REAL 4000 Exam 1 |67 Questions and
Answers
"Institutional Grade" or otherwise known as "Investment Grade" commercial
real estate typically sells for AT LEAST? - -$10 million
- The commercial real estate market where tenants compete for space in a
particular location, and where landlords in particular locations compete to
lease space is the market that (outside of government influence) solely
determines - -?
- Which of the following is an example of an affirmative easement
appurtenant? - -a common drive easement where owners of adjoining lots
must permit each other to use a driveway lying on their shared property line
- Which of the following freehold estates has the least amount of rights
(from the bundle of rights: use, possession, and disposition?)) - -ordinary life
estate
- Haley and Francesca go in together to purchase 5,120 acres of land to use
for filming a massive reality show. Ten years later, Haley dies and is survived
by her spouse, who wants to sell half of the land on behalf of Haley's estate.
Francesca informs the spouse that they have no claim to the land because,
upon Haley's death, her ownership interest transferred to Francesca. What
type of co-ownership did Haley and Francesca have? - -joint tenancy
- A fixture is an object that formerly was personal property but has become
real property. Of the following four rules for determining whether an object
has become a fixture, which rule always applies to those items determined
to be trade fixtures of tenants in commercial real estate? - -relation of the
parties
- Direct co-ownership implies that each co-owner holds a titled interest in
the property but without exclusive possession with respect to the other co-
owners. Which of the following is a mix fee simple ownership and co-
ownership at the same time? - -condominium
- As of 2015, the single largest asset category in the net worth portfolios of
households is consumer durable goods. - -False
- The covenants in a deed are the most important differences among types
of deeds. Which of the following covenants warns the grantee about things
that may impact their ownership rights? - -exceptions and reservation clause
, - While archaic, the most flexible method of land description, capable of
describing even the most irregular of parcels, can be described as a very
precise, compass-directed walk around the boundary of a parcel. This
method is commonly referred to as - -metes and bounds.
- The listing price of the Pinckney property is - -$1,000,000
- The main character in the case relies on Zillow.com for some of his
research. - -The main character in the case relies on Zillow.com for some of
his research.
- The Pinckney property in the case is an apartment building - -True
- The seller in the Pinckney case is offering seller financing for at least part
of the purchase amount. - -True
- The main character of Pinckney Street is James Pinckney. - -False
- What design factor is common in New Urban(ism) planning? - -A focus on
pedestrian safety
- What are your approx. taxes due on a $222,222 market-value property if
the county assesses value at 90%, allows for $75,000 in exemptions, and
charges 8 mills total? - -$1,000
- Zoning variances are approved by whom (which entity?) - -Board of
Adjustment
- Urban Sprawl is likely a result of which type real estate market failure? - -
Externalities
- If a city charges a developer $1,000,000 for a permit to install a simple $50
water meter at a new multi-family housing development, the city is likely
using __________ to manage growth. - -Impact Fees
- Per the U.S. Constitution's rules of Eminent Domain and the court rulings
that have followed, Government can only take your property strictly for use
by the public (like a public park or public road). - -False
- How many square feet are in an acre? - -43,560
- Suppose you have a piece of land that is 100,000 square feet in size, has
no setback requirements, has no height restrictions, and is zoned with an
F.A.R. of "2". What can you theoretically build here if you maximize buildable
square footage? - -1. A two-story building with 100,000 square foot floors
Answers
"Institutional Grade" or otherwise known as "Investment Grade" commercial
real estate typically sells for AT LEAST? - -$10 million
- The commercial real estate market where tenants compete for space in a
particular location, and where landlords in particular locations compete to
lease space is the market that (outside of government influence) solely
determines - -?
- Which of the following is an example of an affirmative easement
appurtenant? - -a common drive easement where owners of adjoining lots
must permit each other to use a driveway lying on their shared property line
- Which of the following freehold estates has the least amount of rights
(from the bundle of rights: use, possession, and disposition?)) - -ordinary life
estate
- Haley and Francesca go in together to purchase 5,120 acres of land to use
for filming a massive reality show. Ten years later, Haley dies and is survived
by her spouse, who wants to sell half of the land on behalf of Haley's estate.
Francesca informs the spouse that they have no claim to the land because,
upon Haley's death, her ownership interest transferred to Francesca. What
type of co-ownership did Haley and Francesca have? - -joint tenancy
- A fixture is an object that formerly was personal property but has become
real property. Of the following four rules for determining whether an object
has become a fixture, which rule always applies to those items determined
to be trade fixtures of tenants in commercial real estate? - -relation of the
parties
- Direct co-ownership implies that each co-owner holds a titled interest in
the property but without exclusive possession with respect to the other co-
owners. Which of the following is a mix fee simple ownership and co-
ownership at the same time? - -condominium
- As of 2015, the single largest asset category in the net worth portfolios of
households is consumer durable goods. - -False
- The covenants in a deed are the most important differences among types
of deeds. Which of the following covenants warns the grantee about things
that may impact their ownership rights? - -exceptions and reservation clause
, - While archaic, the most flexible method of land description, capable of
describing even the most irregular of parcels, can be described as a very
precise, compass-directed walk around the boundary of a parcel. This
method is commonly referred to as - -metes and bounds.
- The listing price of the Pinckney property is - -$1,000,000
- The main character in the case relies on Zillow.com for some of his
research. - -The main character in the case relies on Zillow.com for some of
his research.
- The Pinckney property in the case is an apartment building - -True
- The seller in the Pinckney case is offering seller financing for at least part
of the purchase amount. - -True
- The main character of Pinckney Street is James Pinckney. - -False
- What design factor is common in New Urban(ism) planning? - -A focus on
pedestrian safety
- What are your approx. taxes due on a $222,222 market-value property if
the county assesses value at 90%, allows for $75,000 in exemptions, and
charges 8 mills total? - -$1,000
- Zoning variances are approved by whom (which entity?) - -Board of
Adjustment
- Urban Sprawl is likely a result of which type real estate market failure? - -
Externalities
- If a city charges a developer $1,000,000 for a permit to install a simple $50
water meter at a new multi-family housing development, the city is likely
using __________ to manage growth. - -Impact Fees
- Per the U.S. Constitution's rules of Eminent Domain and the court rulings
that have followed, Government can only take your property strictly for use
by the public (like a public park or public road). - -False
- How many square feet are in an acre? - -43,560
- Suppose you have a piece of land that is 100,000 square feet in size, has
no setback requirements, has no height restrictions, and is zoned with an
F.A.R. of "2". What can you theoretically build here if you maximize buildable
square footage? - -1. A two-story building with 100,000 square foot floors
