Real Estate Fundamentals final Exam

Bundle of Legal Rights is property included in

The definition of real property

Bundle of rights concept

Possession,Enjoyment,Exclusion,Disposition,control

In Pennsylvania, mine activities refers to

Subsurface rights

Land is considered to be

indestructible

The Comprehensive Plan

Is not a regulatory document

Zoning does not affect such things as

Deed restrictions

Zoning

A planning tool used to separate industry and business from residential neighborhoods.

Zoning Ordinance

A law that limits the permitted uses of land and maximum density of development in a community.

buffer zones

A strip of land, usually used as a park or designated for a similar use, separating land dedicated to one use from land dedicated to another use.

Inverse Condemnation

action, initiated by a property owner against the government, to recover the loss in property value

Zoning Affects:

permitted use of the land, lot sizes, types of structures, building heights, setbacks( the minimum distance structures may be built from streets or sidewalks) density(the ratio of land area to structure area or population) protection of natural resources

The grantor of a deed may place effective restrictions on

The use of the land

Zoning Hearing Board are established to hear complaints about

The effect of a zoning ordinance

A new zoning ordinance is enacted. A building that is permitted to continue in its former use even though that use does not comply with a new zoning ordinance is an example of

. a nonconforming use

When a development increases the traffic flow on existing streets and highways, the municipality can fund the cost of transportation improvements that needed because of this development through

Impact fees

To protect the public from fraudulent interstate land sales, a developer involved in interstate land sale of 25 or more lots must

Provide each purchaser with a report of the details of the land, as registered with HUD.

Where are permitted land uses and set- asides, housing projects, transportation issues, and objectives for implementing future controlled development found

Comprehensive plans

Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed?

The purchaser may revoke the contract, at the purchaser's option, up to midnight of the seventh calendar day following the signing of the contract.

When is a certificate of occupancy issued?

After a newly constructed building has been inspected and found satisfactory by the municipal inspector

To determine whether a location can be put to future use as a retail store , one would examine the

zoning ordinance

Corn

Is an emblement

In determining intent of a fixture real property, court use the following three basic tests , which of the following are not one of these test

Method of removal

Which of the following is not an economic characteristic of real estate

Indestructibility

Which of the following is not a part of impact fees ,which are charges made in advance to cover anticipated expenses involving offsite capital improvements

Installing new parks

A new zoning ordinance is enacted. A building that is permitted to continue in its former use even though that use does not comply with a new zoning ordinance is an example of

a nonconforming use

Who is the best person to advice a client on the best way for them to take title to their new home

An attorney

Which of the following would probably not be included in a list of deed restrictions

How many family members can live on the property

physical chracteristics of land

Immobility, indestructibility, uniqueness, nonhomogeneity means that two properties are the same .

A homeowner is putting up new siding and has purchased the materials that are now sitting in their driveway, waiting to be installed. At this point, the siding material are considered

Personal property

Pennsylvania requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying this is known as the

Subsistence support

determine whether a location can be put to future use as a restaurant, one would examine the

Zoning ordinances

real estate

land and anything that is attached to it

Nonhomogeneity

uniqueness

Economic Characteristics of Land

scarcity, modification, improvements, permanence of investment, area preference. I

Real property can be converted into personal property through

severance

The tenant of a single-family home installs an awning over the buildings front windows to keep the sun away from some delicate hanging plants. Which of the following is TRUE?

The awning is considered a fixture

Which entity is generally responsible for creating the requirements for a real estate license

individual state law

The buyers asked their real estate agent to help them determine the correct way to take tittle to their new home .

Real estate agent should suggest that the buyers consult an attorney.

Purpose of Real Estate License Laws

to protect the public from fraud, dishonesty, and incompetence in real estate transactions

Seller need to provide notice to a purchase about whether a structure on the land is entitled to support from the underlying coal.

Coal notice

Homeowners is building an enclosed front porch on his home . A truckload of lumber that the homeowner purchase has been left in the driveway for use in building the porch . Lumber is considered

Personal property

Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is

a fixture or personal property

A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called

area preference

Which of the following is required in Pennsylvania real estate transactions

Coal mining notice

What is the process that often produces sink holes or troughs in some Pennsylvania regions

Mine subsidence

Restrictive Covenants

agreements among homeowners not to sell real estate to certain groups of people

Variance

Provides relief for property owners who can demonstrate that a zoning ordinance deprives them of the reasonable use of property

Deed Restrictions

Provision placed in deeds to control future uses of the property.

Plat

A map illustrating the sizes and location

percolation test

a soil test designed to measure rate of water absorption and drainage such as for septic systems

Injunction Relief

An order for the violator of a contract to stop the illegal activity

Court Injunctions

is a court order that prevents a party from performing a specific act and may be temporary of permanent

air pollution

Is not considered an environmental hazard

Encapsulation

Method of sealing disintegrating asbestos

A lot in a recorded subdivision will not include the

The year it was subdivided

A metes-and-bounds legal description

must commence and finish at the same identifiable point

Lead-Based Paint Hazard Reduction Act of 1992, requires the following from sellers and landlords of residential dwellings. Which of the following is NOT part of that disclosure?

Buyers have up to 10 days to conduct a risk assessment or inspection for the presence of lead-based paint hazards.

A metes-and-bounds description used direction and distance measurements to establish precise boundaries for a parcel. These are used to establish those boundaries.

Monuments

An acre consists of how many square feet?

43,560

CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites,

impose strict, joint and several and retro active liability on potentially responsible parties

There are several thousands of these in U.S. cities that are contributing to the cause of the decline of urban values

Brownfields

Currently, this is one of the most controversial environmental issues, especially in Pennsylvania

Waste disposal sites

The law that contains the broadest liabilities for environmental cleanup is the

CERCLA

Which of the following are LEAST likely to have liability under the environmental law ?

Real estate educators

With regard to the effect of landfills and hazardous waste sites on the value of surrounding properties, the EPA learned that

remedial action can reverse the decline at some sites

What disclosure does the seller property disclosure statement require?

type of sewage system on the property

Among the MOST common sources of carbon monoxide in a house

are malfunctioning furnaces

Which of the following can protect a buyer from unexpected environmental problems after closing ?

Environmental Site Assessment

The MOST important step involved in managing the risk of environmental hazards is to

Gather and disseminate authoritative information

What environmental problem is often the often the cause of the decline of urban values?

Brownfields

The purpose of the laws concerning asbestos is to

Minimize the release of asbestos fibers during construction and removal

The colorless, odorless, and poisonous gas from the exhaust is called:

carbon monoxide

The term encapsulation refers to the

method of sealing disintegrating asbestos

Which of the following describes the process of creating a landfill site?

Waste and topsoil are layered in a pit, mounded up, and then covered with dirt and plants

Contamination from underground storage tanks is

addressed by EPA regulations

CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites,

impose strict, joint and several, and retroactive liability on potentially responsible parties

One method of sealing off disintegrating asbestos is called

encapsulation

What environmental hazard is found in old air conditioners, refrigerators, and freezers?

Chlorofluorocarbons

What is required before any federally funded development project is approved?

Environmental Impact Statement (EIS)

Contamination by underground storage tanks is

Regulated by the EPA .

A monument is used in which type of legal description?

a. lot and block

b. metes and bounds

c. rectangular survey

d. street address

b. metes and bounds

The term monument refers to a fixed, unchanging reference point used to locate the point of beginning (POB) for a specific parcel of real estate. A monument is critical to create an accurate metes-and-bounds legal description.

An acre contains

43,560 square feet

Who is required by the condominium laws to prepare a plat map showing the elevations of floors and ceiling surfaces?

A registered land surveyor

Which of the following is MOST likely to be included in a legal description of a condominium description?

Fractional share of the buildings common elements

A map that shows the location, size, and shape of buildings located on a lot is called a

Spot survey

The newly acquired deposited of soil, gravel or sand upon the bank of a river are called

Alluvion

Where is the property line generally lactated for property owners whose land borders a lake?

The middle of the lake

A lease requires a minimum rent of 1,800 per month, plus 6% of the businesses sales over 130,000. On an annual sales volume of 320,000, the annual rent would be:

33,000

The purpose of security deposite is to

Repair damage to the property caused by the the tenant

When a tenant breaches a lease or improperly retains possession of the premises, the landlord may regain possession through a legal process known as

Actual eviction

Quite Enjoyment means

The landlord must give the tenant notice before coming into the apartment.

To be valid, a lease must meet certain requirements, which are essentially the same as in any other contract. Which of the following is NOT one of those requirements

Validation

All of the following are powers of the government EXCEPT

Condemnation

A property was seeded to a church " for religious purposes only " conveys a

Fee simple on condition subsequent

When does a property's ownership revert to the state via escheat

Owner dies without a will or heirs

A person who has complete control over a parcel of real estate is said to own a

fee simple estate

What is the maximum security deposit that a landlord may charge for the first year ?

Up to 2 months rent

The leasehold estate that automatically renews itself at the end of the lease is

Tenancy from period to period

Which of the following is NOT a leasehold estate

Estate for months

Which is a characteristic of an appurtenances easement ?

Runs with the land