Cohen and Feldberg include all of the following as ethical standards derived from the social . The Texas governor has all of the following legislative powers except the power to a. address the legislature in State of the State speeches. The principal of increasing and decreasing returns says that maximum value results from adding to the agents of production. Surplus productivity. a leasehold Based on square foot alone, and using a value of $50 per square foot for adjustment, what would the value of the subject property be? e. lobby the legislature on important bills d) terminates with the sale of the property, In some states, a husband could not sell his property unless his wife also signed the deed. a remainder c) the request to the court d) prescription, An easement appurtenant b) the life estate pur autre vie What will their monthly payment be, principal and interest? Freeholds have an indefinite duration but leaseholds can terminatec. The net income of Chewco Co. was $50,000 for 2014. If the agent knows about the leak but does not disclose this to prospective buyers he is guilty of? neighborhood. A house was listed for $145,000 and sold for $142,000. When the lessor dies, how is the lease affected? Therefore, the option B. is correct because it is not part of the basic public function in the society. c) riparian rights sell the property.c. appeal for a: "grandfathered" in and that he does not have d) it will transfer with the property unless it is released by the holder, A mortgage or deed of trust recorded against real property to secure the payment of a debt is Which of the following is/are examples of voluntary alienation? c) an easement by necessity Deed restrictions are an example of private land-use control. The governments right to regulate land use derives from : So long as the life tenant is alive , the remainderman has a / an : Which of the following is a NONFREEHOLD estate ? The powers of the president include all of the following EXCEPT: a. Which appraisal principle states that economic factors outside the property may have a positive or negative effect on the property's value? d) fee simple, A statutory right that a family has in its residence is called Freehold estates are of indefinite duration. b) taxation represent one type of land use next to a different type, but without a true buffer zone between them. deed condition. a. a farmer who is leasing 20 acres.b. ordinance, not by building codes. This is a central tenet to the system of federalism, which the U.S. Constitution embodies. You could sue a municipal fire department for damaging your building in the process of putting out a fire. Two friends enter into a six month oral lease. The original building supply company files a mechanics lien against the homeowner on October 1. SURVEY . Powers of the federal government include all of the following EXCEPT: Select one: a. the right to impose a tax lien for unpaid real property taxes. B. Which of the following types of ownership allows for unequal ownership interests? d) processing papers, Which of these must exist for an appurtenant easement to exist? Search Legal Terms and Definitions. d) easement, A person has permission from a property owner to hike on the owner's property during the autumn months. c. government in which different parties control different branches. Police power gives the government the ability to enforce these regulations. A freehold estate limited in duration to the life of the owner or the life of some other designated person or persons, The highest interest in real estate recognized by law in which the holder is entitled to all rights to the property, The person named by the creator of a life estate to receive the property when the life estate ends, Upon the death of the life tenant, the property returned to the grantor. A. Sams buyer will have the same interest as Sam. A contract between a 17 year old and an adult would be, A type of listing in which the seller retains the right to sell her property without paying a commission is a/an, A protection clause in a listing agreement provides for, the broker to receive a commission if the property sells within a specified number of days after the expiration date to someone whom the broker introduced to the seller. 49 state police departments. (Zoning). This type of financing is called a: A loan is obtained for $95,000 at 7% for 30 years. d) chattel, A license is an example of c) it must be in writing and is often paid for following EXCEPT: Maria can read 202020 pages of economics in an hour. b) the fee simple subject to a condition subsequent A variance Which of these easements might the neighbors claim would require the owner of the footpath to remove the fence d) taxation, A claim against another's property is known as Condominium convenants, rules , and regulations . A map illustrating the sizes and location of streets and lots in a subdivision is called a: Soil absorption and drainage are measured by a: When a subdivision was developed, a deed restriction covering all the properties in the subdivision set aside the back six feet of each parcel as a combination green belt area and bicycle path. c) taxation Properties under the same ownership that are contiguous. d) entirety, Because a homeowner failed to pay the real estate taxes on time, the taxing authority imposed a claim against the homeowner's property. human rights of all persons, among which are the following: A new zoning ordinance is enacted that An estate for years is a contract and terminates on the date specified in the lease, not upon death of the lessor or lessee. c. the right to file liens for unpaid income taxes. a. Escheatb. Two houses in the same neighborhood were both built twenty years ago. The subject property is a 1500 sq.ft. Buyer purchase a home from the Sellers. If a seller makes a counteroffer, which of the following is true? Controls that arise from the government's police power include all except which one of the following? must hold a reversionary interest. a) easement in gross Contribution. All of the. c) dower How much must be escrowed? the city limits. Radon generally enters a house through: how much will they pay annually? c. agoraphobia. The acre that was sold is Which of the following duties would be most difficult for a dual agent to perform? a. elections. The remainder estate belongs to the party who will obtain title upon death of the measuring life. Sams right is known as : Henrys will leaves his wife a life estate in the family farm. b) curtesy )Building codes #. I. b. the number of buildings. What type of payment plan allows for regular payments of interest only, with the principle paid as a lump sum at the end of the term? Evaluate market reaction to property differences, d) homestead, The right of a government body to take ownership of real estate for public use is called Sams deed gives him the right to cross Jims property. . A person who is an intermediary between the lender and the borrower is a, Curbs and gutters for a specific segment of a community would be paid for by, The sale price of a property would be listed on the closing statement as a. a) informal agreements between neighbors The police power is commonly thought of as the regulatory power of the state. c) condemnation ), All of the following could be encumbrances on real estate EXCEPT. c) deed restriction This is increase in value is called, All of the types of depreciation may be curable EXCEPT. No (except for provision governing killing a peace officer; also law gives federal officers some police powers) Federal officials authorized to enforce federal laws and carry firearms in the performance of their duties . the block wall completed, James realized it The police power allows regulation of all of the following EXCEPT: building ownership. The following are inherent limitations to the power taxation except one. The number of buildings. Which of the following establishes a fiduciary relationship between the broker and the seller? b. coordination among federal, state, and local agencies. A seller wants to sell his house and pay off a mortgage of $43,000. Highest and best use, d) police power, The easement that can be terminated by nonuse is the easement Thomas has a horse barn on his An estate that lasts only so long as a specified condition is met is known as a. a. life estate.b. All of the following would be considered to have an interest in land EXCEPT. All of the following powers are denied to the states EXCEPT. This problem has been solved! A developer may establish which of the following to control and maintain the character and quality of a subdivision? QUESTION 23. Freeholds must be fee simple but leaseholds can be a life estate. Use a dictionary if necessary. c) appurtenant b. the floors or foundation. D: The minimum number of square feet per housing unit would be regulated by a local zoning d. invoked the supremacy clause of the Congress. c. fire prevention standards. The subdivision of a large tract of The purpose of a building permit is to: maintain municipal control over the volume of the building. would NOT be covered by building codes? Select the principle which most applies. c. variance. The proximity of a parcel of land to a supporting land use is referred to as: Location quotient, the rights held by someone who has a possessory interest in real estate.c. The limitation on fee simple absolute property rights are: Taxation, Eminent domain, police power, escheat. Easements are non revocable rights of use to anothers property. Sam has a life estate in a five - acre tract of land. d) an easement appurtenant, Which of these is defined as any claim, charge, or liability that attaches to real estate? 16 The Court did not refer to the Tenth Amendment. Third party market, deed restrictions. Which of the following estates usually does NOT terminate on the death of the holder of the estate? a) $640 The height and structure requirements and methods of construction to be used are also determined by building codes. Mr. Jones died leaving Mrs. Jones the right to use, occupy , and enjoy his real estate until her death at which time her son , Willis , would receive a fee simple estate in real estate. zoning.d. The greatest possible degree of ownership in real property is: What type of ownership has definite rights of survivorship? Recently, the current owner of the footpath erected a fence across the path. o o o o AInsurance standards BZoning laws CBuilding If the interest payment for the first month is $96, what was the appraised valuation? Maximum value results where properties in a neighborhood are relatively similar. The boundary of a neighborhood might logically be set at. d. an industrial park between a strip When Sam dies, the property will go to his nephew. Under police power, building codes would determine all of the following EXCEPT. a) fee simple a) eminent domain . [1] Police power is defined in each jurisdiction by the legislative body, which determines the public . The children have no ownership in the home. by comparing the property to recent sales of similar properties, The most accurate method of estimating cost is the, The sales comparison approach is based on the principle of. The Blacks have given an earnest money deposit of $5,000. b) $2,140 c) a restriction A house and lot. b) homestead One of the men decides to sell his interest in the business. A husband and wife own their home as tenants in the entireties. . d) $16,500, The city wants to acquire private land for a park. d) by necessity, Police powers include all of the following EXCEPT d) by bringing a suit to quiet title in court, The government's authority to appoint local citizens to serve on boards to govern compliance with zoning standards and building codes for their communities is an example of The tax The children could lose the property by all of the following EXCEPT Select one: A. a relative contesting the will B. condemnation C. adverse possession Incorrect a.) Some common examples of police power, as it relates to real estate, are Zoning, Building codes and Rent control After she had The four elements which create value are: Scarcity, Demand, Utility, Capacity for private ownership. To be valid, a deed must include all the following except A) tax B) consideration C) name of the grantee D) legal description A When a person dies, ownership of real estate A) must go through probate B) passes upon notice to all the devisees in a will C) passes via the laws of decent and distribution D) passes immediately b) the servient tenement False: Taxes become liens when they are assessed. The right to occupy and use land forever is a fee simple estate. Police officers, sheriff's deputies, and ABC Agents are all sworn law enforcement officers (peace officers) with powers of arrest. b) appraisal rights Zoning is only one small part of the . a. d. inverse condemnation, Real Estate Express - CH07U06 - Land Use Cont, Chapter 17 Nervous System and Sense Organs, Examen final de otoo Repaso del vocabulario, Chapter 2: Agency and the Practice of Real Es, Chapter 5: Property Ownership and Transfer of, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Byron Almen, Dorothy Payne, Stefan Kostka, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. a lien.d. What is the best way to avoid disputes over whether an item is a fixture? d) a leasehold estate, Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens. Police power describes the basic right of governments to make laws and regulations . False: Police power is the uncompensated regulation of property; eminent domain is a compensated taking. This practice is known as, The process of converting real property to personal property is known as, Ownership of a property in the proportion of and would be. title. allows the owner to use the property in a manner normally prohibited; eminent domain refers to the The brokerage firm charges a 6% commission. What is the difference between a freehold and a leasehold estate? All interests in real estate are estates in land Which of the following rights of government is based on police power? (Condemnation), b) easement a) is revocable porch, Lauren will first have to submit an b.) Is highly predictable, The term "law enforcement officials" includes all officers of the law, whether appointed or elected, who exercise police powers, especially the powers of arrest and detention. c. demonstrates concurrent powers of national and state government. Find out more about Police powers and PCSO powers on this page. The process of a local government in exercising its power of eminent domain is known as: Police power, According to Klockars what are the four elements of police power a power from CRIMJ 465 at Pennsylvania State University. Substitution, An appraisal may be necessary to establish a value for: Condemnation, Which of the following would probably NOT be included in a list of deed restrictions? The agent owes only honesty and truthfulness to the. Chapter 7 - Quiz 1. b) runs with the land (Commonly bought and sold in the open market), Compute the comprehensive income for Chewco Co. for the year ended December 31, 2014. property taxes on one property. In all likelihood, the neighborhood is in, The development phase, The police are also responsible for arrest of criminals and investigation of uncomplicated crimes. d.) escheat, An owner conveys ownership of a residence to a church but reserves a life estate in the residence. A broker receives a check for a deposit from a buyer and deposits the check in his operating account. Establishing public schools . a. will automatically return to the servient property owner. c. a non-conforming use A house sells for $125,000. Whom does the court appointed to settle and manage the estate of a person who dies intestate ? (All the above), an increment of value that results when two or more sites are combined under single ownership. b) used as a vacation home If the demand for homes remains constant ant the supply: The Petersons found a home they like very much but decided not to buy it after learning the price. A woman bought a house 7 years ago for $85,000. The following information may help you to understand these powers and what rights and responsibilities you have in different situations. )Zoning . c. to establish a post office and post roads. How much will the buyer owe at the closing for the taxes? Sam wishes to sell his true unrest on the property. c) the reversionary Where are permitted land uses and set-asides, housing projections, transportation issues, and objectives for implementing future controlled development found? Mr. and Mrs. b) a promissory note He will have attorney's fees of $2,500, and he needs to net $30,000 cash. a. The house appraised for $185,000. c. building occupancy. 2. Condemnation, Deed restrictions. Change, Value is the present worth of future benefits, according to the principle of, Contribution, An estate for years has a specific termination date. c) police power All of the following powers are shared by the national and state governments EXCEPT. Police Power. an encroachment.d. If you are turned down for a loan, what law gives you the right to be furnished with the reason you were turned down? d. the right to impose a tax lien for unpaid . Choose the exception- Non-appropriation for religious purposes 41. b) in gross b. a variance allow permission and vary from the zoning ordinances. How much would it cost to carpet the room if the cost of the carpet is $20 per square yard, including installation? He can sell his interest because he owns a separate legal title to an undivided interest in the business. ownership rights. (Open market), d. the state. easement by prescription as it is not long standing. Find the misspelled word in each sentence. A property sells for $120,000. (Eminent domain), b) possibility of reverter Secondary Market. The owner of the parcel sells the lower portion of the property to a buyer who builds a home on it. Taxes = $310,000/100 x .40 x $3.90 = $4.836, Kayla and Michael want to buy a home in In a real estate advertisement that includes information on mortgage financing, which of the following statements is legally permissible if no further information is given? If a property is sold for an illegal purpose, then the contract would be considered. Building codes determine the types of plumbing and electrical materials allowed. (All the above). Abstract of titlec. The Johnson family wants to buy property on a One example of the use of police power by a city is. If the index for the new year is 6.5%, what will the new interest rate on the loan be? If Ann grants a life estate to Ben and specifies that title will be transferred to Carl upon the death of Ben, which of the following is FALSE? Decline phase Rehabilitation phase, Appraisers study real estate markets in order to, Identify changing price trends, major highway that is near a Substitution, 3,086 sheriff's departments. Criminals are the enemy. Police powers include all of the following EXCEPT: A. Lauren wants to build a front porch onto a) it can be revoked When making an appraisal for property tax purposes the appraiser is to appraise the property at: The price that was actually paid for the property, an exercise of police power. b) nonuse of a prescriptive easement A may be exercised by a district school board seeking to obtain property for a public school. A police officer can arrest you if, for example: Eminent domain. a) license b) an encroachment d) an easement by prescription, A resident of Sunny Oaks owned two acres of land, sold one acre, and reserved an easement appurtenant for entrance and exit over the acre to reach the public road. (Conformity), d. It may be leased, (Anticipation), c.) a reversion Police Power. b. a license.c. If he has to pay a 6% commission to his broker, what does the selling price need to be? An investment property has a gross income of $50,000 with annual expenses $10,000. In some cases, this means an act of Congress can be invalidated if it steps on states' rights. Twenty years ago the county built a new road and Sam has not used the easement since that time. A the right to exclude someone from the property B the right to enjoy property within the framework of law C the right to sell or otherwise convey the property D The right to use the property for any purpose, legal or otherwise. One homeowner plans to convert the back one-half of her yard into an organic garden. Regulations that . Aaron hates to go to restaurants for fear that he will be seated in the far back of the restaurant and be unable to get out in case of an emergency. A property sells for $150,000. d) secondary residence, In order to prevent property from being ownerless or abandoned, the government acquires property through the process of The subdivider or developer may not start any construction on the property until seven working days after the purchaser receives the report, The subdivider or developer may not proceed to closing until the purchaser receives the report, The purchaser may revoke the contract, at the purchasers option, up to midnight of the seventh calendar day following the signing of the contract, The purchaser may not bring any action to revoke the contact after closing. a restriction. The contract is voidable by the 17 year old. Questions and Answers. Taxes do not become liens until the due date for payment has passed. Jim has a/an, An easement that has an indefinite duration is a/an. The _________ system is a free and full ownership of rights in land by ___________. If the capitalization rate is 10%, what is the value of the property? Police power is the state's inherent right to regulate an individual's conduct or property to protect the health, safety, welfare, and morals of the community. liberal terms available to qualified buyer. Study with Quizlet and memorize flashcards containing terms like Each of the following entities has the power of eminent domain, EXCEPT: a. religious schools b. railroads c. public utilities d. school disctricts, Police power includes all of the following EXCEPT a. zoning and building codes b. the right to take property when its owner dies without a will and without any heirs c. government . Public Safety Operation - includes Search, Rescue and Retrieval Operations, Fire Drills, Earthquake Drills and similar operations that promotes public safety. A determinable fee estate is ownership with. Let's go into more detail: How much is the tax? What is the appraised value of a property which is financed at 80% of the appraised value if the loan amount is $100,000? a park or recreational area separating a residential area from an office park. This an example of : June has a legal right to use Freds driveway for a lifetime . Which principle would be most applicable to the $150,000 home in a current appraisal? a. deed restrictions.b. prohibits horse barns from being built within a. electrical wiring. Zoning, building codes, and subdivision regulations are examples of the exercise of police power. refers to the property owner seeking just compensation when land is taken for public use, but If the grantor of a life estate retains reversionary rights, ownership in fee simple reverts to the grantor at the end of the life estate. a. escheat.b. c) appurtenant easement by necessity, as the block wall could have been moved or built in a different location; and it is not an What type of ownership do you have? d. minimum number of square feet of b) a license Estate for yearsc. In order to build the a. a recreational area between a b) with filing of a notice of transfer of title in a newspaper of public record How many comparables should be used when using the sales comparison approach to value? The land B owns has benefited by this easement and is known as the: Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. All of the, D: Zoning ordinances are not retroactive, thus Mike will be able to continue operating his, Mike, a builder-developer, built an office. A .$638.69*12*30-$120,000*.80 = $ 133,928.54, A complaint against a salesperson for discrimination would be filed with. d. multiple sources of innovation. It is not a license, as James did not give his permission; it is not an easement This is in contrast to the ________ system of ownership where land was owned by the _______ king or ______. Taxes = $310,000 x 40% x ($3.90 per $100 in valuation) Liens, easements, and restrictive covenants are encumbrances. View Chapter 7.docx from PARA 2213 at Clayton State University. C: Lead impedes water flow; asbestos was used as insulation; UFFI also refers to insulation. D. Life estates always pass to the remainderman, For ten years Jones had a verbal permission to park his car on Smiths driveway . POLICE POWER includes all of the following except. Life tenancy c. Fee simple d. Qualified fee. The government has the right to enact regulations for the health, safety, and welfare of the public. Use value. A tenant who continues to occupy the premises after his lease rights have expired WITHOUT consent of the landlord creates: The wording in a deed to B for the life of C creates an estate known as : When property reverts to the state due to lack of heirs it is called. The owner of the servient tenement executes a feed releasing his easement interest B. Eminent domain. c. a high-rise residential complex d) freehold estate, Notice of a pending legal action that can be filed in the public record is The upper portion of the property does not border any road. Using the cost approach, what would be the estimated value of the house? At the closing they will make a cash payment of $40,000. Most of these powers are set out in legislation. e. charter local governments. 2003-2023 Chegg Inc. All rights reserved.
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