National Real Estate Exam Questions and Answers Graded A+

National Real Estate Exam Questions and Answers Graded A+ What type of legal description would a new residential developer most likely use? lot and block What would not be determined by a location survey? land use The heirs of an estate are selling their deceased father's home. They remove a bedroom set, an organ bench that matches a built-in organ, a television, and various famous paintings. What would be considered real property? the organ bench What best describes personal property transformed into real property? actual annexation Which is NOT a specific lien? state income tax The air space between the walls, floors, and ceiling areas of a condominium project is called common area Identify the form of co-ownership in which two or more persons each have an undivided interest in the property, but no right of survivorship. tenancy in common What power does the government exercise when it takes private property for public use? eminent domain When a city creates ordinances that restrict and maintain building standards, they are called: building codes Susan is selling her house and is concerned about what she suspects is mold in the garage. Susan seeks the advice of the listing agent who suggested she get some bleach and wash it off. The agent should have suggested that Susan have the mold tested and hire an expert to remediate if contaminated Developer George purchased five acres of residential land on the edge of town with frontage on the main highway. When the zoning board and city council refused to rezone the property to accommodate a commercial development, George sued for the value he would have received had the land been rezoned to a higher classification. This type of legal challenge is known as inverse condemnation When using the cost approach to appraise a property, the appraiser is most likely working for the insurance company trying to obtain a replacement cost on the property Which term best describes combining two or more parcels of land into one larger parcel to increase value? plottage Which term best describes a piece of land that is enhanced and ready for a building or structure? site The rule that says a property maintains its value best when the surrounding properties are similar in size, style, and function is the rule of conformity The rule that says an item is worth only what