Real Estate Test 1 – Questions With Fully Explained
Answers
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Practice questions for this set
Learn 1 /7 Study using Learn
members of the National Association of Real Estate Brokers
Choose an answer
1 A section of a township contains 2 Who uses the term REALTIST?
The air space between the walls,
Replacement of a building best
3 4 floors, and ceiling areas of a
describes building
condominium project is called
Don't know?
Terms in this set (124)
A section of a township contains 640 acres
Identify the form of co-ownership in tenancy in common
which two or more persons each have
an undivided interest in the property,
but no right of survivorship.
,The highest and best form of Fee simple absolute
ownership in real property is called
Which is a general lien? judgement lien
The air space between the walls, common area
floors, and ceiling areas of a
condominium project is called
Which is NOT an example of a periodic tenancy
freehold estate?
What lien attaches to a property to attachment
prevent the transfer of title when there
is a pending lawsuit that may affect the
title?
The rate of taxation in Coolville is $315
currently 73 mills. On the ballot for the
next election is a tax levy of 6 mills for
the public schools. Mr. Jones' house is
worth $150,000 and the local
government assesses tax value at 35%.
How much more in property taxes will
Mr. Jones have to pay if the tax levy
passes?
The taking of private property for condemnation
public use is called
Roberta wishes to build her garage a variance
two feet from her side lot line. City
code calls for all side setbacks to be
at least five feet. In order to legally
proceed, Roberta needs to get
, Mom & Dad's Cafe is located in an Yes, because the restaurant will be "grandfathered"
area recently rezoned as residential. into the area
Will it be allowed to continue
operating as a restaurant?
The rule that says a buyer will not pay substitution
more for a property than a
comparable substitute is the rule of
Replacement of a building best the functional equivalent of the original structure
describes building
Gross income best describes income before expenses
A 10-unit apartment building has an $382,500
annual gross income of $5,000 per
unit. A vacancy and collection loss of
5% is normal for the area. Annual
expenses total $9,250. The purchasers
desire a 10% return on their
investment. How much should they be
willing to pay for the property?
What is assessment value? value the property taxes are based on
For the income approach to appraisal, worth of the investment
value is a reference to the
Which clause in an adjustable rate escalation
mortgage allows the lender to change
the rate of interest?
The Equal Credit Opportunity Act amount of income
does NOT prohibit lenders from
discriminating against potential
borrowers on the basis of
Answers
Save Groups
Practice questions for this set
Learn 1 /7 Study using Learn
members of the National Association of Real Estate Brokers
Choose an answer
1 A section of a township contains 2 Who uses the term REALTIST?
The air space between the walls,
Replacement of a building best
3 4 floors, and ceiling areas of a
describes building
condominium project is called
Don't know?
Terms in this set (124)
A section of a township contains 640 acres
Identify the form of co-ownership in tenancy in common
which two or more persons each have
an undivided interest in the property,
but no right of survivorship.
,The highest and best form of Fee simple absolute
ownership in real property is called
Which is a general lien? judgement lien
The air space between the walls, common area
floors, and ceiling areas of a
condominium project is called
Which is NOT an example of a periodic tenancy
freehold estate?
What lien attaches to a property to attachment
prevent the transfer of title when there
is a pending lawsuit that may affect the
title?
The rate of taxation in Coolville is $315
currently 73 mills. On the ballot for the
next election is a tax levy of 6 mills for
the public schools. Mr. Jones' house is
worth $150,000 and the local
government assesses tax value at 35%.
How much more in property taxes will
Mr. Jones have to pay if the tax levy
passes?
The taking of private property for condemnation
public use is called
Roberta wishes to build her garage a variance
two feet from her side lot line. City
code calls for all side setbacks to be
at least five feet. In order to legally
proceed, Roberta needs to get
, Mom & Dad's Cafe is located in an Yes, because the restaurant will be "grandfathered"
area recently rezoned as residential. into the area
Will it be allowed to continue
operating as a restaurant?
The rule that says a buyer will not pay substitution
more for a property than a
comparable substitute is the rule of
Replacement of a building best the functional equivalent of the original structure
describes building
Gross income best describes income before expenses
A 10-unit apartment building has an $382,500
annual gross income of $5,000 per
unit. A vacancy and collection loss of
5% is normal for the area. Annual
expenses total $9,250. The purchasers
desire a 10% return on their
investment. How much should they be
willing to pay for the property?
What is assessment value? value the property taxes are based on
For the income approach to appraisal, worth of the investment
value is a reference to the
Which clause in an adjustable rate escalation
mortgage allows the lender to change
the rate of interest?
The Equal Credit Opportunity Act amount of income
does NOT prohibit lenders from
discriminating against potential
borrowers on the basis of
