FINAL EXAM LAW AND PRACTICE VAN ED GUIDE
2025
|MOST COMMON QUESTIONS WITH CORRECTLY
VERIFIED ANSWERS|ALREADY A+
GRADED|GUARANTEED PASS
A loan whose payments do not fully liquidate the loan and thus requires a large final payment,
is known as
1. Partially amortized loan
2. Term loan
3. Growing equity mortgage
4. Graduated payment mortgage - 1. Partially amortized loan - Repays partially, the part
of the loan that hasn't been repaid yet is called a balloon payment
Graduated/Growing - accelerate repayment of their fixed-rate mortgage by scheduling
additional principal payments that increase over time
Real property is donated for public use by means of?
1. Condemnation
2. Eminent domain
3. Dedication
4. Escheat - 3. Dedication
Escheat - government to take ownership of estate assets or unclaimed property when someone
dies
,Eminent domain - take private property for public use with fair compensation
Condemnation - legal acquisition of property by a local government or other private entities,
example deemed not safe
Eight years ago, a 15,000 square foot warehouse cost $40.00 per sq. ft. to rebuild. Its economic
life is 50 years. The land is valued at $170,000.00. Today, the property is valued at? -
15,000 X $40.00 = $600,000.
$ 600, (economic life) = $12,000 (straight line depreciation per year)
12,000 x 8 (effective age) = $96,000
$600,000 - $96,000 = $504,000 plus $170,000 (land value) = $674,000.00
The use of more than one appraisal method with different weights assigned to each method
describes?
1. A certified appraisal
2. The development method
3. The quantity survey method
4. Reconciliation - 4. Reconciliation
Development method - forecasting cash flows into the future (future revenues etc)
Quality Survey Method - detailed inventory of every item of material, equipment, labor,
overhead, and fees involved in the construction of a property.
Provisions placed in a deed to control future use of the property are known as .
1. Restrictions
,2. Allowances
3. Limitations
4. Transfer - 1. Restrictions
A point, line, or surface from which a vertical height or depth is measured is known as .
1. Datum
2. Benchmark
3. Marker
4. Measurement - 1. Datum
Benchmark - Permanent reference point or marker by surveyor, , used to establish and measure
differences in elevations and altitudes above sea level. used to mark Datum
An area where residential density is described overall, but the developer is allowed flexibility in
placing the residences in groups interspersed with open space is .
1. Cluster Zoning
2. Exclusionary zoning
3. Cumulative zoning
4. Aesthetic zoning - 1. Cluster Zoning
Cumulative zoning - use permitted in a higher-use, less intensive zone is permissible in a lower
use, more intensive zone. (house in -> industrial zone, not the other way around)
Blank____is the judicial process through which the existence of a water right is confirmed by
court decree.
1. Appropriation
2. Adjudication
3. Augmentation
4. Designation - 2. Adjudication
, Appropriation - process by which previously unowned natural resources, particularly land,
become the property of a person or group of persons (squatters form of this)
The vendor/owner retains naked legal title at the time of sale but gives possession to
vendee/buyer under _______
1. Mortgage (lien theory)
2. Bill of Sale
3. Deed of Trust
4. Installment Land Contract
Bare (naked) legal title occurs when someone has a purely legal, but not equitable, ownership
interest in an asset. - Deed of trust - home buyer will repay the loan and that the
mortgage lender will hold the legal title to the property until the loan is fully paid
Bill of sale - legally recognized documented record of a transaction property changes hands
Installment Land contract - agreement to buy land over time, without transferring title to the
land until all the payment have been made.
Capitalization rates are used for appraising income producing property. When the cap rate is
lowered, .
1. Values increase
2. Remain the same
3. Values decrease
4. There is no effect on value - Value Increases
2025
|MOST COMMON QUESTIONS WITH CORRECTLY
VERIFIED ANSWERS|ALREADY A+
GRADED|GUARANTEED PASS
A loan whose payments do not fully liquidate the loan and thus requires a large final payment,
is known as
1. Partially amortized loan
2. Term loan
3. Growing equity mortgage
4. Graduated payment mortgage - 1. Partially amortized loan - Repays partially, the part
of the loan that hasn't been repaid yet is called a balloon payment
Graduated/Growing - accelerate repayment of their fixed-rate mortgage by scheduling
additional principal payments that increase over time
Real property is donated for public use by means of?
1. Condemnation
2. Eminent domain
3. Dedication
4. Escheat - 3. Dedication
Escheat - government to take ownership of estate assets or unclaimed property when someone
dies
,Eminent domain - take private property for public use with fair compensation
Condemnation - legal acquisition of property by a local government or other private entities,
example deemed not safe
Eight years ago, a 15,000 square foot warehouse cost $40.00 per sq. ft. to rebuild. Its economic
life is 50 years. The land is valued at $170,000.00. Today, the property is valued at? -
15,000 X $40.00 = $600,000.
$ 600, (economic life) = $12,000 (straight line depreciation per year)
12,000 x 8 (effective age) = $96,000
$600,000 - $96,000 = $504,000 plus $170,000 (land value) = $674,000.00
The use of more than one appraisal method with different weights assigned to each method
describes?
1. A certified appraisal
2. The development method
3. The quantity survey method
4. Reconciliation - 4. Reconciliation
Development method - forecasting cash flows into the future (future revenues etc)
Quality Survey Method - detailed inventory of every item of material, equipment, labor,
overhead, and fees involved in the construction of a property.
Provisions placed in a deed to control future use of the property are known as .
1. Restrictions
,2. Allowances
3. Limitations
4. Transfer - 1. Restrictions
A point, line, or surface from which a vertical height or depth is measured is known as .
1. Datum
2. Benchmark
3. Marker
4. Measurement - 1. Datum
Benchmark - Permanent reference point or marker by surveyor, , used to establish and measure
differences in elevations and altitudes above sea level. used to mark Datum
An area where residential density is described overall, but the developer is allowed flexibility in
placing the residences in groups interspersed with open space is .
1. Cluster Zoning
2. Exclusionary zoning
3. Cumulative zoning
4. Aesthetic zoning - 1. Cluster Zoning
Cumulative zoning - use permitted in a higher-use, less intensive zone is permissible in a lower
use, more intensive zone. (house in -> industrial zone, not the other way around)
Blank____is the judicial process through which the existence of a water right is confirmed by
court decree.
1. Appropriation
2. Adjudication
3. Augmentation
4. Designation - 2. Adjudication
, Appropriation - process by which previously unowned natural resources, particularly land,
become the property of a person or group of persons (squatters form of this)
The vendor/owner retains naked legal title at the time of sale but gives possession to
vendee/buyer under _______
1. Mortgage (lien theory)
2. Bill of Sale
3. Deed of Trust
4. Installment Land Contract
Bare (naked) legal title occurs when someone has a purely legal, but not equitable, ownership
interest in an asset. - Deed of trust - home buyer will repay the loan and that the
mortgage lender will hold the legal title to the property until the loan is fully paid
Bill of sale - legally recognized documented record of a transaction property changes hands
Installment Land contract - agreement to buy land over time, without transferring title to the
land until all the payment have been made.
Capitalization rates are used for appraising income producing property. When the cap rate is
lowered, .
1. Values increase
2. Remain the same
3. Values decrease
4. There is no effect on value - Value Increases
