Which of the following is NOT an example of a

360 Training Lesson Assessments Flashcards Prior to the Uniform Probate Code, what were the most common life estates created by law or statute?Dower and curtesy Which of the following is NOT an example of a government's exercise of its police powers?

Restrictive controlsFeedback:Rent controls, building codes,

and zoning laws are all examples of a government's exercise of its police powers.John is the life tenant of a home. He has allowed it to fall into disrepair, thereby violating the duty of preservation.Meghan, the designated remainderman, has which of the following recourses to protect the estate?File a suit through the courts Under the feudal system of land ownership who retains title to real property?The king or sovereign Co-ownership of property can be used to _______. Control transfer of the property at death Whether or not an object becomes real estate depends on whether the object was affixed or installed with _______.The intention of permanently improving the land An example of personal property is _______. Household furnishings A(n) _______ has no determinable period length and may be terminated by either party simply by giving notice.Estate at will Leasehold estates grant possession to the tenant, but no

_______.

title When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to _______.Whoever is designated in the decedent's will Licensees who have specific knowledge of a local real estate market are better able to serve the buyers and sellers in that _______.Community The development of a parcel of property to its greatest net income-producing potential reflects the principle of

_______.

Highest and best use Land values may suffer _______, which results from changes in surrounding areas that adversely affect its value.Economic obsolescence The surviving co-owner may automatically inherit the deceased co-owner's share when the property is held

_______.

As tenancy by the entirety Artificial factors affecting land utilization include _______.All of the following:- Streets- Availability of public utilities- Adjacent land patterns Who bears the burden of proof in a dispute about ownership of a property held by fee simple subject to conditions?The party trying to reclaim ownership Who can perform brokerage for consideration without a license?

All of the following:- Property managers and building

developers- Owners acting in regard to property that they

own- Bankruptcy trustees acting under court order

The listing agent works for _______.Both the real estate firm and the sellerFeedback:The listing agent works for both the real estate firm and the seller.If the rental agreement does not have a provision allowing trade fixtures to remain the property of the installing tenant, they would belong to the _______ upon termination of the lease.

TenantFeedback:If the rental agreement does not have a

specific provision that allows the landlord to retain trade fixtures, the fixtures remain the property of the installing tenant.The three components of land ownership, surface, subsurface, and airspace, are _______.seperable Which of the following is a type of private control over land use?Deed restrictions The major intent of zoning regulations is to _______.Ensure the health, safety, and welfare of the community Which of the following would be considered a physical, not an economic, characteristic of a property?How flood prone the property is For consideration, Joe Brown conveys a fee simple defeasible title to Mary Smith "for so long as the property is used as a farmstead with resident tenants." This title is

_______.

Feedback:In the case of a fee simple determinable, the

property given to a grantee under deed automatically reverts back to the grantor in the event the designated use of the property is not continued.Paying a(n) _______ person a commission or valuable consideration for services in a real estate transaction is a violation.Unlicensed Under a listing contract, the real estate firm becomes

_______.

The agent of the sellerFeedback:Under a listing contract,

the real estate firm becomes the agent of the seller.Depending on the state statutes, all of the following may

guide intestate succession, EXCEPT:

Estate in remainder What is the name of an institute that NAR has developed?The Institute of Real Estate ManagementFeedback:The NAR has developed special institutes that have designations and certifications in specialized areas of real estate. Examples include the Realtors National Marketing Institute and The Institute of Real Estate Management.The term "real property" is _______.A broader term for all rights, powers, and privileges inherent in real estate ownership What type of document conveys real property? Deed A life tenant has _______ to pay the real property taxes on the property in which he or she has a life estate.an obligation Immediately upon the death of the holder of a life estate or some other person named in the conveyance, the title automatically vests in the _______.Remaindermen Land is a permanent commodity. Land is _______. indestructable What type of concurrent ownership requires all four unities?joint tenancy What does a brokerage license allow?The ability to own and operate a business If the land is located in an area where available land has a _______, that land has a substantially higher value if it is located in a less desirable area.high demand A licensed salesperson is allowed to _______. Act on behalf of his/her supervising broker

If land is located in an area with little or no demand, the economic value is _______.Depressed The greater the supply of any commodity in comparison to demand, the lower the value will be. This is the principle of

_______.

Supply and demand What legal theory considers some articles to be so closely associated with a structure that they are deemed fixtures?Constructive annexation theory A property owner who holds fee simple title to land will have all of the following "sticks" in the bundle of rights EXCEPT the right to _______.Violate the building, health, and safety codes Construction and remodeling are separate businesses that rely heavily on _______.

Real estate salesFeedback:Construction and remodeling

are separate businesses that rely heavily on real estate sales.The purpose of a real estate brokerage is to _______.Assist buyers and sellers in negotiations and transactions

concerning real estateFeedback:The purpose of a real

estate brokerage is to assist buyers and sellers in negotiations and transactions concerning real estate.A real property owner needs to raise some quick cash.What can he/she NOT legally sell?Access across the property of a neighbor Which of the following organizations administers license law in a state?The State Real Estate Licensing Board or Commission The term "real estate" refers to _______. the land, improvements made on the land, and improvements made to the land Joint tenants must acquire their interests in jointly held property _______.At the same time Individual private ownership of land, called _______ ownership, did not come about in the United States until

_______.

Allodial, 1785 What does a license to sell real estate allows the licensee to sell?Any rights to, interest in, and title to real property Fruits of industry or emblements pass to a buyer of real estate by _______.Bill of sale The term "undivided interest" means _______ Each co-owner has the right to use the entire property Pictures hanging on the walls of an apartment are considered _______.Personal property Typical violations that subject a licensee to revocation or suspension of the license are _______.

All of the following:- Making false promises through others-

Pursuing a course of misrepresentation- Acting for more than one party in a transaction without consent of all parties Ownership, possession, and control of a parcel of real estate in a life estate are contingent on _______.Living Fructus naturales, fruits of nature, are designated by law asreal estate A rental on a month-to-month basis is considered a

_______.

Feedback:A periodic estate automatically renews itself for

another period unless one party gives notice of termination to the other.