Idaho Real Estate Exam Study Guide 100% Accurate

Equity is defined as - Answer the market value less the debt owed what are the owner's rights if their farm zoning is changed by the county to single family residential? - Answer their old use continues through non-conforming use which police power allows a city to forcibly purchase a vacant lot to build a parking lot? - Answer eminent domain how do you transfer personal property in a sale? - Answer bill of sale what is the area between businesses and federal wetlands called? - Answer buffer zone the term used to denote not only the land and improvements to real estate but also the intangible rights included is - Answer real property a wife buys a home with an inheritance. how does she own it? - Answer in severalty An easement through your neighbors land for you to use to get to the lake is - Answer an appurtenance When a grantor attests they are signing the deed of their own free will it is called - Answer ackowldgement bookshelves screwed into the wall in the family room is an example of a - Answer fixture a corn crop growing out in a field in an example of an - Answer emblement condo ownership includeds - Answer an undivided interest in common areas an ice cream making machine bolted to the wall in a restaurant is an example of a - Answer trade fixture may the tenant restauranteur remove a trade fixture when the lease is up - Answer yes, but any damage needs to repaired how does a corporation own real estate? - Answer in severalty the "bundle of legal rights" is part of the definition of - Answer real property if you cut down a tree in your yard and stack it up into cords of wood, what has happened? - Answer severance the reversion of property to the state or county when a person dies intestate and there are no heirs capable of inheriting or the property is abandoned is called - Answer escheat this is used as a transition between 2 incompatible zones - Answer buffer zone a permitted use of real property that was lawfully established at the time of original construction but no longer conforms to existing zoning is called - Answer non-conforming use this refers to the number of lots a parcel of ground can be subdivided into - Answer gross density the party that uses an appurtenant easement is called - Answer dominant estate the parcel that provides the land for the easement is the - Answer servient estate which type of easement attaches to the owner's land and transfer to the new onwer - Answer appurtenant easement these agreements are personal in nature, does not "attach" to a dominate estate, rather a person or entity - Answer easements in gross access crated by the courts to grant a landlocked owner access is - Answer easements by necessity