REAL ESTATE FINAL EXAM REVIEW Flashcards

REAL ESTATE FINAL EXAM REVIEW Flashcards Types of Hazards (Formaldehyde, Polychlorinated biphenyls (PCBs) ) Formaldehyde, used in a variety of building products, is a colorless chemical with a strong odor. It's emitted as a gas and is classified as a volatile organic compound (VOC). It's considered to be a "probable" carcinogen, and in a substantial portion of the population, is a respiratory, eye, and skin irritant. Pressed wood products (including laminated furniture and plywood), carpeting, and ceiling tiles are the most common offenders. Recent EPA regulations require use of certified products and labeling of certain products to reduce the impact of this chemical.Polychlorinated biphenyls (PCBs) are mixtures of a number of man-made chemicals. PCBs are odorless, tasteless solids or liquids and, prior to being banned in 1979, were used in industrial products and chemicals such as caulking compounds, transformers (including those in fluorescent lighting fixtures), and hydraulic oil. PCBs are classified as carcinogens. Though their use has been banned for many years, products containing PCBs may still be found. In addition, PCBs are thought to build up and remain in the environment (most often in water).Consuming fish from PCB-contaminated water is still a source of concern.Which of the following is NOT true regarding the Maryland Commission on Civil Rights?Commission members serve four-year termsMCCR is made up of nine governor-appointed members and an executive director who serve six-year terms.Joint TenancyJoint tenancy is a form of co-ownership in which equal ownership requires unity of time, title, interest, and possession.Just as with tenancy in common, any owner's debt can attach to the ownership interest of that owner.Joint tenancy includes the right of survivorship, which means that the surviving co-owner(s) will own the property of a joint tenant who dies.If there are only two joint tenants, the death of one dissolves the joint tenancy. The remaining tenant becomes the owner of an estate in severalty.If there are more than two joint tenants, a deceased tenant's ownership transfers in equal parts to the remaining joint owners.Survivorship takes precedence over any devisees named in a will, as well as any heirs named by laws of descent and distribution.If a joint tenant sells his or her interest, the buyer doesn't become a joint tenant with the other owners; the buyer is a tenant in common with the

remaining joint owners. That's because the unities of time and possession don't apply.Measuring StructuresStructure area is stated in square units, i.e. square feet, square yards, etc.Area of rectangle = length × width (6 × 4)Area of square = side × side (4 × 4)Area of triangle = 1/2 base length × heightBreak irregular shapes into basic shapes (square, rectangle, triangle), calculate area of each, then add for total area.Measurements and

conversions:One square yard = nine square feetSquare

feet ÷ nine = square yardsSquare yards × nine = square feetStructure measurement may be used to perform per-square-foot property calculations.ANSI sets standards for measuring structures.Spaces must be contiguous, meaning finished and unfinished spaces must be attached to one another to be included in the total measurement calculation.- Finished spaces can only be included if attached to the main property via stairways or hallways. If

Cheryl's She-Shed is in the backyard of a property, but isn't attached, it doesn't count as finished square footage.Rectangular Government Survey System in Detail (WEIRD ZIG ZAG ONE)The rectangular government survey system (also known as the Public Land Survey System (PLSS), because it was originally used to survey federally owned blocks of land) is regulated by the U.S.Department of the Interior, Bureau of Land Management.The rectangular government survey system is only used in 30 western and southern states; it is not used by east coast states except Florida; it is also not used by Texas. Some states, like Missouri, used this method of land surveying in their original land surveys, as opposed to the metes and bounds method.The PLSS system is actually a series of surveys that divide land into townships that are six miles by six miles square (for a total area of 36 square miles or 23,040 acres). Townships are further subdivided

into 36 one-mile-square (640 acres) sections (each section is one square mile or 640 acres) then into quarter sections, quarter-quarter sections, or irregular government lots.Beginning at an initial point, townships are surveyed in all directions. The north-south line that runs through the initial point is a true meridian called the principal meridian.There are 37 principal meridians in the United States, each referred to by name or number. For example, all land in Missouri is referenced to the Fifth Principal Meridian. The east-west lines that cross the principal meridians are called base lines; the north-south lines that run parallel to the principal meridians in six-mile-wide strips are called range lines. Lines that run east and west, parallel to the base line and six miles apart, are called township lines. The township lines form strips of land known as tiers.*****When land is mapped on the rectangular survey system, you read the directions beginning from right to left.Therefore, in Section 2, we look for the northwest 14, and from that we find the southeast 14, and from there we find

the south 12, which is the highlighted portion.EXAMPLE: If

you were saying it out loud, you'd say: "The southern half

of the southeast quarter of the northwest quarter of Section

• of Township Clarkson."S½ SE¼ NW¼ Section 2,

Township Clarkson.Lot and BlockBegin with a reference to either metes and bounds or RGSS, then divide the land into lots with numerical descriptions of each parcel.A plat with the lot descriptions is recorded in the land records. Lot-and-block divisions include streets, access roads, and other important

features.A lot and block legal description looks like this: Lot

• of Block 3 of the East Subdivision plat as recorded in

Map Book 18, Page 11 at the Recorder of Deeds Seo-yun completed all of her Maryland salesperson licensure requirements and submitted her documentation and licensing fees to the commission. A few days later, her broker presented her with her new license. What's wrong with this scenario?The license should have also come with a pocket card