TN TIMESHARE SALESPERSON - 1010 QUESTIONS AND ANSWERS

Appurtenant A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement A legal easement can be created by any of the following EXCEPT definition within a deed. A license. A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. what should he give his neighbor? Tenancy at sufferance. A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? are of indeterminable duration. A major difference between freehold and nonfreehold estates is that all freehold estates the original 13 states Legal descriptions using the government survey system are NOT generally used in Prior appropriation Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of water is scarce Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. Either riparian and littoral rights are automatically conveyed with property, or all water rights are controlled by the state under the doctrine of prior appropriation. The doctrine of prior appropriation is MOST likely to be followed in states where constructive notice. A judgement has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given Specify questionable items of property in the written sales contract. In the sale of property, there is often confusion over whether an item is a fixture or personal property. What is the best way to avoid this confusion? his undivided interest passes to his heirs. The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies, file an action for partition against the third owner. Three people buy a house as tenants in common. Subsequently, two of the owners want to sell, but the third discourages each potential purchaser. The two owners who wish to sell the house can a homeowner. A lawsuit for inverse condemnation may be brought by a property owner dies without heirs or a valid will. An escheat occurs when Conditional use permit or zoning variance. A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? The purchaser's mortgage lender may accelerate the loan. If conditions for property use are included in a deed and these conditions are violated, what is the most severe potential penalty? public health and safety. An environmental impact statement typically describes the effects of a proposed project on factors such as projects the impact on the environment of a proposed project. An Environmental Impact Statement (EIS) tenants. A deed restriction is applicable to the activities of present and future owners. A deed restriction is applicable to the activities of Building codes are ordinances that specify construction standards. certificates of occupancy. Ordinances that specify construction standards are lender wants to sell the mortgage to the secondary market. A formal appraisal will ALWAYS be REQUIRED when the Anticipation A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect value of their parcel to increase at some future time. This is an example of the principle of Functional Obsolescence If an older building cannot be air-conditioned, it is an example of most homes are larger than the sale home. According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the highest sales price if located in a neighborhood in which Business district zoned for a six-story office building. If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? The first sold. Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price? economic or external obsolescence. A commercial property lost value because a recently constructed highway moved traffic away from the property. This is an example of straight-line method. All of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT the The original cost of the building. When preparing a market data estimate of value, which of the following categories of adjustment is NOT essential? a competitive market analysis to determine the property's value. A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest setting a listing price. A competitive market analysis is MOST often used for square footage of the subject property. A competitive market analysis takes into consideration were located near the property being listed. When compiling a competitive market analysis, a broker would look for comparable properties that GRM Which rule-of-thumb version is being offered to an investor who is told that a house renting for $900 a month should sell for about $90,000?