Real Estate UNIT 1 National Exam Flashcards

Real Estate UNIT 1 National Exam Flashcards All of the following are true about fixtures EXCEPTA.) fixtures typically start as personal propertyB.) if the seller is going to keep a fixture, it must be excluded in the purchase contractC.) trade fixtures are treated the same as other fixturesD.) the intention, attachment, adaption, and agreement are all used to define a fixture.Trade fixtures are treated the same as other fixtures.

A fixture is defined as:A.) personal property attached to real

propertyB.) a lien of recordC.) chattelD.) an encumbrance Personal property attached to real property A survey would do all of the following EXCEPTA.) establish boundariesB.) create legal descriptions for plat mapsC.) reveal an illegal use such as a commercial use in a residential zone.D.) find encroachments Reveal an illegal use such as a commercial use in a residential zone.The definition of real estate includesA.) landB.) improvementsC.) rightsD.) All of the above All of the above A development bought a 100-acre parcel to subdivide into one-acre homesites. Which of the following methods of legal description would BEST achieve the developer's objectives?A.) government surveyB.) monumentsC.) lot and blockD.) metes and bounds Lot and Block The distance that a zoning ordinance requires between a

property's boundaries and its improvements:A.) buffer

zoneB.) rangeC.) frontageD.) setback Setback The principal of doctrine of prior appropriation

determines:A.) which user's water rights have priorityB.)

who owns the fixturesC.) how personal property is distributedD.) who has access to water rights Which users water rights have priority A developer is asking to be allowed to put 10 manufactured houses on his lot that is zoned residential. Which of the following codes will the developer have to follow?A.) local city code, which requires that all residential homes have at least 10 feet of separation and be compliant with current building codesB.) County code, which requires 15 feet of separation, concrete foundations, and compliance with current building codesC.) State code, which requires distances of 5 feet and allows block foundationsD.) Federal code, which requires compliance with local building codes.County code because you always choose the strictest code.Which of the following BEST defines a plat?A.) a method of legal description using sections, townships, and rangesB.) an informal reference to properties in a neighborhoodC.) a document used to record a subdivision of landD.) a instrument used by surveyors to locate property boundaries A document used to record a subdivision of land.

What is the first number on square footage? First number is the street square footage.After completing the plat map, the developer's next step is

to:A.) request a certificate of occupancyB.) pull the building

permitsC.) record plat mapD.) sell the lots request a certificate of occupancy An area of land that separates two drastically different land

use zones is:A.) buffer zoneB.) setbackC.) nonconforming

zoneD.) variance Buffer zone How many square feet in an acre?43,560 The document that confirms a new building has met all the minimum building standards and is the final regulatory step in the process of offering new construction for sale is called

a:A.) building permitB.) certificate of zoningC.) building

codeD.) certificate of occupancy Certificate of Occupancy What is an appurtenant?Appurtenance is a legal term denoting the attachment of a right or property to a more worthy principal. Appurtenance occurs when the attachment becomes part of the property such as a furnace or air conditioning unit.A buyer wants to use a residential property for a small

business. Before closing, the buyer should:A.) apply for a

special use permitB.) check the zoning to determine whether the use is allowedC.) call an attorney to request varianceD.) apply for a sales tax license check the zoning to determine whether the use is allowed.Real estate is bought and sold onA.) street addressesB.) property descriptionsC.) plat sizes onlyD.) plats and parcels Property Descriptions When articles of personal property, including landscaping are permanently attached to improvements, they become what?Fixtures

All of the following apply to water rights EXCEPT:A.)

riparian rightsB.) littoral rightsC.) avulsionD.) appurtenant Appurtenances Which of the following is TRUE about mineral rights?A.) they represent an interest in personal propertyB.) they often are held by a third partyC.) they belong to the stateD.) liquid materials are considered personal property They often are held by a third party.Conditional vs non conforming.Conditional= church or day careNon-conforming= grandfathered in Which legal description uses a set direction?A.) metes and boundsB.) government surveyC.) lot and blockD.) recorded plat Metes and Bounds What is a "Buffer Zone" used for?To separate two incompatible zoning uses.Which of the following would ordinarily be considered personal property?A.) drapery rodsB.) freestanding RefridgeratorC.) built-in bookcaseD.) ceiling fan Freestanding Refridgerator The legal description of land that uses townships and

sections is:A.) rectangular surveyB.) metes and boundsC.)

lot and blockD.) township Rectangular Survey

What is a legal description that uses compass degrees?Metes and Bounds Personal property is transferred with what? Bill of Sale Townships, sections, and meridians are used by what form of a legal description?Rectangular Government Survey A municipality has authorized the improvement of a particular property in a manner NOT authorized by the

zoning ordinance. This is an example of:A.) setback

restrictionB.) buffer zoneC.) specific performanceD.) variance Variance Ownership of rights to a creek is known as what kind of rights?Riparian Rights Before a new building can be inhabited, what is required?Certificate of Occupancy Which method of legal description uses plat maps?A.) informal legal description by street address or rural routeB.) lot and blockC.) government surveyD.) metes and bounds Lot and Block How are townships numbered on rectangular survey grids?6 x 6 mile square. Starting in the top right corner as 1 and snaking back and forth.

All of the following are considered fixtures EXCEPT:A.)

plumbingB.) wiringC.) grape vinesD.) draperies Draperies What type of legal description is most often used in urban areas?Lot, block, and subdivision Nonconforming use is a term used in reference to property

that:A.) extends over lot linesB.) is in need of differed

maintenanceC.) doesn't comply with current zoning requirements but may have been granfathered in.D.) has not been recorded doesn't comply with current zoning requirements but may have been granfathered in.A method of property description using monuments,

distances, and compass directions is the:A.) lot and block

methodB.) metes-and-bounds methodC.) rectangular survey methodD.) maps and plats method Metes and Bounds Method A light industrial plant has been operating in compliance with its zoning classifiction. After a zoning change to single-family residential use, the owners of the industrial

plant are:A.) required to convert the building to

condominiums or other residential useB.) grandfathered and can continue the present use as long as that use is not enlarged or expandedC.) allowed to build an addition to the plantD.) given a one-time option to rebuild the plant if it is destroyed by natural causes.Grandfathered and can continue to the present use as long as that use is not enlarged or expanded.Permission to vary from strict compliance with zoning requirements may be obtained in the form of a what?Variance The seller and the buyer have negotiated an offer back and forth. In the original offer, the buyer asked for the seller's installed hot tub, which the seller had excluded from all marketing, the MLS listing, and the hot tub is not

mentioned. Who will own the hot tub at closing?A.) the seller, because the seller gave notice in the marketing and MSL listing and the listing broker was aware of the exclusion.B.) the buyer, because the hot tub is automatically transferred with the property because it is personal property.C.) the buyer; the seller would be in a breach if the hot tub were to be removed.D.) the seller because it was excluded in the listing.the buyer; because the seller would be in a breach if the hot tub were to be removed.Real estate and fixtures are transferred by what? A deed