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Quiz 3 Flashcards
IncorporealPatents, copyrights, trademarks are best described as:a.
Corporealb. Bilateralc. Incorporeald. Tangible Land, the buildings on it, and anything permanently attached to the land and/or buildings and all appurtenances
Real estate is best defined as:a. Land and the air above itb.
Land, the air above it and everything above and below the groundc. Land, the buildings on it, and anything permanently attached to the land and/or buildings and all appurtenancesd. Land and all the rights in the land Eminent domainWhen a property is taken for public use and compensation is given, then the following term would be used to describe what has happened?a. Subrogationb. Eminent domainc.Subordinationd. Escheat $2,000A broker has a listing on a vacant lot of 100 feet wide by 125 feet deep that is for sale at $250 per front foot. The
commission at 8% of the sales price is:a. $2,500b. $2,000c.
$1,500d. $1,250 Power of eminent domainTaking property for public use utilizing the condemnation
process is under the:a. Police power of the stateb. Power
of eminent domainc. Power of adverse possessiond.Dedication rights of the state Improvements to the land that result in accessibility not previously available The quality of the location of land and consequently the
value of the land can be changed by:a. Principle of
nonhomogeneityb. Relocation of the landc. Changes in the national scope of the real estate businessd. Improvements to the land that result in accessibility not previously available Eminent domainThe government may acquire private land for the public
welfare through the right of:a. Eminent domainb. Planning
and zoningc. Plottaged. Assembledge CondemnationThe process for implementing the taking of private property for public use wherein just compensation is paid to the
owner is called:a. Eminent domainb. Condemnationc.
Escheatd. Assessment
FixturesReal estate includes:a. Fixturesb. Trade fixturesc.
Emblementsd. Fructus industriales Resolutions passed by local realtor boards All of the following are methods for regulating land for use
except:a. Building Codesb. Zoning laws implemented by
county or city governmentc. Deed Restrictions listed in a subdivision's restrictive covenantsd. Resolutions passed by local realtor boards Financing StatementUnder the Uniform Commercial Code, the document used
to create an interest in personal property is:a. Chattel
mortgageb. Financing Statementc. Certificate of Saled. A security agreement
Fuel in oil tankIn the absence of any agreement in the sale contract, which most likely would be considered personal property?a. Wall to wall carpetingb. An ornamental hedgec.Fuel in oil tankd. Custom made window shades Riparian rightsOwnership rights of land bordering a non-navigable river
are known as:a. Riparian rightsb. Littoral rightsc. Prior
appropriationd. Alluvion Navigable river running through the property Which of the following is not an ownership right to real estate?a. Buildings located on the landb. Air space above the propertyc. Easement running with the landd. Navigable river running through the property $168,511A seller paid $132,000 for a house and now wants to sell it at 20% profit after paying a broker a 6% commission. What is the selling price?a. $165,000b. $148,896c. $176,000d.
$168,511
Personal propertyWhat best describes chattel?a. A fixtureb. Personal propertyc. Personal property that has been converted to real estated. A mortgage on personal property $153,799A salesperson receives $5,687.50 commission from the sale of a house after the deduction of a 45% brokerage fee and a $425 fee for administrative services was deducted form the total commission. The listing agreement established 7% commission rate. What was the sales price of the house?a. $185,835b. $158,766c. $153,799d.
$197,619
ImmobilityThe characteristic of land that causes the real estate market to be essentially a local market is the physical
characteristic of:a. Indestructibilityb. Immobilityc.
Availabilityd. Natural features Specific performanceBecause no two pieces of property are identical is the
reason for:a. Punitive damagesb. Specific performancec.
The statue of fraudsd. The parole evidence rule accretionA homeowner acquired the ownership of land that was
deposited by a river running through her property by:a.
relictionb. accretionc successiond. avulsion $1,113.00"T" earns an 8% on the first $75,000 of sales for the month and 3% for all over that amount. If "T" sold houses totaling $162,100 for the month, how much more would "T" have
earned as a straight 6% commission:a. $8,613.00b.
$1,113.00c. $4,355.00d. $2,613.00 Readily moveable itemsAll of the following are real property except:a. Surface of the earthb. Area below the surfacec. Readily moveable itemsd. Area above the surface Eminent DomainCondemnation of private property for public use is called
the right of:a. Police powerb. Acquisitionc. Escheatd.
Eminent Domain
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