Real Estate Fundamentals Exam Questions With Verified Answers Updated (GRADED)

Real Estate Fundamentals Exam Questions With Verified Answers Updated (GRADED). Inverse Condemnation (Ans-action, initiated by a property owner against the government, to recover the loss in property value Zoning Affects: (Ans-permitted use of the land, lot sizes, types of structures, building heights, setbacks( the minimum distance structures may be built from streets or sidewalks) density(the ratio of land area to structure area or population) protection of natural resources The grantor of a deed may place effective restrictions on (Ans-The use of the land Zoning Hearing Board are established to hear complaints about (Ans-The effect of a zoning ordinance A new zoning ordinance is enacted. A building that is permitted to continue in its former use even though that use does not comply with a new zoning ordinance is an example of (Ans-. a nonconforming use When a development increases the traffic flow on existing streets and highways, the municipality can fund the cost of transportation improvements that needed because of this development through (Ans-Impact fees To protect the public from fraudulent interstate land sales, a developer involved in interstate land sale of 25 or more lots must (Ans-Provide each purchaser with a report of the details of the land, as registered with HUD. Where are permitted land uses and set- asides, housing projects, transportation issues, and objectives for implementing future controlled development found (Ans-Comprehensive plans Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed? (Ans-The purchaser may revoke the contract, at the purchaser's option, up to midnight of the seventh calendar day following the signing of the contract. When is a certificate of occupancy issued? (Ans-After a newly constructed building has been inspected and found satisfactory by the municipal inspector To determine whether a location can be put to future use as a retail store , one would examine the (Ans-zoning ordinance Corn (Ans-Is an emblement In determining intent of a fixture real property, court use the following three basic tests , which of the following are not one of these test (Ans-Method of removal Which of the following is not an economic characteristic of real estate (Ans-Indestructibility Which of the following is not a part of impact fees ,which are charges made in advance to cover anticipated expenses involving offsite capital improvements (Ans-Installing new parks A new zoning ordinance is enacted. A building that is permitted to continue in its former use even though that use does not comply with a new zoning ordinance is an example of (Ans-a nonconforming use Who is the best person to advice a client on the best way for them to take title to their new home (Ans-An attorney Which of the following would probably not be included in a list of deed restrictions (Ans-How many family members can live on the property physical chracteristics of land (Ans-Immobility, indestructibility, uniqueness, nonhomogeneity means that two properties are the same . A homeowner is putting up new siding and has purchased the materials that are now sitting in their driveway, waiting to be installed. At this point, the siding material are considered (Ans-Personal property Pennsylvania requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying this is known as the (Ans-Subsistence support determine whether a location can be put to future use as a restaurant, one would examine the (Ans-Zoning ordinances real estate (Ans-land and anything that is attached to it Nonhomogeneity (Ans-uniqueness Economic Characteristics of Land (Ans-scarcity, modification, improvements, permanence of investment, area preference. I Real property can be converted into personal property through (Ans-severance The tenant of a single-family home installs an awning over the buildings front windows to keep the sun away from some delicate hanging plants. Which of the following is TRUE? (Ans-The awning is considered a fixture Which entity is generally responsible for creating the requirements for a real estate license (Ans-individual state law The buyers asked their real estate agent to help them determine the correct way to take tittle to their new home . (Ans-Real estate agent should suggest that the buyers consult an attorney. Purpose of Real Estate License Laws (Ans-to protect the public from fraud, dishonesty, and incompetence in real estate transactions Seller need to provide notice to a purchase about whether a structure on the land is entitled to support from the underlying coal. (Ans-Coal notice Homeowners is building an enclosed front porch on his home . A truckload of lumber that the homeowner purchase has been left in the driveway for use in building the porch . Lumber is considered (Ans-Personal property Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is (Ans-a fixture or personal property A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called (Ans-area preference Which of the following is required in Pennsylvania real estate transactions (Ans-Coal mining notice What is the process that often produces sink holes or troughs in some Pennsylvania regions (Ans-Mine subsidence Restrictive Covenants (Ans-agreements among homeowners not to sell real estate to certain groups of people Variance (Ans-Provides relief for property owners who can demonstrate that a zoning ordinance deprives them of the reasonable use of property Deed Restrictions (Ans-Provision placed in deeds to control future uses of the property. Plat (Ans-A map illustrating the sizes and location percolation test (Ans-a soil test designed to measure rate of water absorption and drainage such as for septic systems Injunction Relief (Ans-An order for the violator of a contract to stop the illegal activity Court Injunctions (Ans-is a court order that prevents a party from performing a specific act and may be temporary of permanent air pollution (Ans-Is not considered an environmental hazard Encapsulation (Ans-Method of sealing disintegrating asbestos A lot in a recorded subdivision will not include the (Ans-The year it was subdivided A metes-and-bounds legal description (Ans-must commence and finish at the same identifiable point Lead-Based Paint Hazard Reduction Act of 1992, requires the following from sellers and landlords of residential dwellings. Which of the following is NOT part of that disclosure? (Ans-Buyers have up to 10 days to conduct a risk assessment or inspection for the presence of lead-based paint hazards. A metes-and-bounds description used direction and distance measurements to establish precise boundaries for a parcel. These are used to establish those boundaries. (Ans-Monuments An acre consists of how many square feet? (Ans-43,560 CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites, (Ans-impose strict, joint and several and retro active liability on potentially responsible parties There are several thousands of these in U.S. cities that are contributing to the cause of the decline of urban values (Ans-Brownfields Currently, this is one of the most controversial environmental issues, especially in Pennsylvania (Ans-Waste disposal sites The law that contains the broadest liabilities for environmental cleanup is the (Ans-CERCLA Which of the following are LEAST likely to have liability under the environmental law ? (Ans-Real estate educators With regard to the effect of landfills and hazardous waste sites on the value of surrounding properties, the EPA learned that (Ans-remedial action can reverse the decline at some sites What disclosure does the seller property disclosure statement require? (Ans-type of sewage system on the property Among the MOST common sources of carbon monoxide in a house (Ans-are malfunctioning furnaces