REAL ESTATE PSI CT EXAM
QUESTIONS AND ANSWERS
covenants, conditions, and restrictions (CC&Rs) - ANSWER-Private agreements that
affect land use. They may be enforced by an owner of real estate that benefits from
them and can be included in the seller's deed to the buyer.
curtsey rights - ANSWER-right a husband has to his wife’s estate upon her death
Zoning Master Plans - ANSWER-Zoning ordinances implement the comprehensive
plan and regulate and control the use of land and structures within designated land-
use districts, in part by separating conflicting land uses.
There are three basic methods currently used to describe real estate: - ANSWER-1.
Metes and bounds - used in the original 13 colonies. Uses a Point of Beginning and
monuments to express a properties' boundaries.
2. Rectangular (or government) survey - established by Congress in 1785 to
standardize the description of land acquired by the newly formed federal
government. Principal Meridians that run North and South, Baselines that run East
and West - create a Township.
3. Lot and block (recorded plat) - recorded map at town hall that outlines each lot
and block by number.
Nonconforming "grandfathered" use - ANSWER-land or property that doesn't
conform to existing zoning regulations
Building Code - ANSWER-An ordinance that specifies minimum standards of
construction for buildings to protect public safety and health. They set requirements
for materials, standards of workmanship, sanitary equipment, electrical wiring and
fire prevention.
Planned unit developments (PUDs) - ANSWER-A development where you own your
own home and the land it sits on, but you share ownership of the development with
your neighbours and pay a homeowner's fee for common expenses and
maintenance.
Highrise developments (MUDs) - ANSWER-Combine office space, stores, theater,
and apartment unites into a single vertical community. (Mixed-use developments)
Factors affecting real estate supply - ANSWER-- labor force, construction, and
material costs; government controls and financial policies; and local government
factors.
Factors affecting real estate demand - ANSWER-- population, demographics, and
employment and wage levels.
The RE Market Supply and Demand - ANSWER-When supply is high, price goes
down
QUESTIONS AND ANSWERS
covenants, conditions, and restrictions (CC&Rs) - ANSWER-Private agreements that
affect land use. They may be enforced by an owner of real estate that benefits from
them and can be included in the seller's deed to the buyer.
curtsey rights - ANSWER-right a husband has to his wife’s estate upon her death
Zoning Master Plans - ANSWER-Zoning ordinances implement the comprehensive
plan and regulate and control the use of land and structures within designated land-
use districts, in part by separating conflicting land uses.
There are three basic methods currently used to describe real estate: - ANSWER-1.
Metes and bounds - used in the original 13 colonies. Uses a Point of Beginning and
monuments to express a properties' boundaries.
2. Rectangular (or government) survey - established by Congress in 1785 to
standardize the description of land acquired by the newly formed federal
government. Principal Meridians that run North and South, Baselines that run East
and West - create a Township.
3. Lot and block (recorded plat) - recorded map at town hall that outlines each lot
and block by number.
Nonconforming "grandfathered" use - ANSWER-land or property that doesn't
conform to existing zoning regulations
Building Code - ANSWER-An ordinance that specifies minimum standards of
construction for buildings to protect public safety and health. They set requirements
for materials, standards of workmanship, sanitary equipment, electrical wiring and
fire prevention.
Planned unit developments (PUDs) - ANSWER-A development where you own your
own home and the land it sits on, but you share ownership of the development with
your neighbours and pay a homeowner's fee for common expenses and
maintenance.
Highrise developments (MUDs) - ANSWER-Combine office space, stores, theater,
and apartment unites into a single vertical community. (Mixed-use developments)
Factors affecting real estate supply - ANSWER-- labor force, construction, and
material costs; government controls and financial policies; and local government
factors.
Factors affecting real estate demand - ANSWER-- population, demographics, and
employment and wage levels.
The RE Market Supply and Demand - ANSWER-When supply is high, price goes
down
