestos A personal assistant may not disclose the purchase price on a contract Real estate brokerage includes all of the following activities except A licensee must take a minimum of three hours of law but may take more If a licensee has been found guilty of fraud in order to pay restitution the consumer can receive up to blank dollars from the recovery fund A partnership which is for a long-term arrangement is called Syndicate The term "metes" refers toDistance When the listing is signedThe information on the sellers disclosure form applies to Many states determine the order of water rights according to which users of the water hold recorded beneficial use permits. This allocation of water rights is controlled by If an owner has a beneficial use for scarce water, this falls under the doctrine of prior appropriation