REF 3333 EXAM 1 QUESTIONS AND ANSWERS
What is an example of a Tangible Asset? - Answers :Land
What is an example of an Intangible Asset? - Answers :Mortgage Agreements
Which of the following is not included in the definition of Real Estate? - Answers
:Intangible Assets
Virtually all decisions about real estate come down to what? - Answers :Assessment of
Value
Real estate is ? - Answers :Heterogeneous
Which of the following is an improvement of land? - Answers :Fence
If demand is high, rent will be lower. - Answers :False
What is not personal property? - Answers :Immobile property
Which of the following would you expect to find in Comprehensive Plan? - Answers
:Population Projections
Which of the following images would be an example of New Urbanism? - Answers
:Close to water
What is the power of government to take private property for a public purpose, without
consent, by paying the owner just compensation? - Answers :Eminent Domain
If a property has an assessed value of $450,000 and the milage rate is 56.10 what are
the property taxes? - Answers :$25,245
Ad Valorem Taxes of a property are based on - Answers :Market Value
Which of the following is not a form of property right? - Answers :License
Which of the following describes an easement? - Answers :The right to use land for a
specific and limited purpose
Which of the following situations could result in a General Lien? - Answers :You hit your
neighbors parked car due to texting and driving and the owner of the vehicle files a
lawsuit for damages- but you refuse to pay them
What type of lien is a mortgage? - Answers :Specific, voluntary
Which of the following would have a leasehold estate? - Answers :Tenant
, What is Joint Tenancy? - Answers :A form of co-ownership in which two or more owners
hold equal shares and have equal rights of possession.
Which of the following scenarios would be an example of a rule of capture? - Answers
:Exxon claiming oil from a well, even if the underground is outside their boundary of
ownership
Which of the following professions would work with a County Administrator to develop
programs that improve the community? - Answers :Urban Planner
How many square feet are in 5 acres? - Answers :217,800
What is an externality? - Answers :Unintended and unaccounted for consequences of
one land user upon others
Which of the following would be regulated by building codes? - Answers :Construction
Materials
What is the regulation of land use by diving the community into various districts such as
residential, commercial, industrial, etc? - Answers :Zoning
Which of the following is a characteristic of rights? - Answers :Rights are nonrevocable
Regarding a deed, which of the following must be legally competent? - Answers
:Grantor
What is a covenant? - Answers :A legally binding promise for which the grantor
becomes legally bound
Which of the following is considered the highest-quality deed? - Answers :General
Warranty Deed
Which of the following deeds are often used by businesses to transfer a property? -
Answers :Deed of Bargain and Sale
The interest being conveyed by a deed is specified in the: - Answers :Habendum clause
Beginning at the Southwest corner of Snid Section, thence East along the south line -
Answers :Metes and bounds
A deed used mainly to clear up possible "clouds" or encumbrances to title (conflicting
interests) is the: - Answers :Quitclaim deed
What type of land description would identify the location of a property with only the
following:
What is an example of a Tangible Asset? - Answers :Land
What is an example of an Intangible Asset? - Answers :Mortgage Agreements
Which of the following is not included in the definition of Real Estate? - Answers
:Intangible Assets
Virtually all decisions about real estate come down to what? - Answers :Assessment of
Value
Real estate is ? - Answers :Heterogeneous
Which of the following is an improvement of land? - Answers :Fence
If demand is high, rent will be lower. - Answers :False
What is not personal property? - Answers :Immobile property
Which of the following would you expect to find in Comprehensive Plan? - Answers
:Population Projections
Which of the following images would be an example of New Urbanism? - Answers
:Close to water
What is the power of government to take private property for a public purpose, without
consent, by paying the owner just compensation? - Answers :Eminent Domain
If a property has an assessed value of $450,000 and the milage rate is 56.10 what are
the property taxes? - Answers :$25,245
Ad Valorem Taxes of a property are based on - Answers :Market Value
Which of the following is not a form of property right? - Answers :License
Which of the following describes an easement? - Answers :The right to use land for a
specific and limited purpose
Which of the following situations could result in a General Lien? - Answers :You hit your
neighbors parked car due to texting and driving and the owner of the vehicle files a
lawsuit for damages- but you refuse to pay them
What type of lien is a mortgage? - Answers :Specific, voluntary
Which of the following would have a leasehold estate? - Answers :Tenant
, What is Joint Tenancy? - Answers :A form of co-ownership in which two or more owners
hold equal shares and have equal rights of possession.
Which of the following scenarios would be an example of a rule of capture? - Answers
:Exxon claiming oil from a well, even if the underground is outside their boundary of
ownership
Which of the following professions would work with a County Administrator to develop
programs that improve the community? - Answers :Urban Planner
How many square feet are in 5 acres? - Answers :217,800
What is an externality? - Answers :Unintended and unaccounted for consequences of
one land user upon others
Which of the following would be regulated by building codes? - Answers :Construction
Materials
What is the regulation of land use by diving the community into various districts such as
residential, commercial, industrial, etc? - Answers :Zoning
Which of the following is a characteristic of rights? - Answers :Rights are nonrevocable
Regarding a deed, which of the following must be legally competent? - Answers
:Grantor
What is a covenant? - Answers :A legally binding promise for which the grantor
becomes legally bound
Which of the following is considered the highest-quality deed? - Answers :General
Warranty Deed
Which of the following deeds are often used by businesses to transfer a property? -
Answers :Deed of Bargain and Sale
The interest being conveyed by a deed is specified in the: - Answers :Habendum clause
Beginning at the Southwest corner of Snid Section, thence East along the south line -
Answers :Metes and bounds
A deed used mainly to clear up possible "clouds" or encumbrances to title (conflicting
interests) is the: - Answers :Quitclaim deed
What type of land description would identify the location of a property with only the
following:
