Study guides, Class notes & Summaries

What is included in a "Bundle of Rights"? (allodial system of ownership) - correct answer 1. Possession 2. Use 3. Encumbrance (loan against) 4. Expulsion (exclude others) 5. Transfer Corporeal - correct answer Land and Tenements (buildings) Incorporeal - correct answer Rights and Relationships Hereditaments - correct answer Any property that can be inherited Fixtures - correct answer Item of personal property that because of it's attachment becomes real property MAR...

The sale of personal property would include: - correct answer Bill of sale What governmental right requires compensation to private property owners? - correct answer Eminent domain If property is obtained by the state after a person dies, this is called: - correct answer Escheat Transfer of real property requires a: - correct answer Deed This is an economic characteristic of real property: - correct answer Frozen asset A promissory note is considered: - correct answer ...

A rate of return: - correct answer Cap rate Buying An apartment building. It would be apprised using: - correct answer Income approach When a house is built with cheap material and shows signs of deterioration this is called: - correct answer Physical depreciation This is considered functional obsolescence: - correct answer Five bedroom house with one bathroom The market data approach in appraisal would refer to as: - correct answer Substitution When buying a rental prop...

The sale of personal property would include a: - correct answer Bill of Sale What governmental right requires compensation to private property owners? - correct answer Eminent Domain If property is obtained by the state after a person dies, this is called: - correct answer Escheat Transfer of real property requires a - correct answer Deed Which of the following would be an economic characteristic of real property? Non homogeneous Frozen Asset Alienation Governmental right...

Formula for finding property value when you have the net operating income and cap rate - correct answer Current market value(CMV)= NOI/ cap rate Example: CMV=$5.480/ .08(8%) =$68,500 When would IRS form 1099S be used? - correct answer Report sales price What's a 1099s forms - correct answer Known as an "information return. The form the federal government requires to be filed when selling real estate. If you sold any real property during the course of the year, you must will receive ...

A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230 d. $78,712 - correct answer b. $75,141 A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the property is listed with a broker d. gives no indication that the property has been sold or not - correct answer c. gives no indication that the property is listed with a broker A borrower is required to put 10% down for th...

How are AZ property taxes charged? - correct answer Ad Valorem What does Ad Valorem mean? - correct answer Assessed Value How are Arizona Property Taxes paid? - correct answer Levied once, Paid Twice When are AZ property Taxes Due? and Delinquent? - correct answer Oct-Nov and March-May (O No More Money) Who do you pay the property taxes to? - correct answer County Treasurer What is the penalty for AZ Property Tax Delinquency? - correct answer 16% Property Tax Assess...

Before the commissioner issues a public report on subdivided land, the subdivider may not: Take lot reservations Enter into a binding contract Advertise the lots for sale Begin lot improvements - correct answer Enter into a binding contract All of the following can be used in a developer's public report advertisement EXCEPT: Specific prices A statement which says, "The public report is an endorsement of the project" Names of the owners and past history Future plans of the general ar...

A1...which is the least likely to be offered by a real estate office? 1. Financing 2. CMA 3. Property Development 4. Insurance - correct answer Insurance A1_Ownership implies everything except: 1. Possession 2. Enjoyment 3. Control 4. Destruction - correct answer Destruction A1_Of the following liens - delinquent property taxes since 2007, mortgage recorded in 2004, IRS lien recorded in 2008 - which has 2nd priority? 1. IRS lien 2. 2nd year property taxes 3. Mortgage 4. 3 y...

A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered... - correct answer Equity A broker, acting as a property manager, would be considered what type of agent? - correct answer General A contract has been signed, but title has not yet been passed. The contract is... - correct answer Executory A house cost $100,000. The buyer is making a down payment of 32,000 and getting a $68,000 loan. If there are 4 points, how much money will b...