Podcast
Questions and Answers
Which type of ownership interest in real estate is the highest recognized by law?
Which type of ownership interest in real estate is the highest recognized by law?
- Fee Simple Qualified
- Fee Simple Defeasible
- Life Estate
- Fee Simple Absolute (correct)
What is the key characteristic of a Fee Simple Defeasible ownership?
What is the key characteristic of a Fee Simple Defeasible ownership?
- It allows the previous owner to retake possession of the property through legal action.
- It has limitations on property use that could result in the loss of the ownership right. (correct)
- It is limited in some way.
- It requires an action to be taken before ownership will take effect.
What is a life estate based on the life of someone other than the holder called?
What is a life estate based on the life of someone other than the holder called?
- Life Estate Pur Autre Vie (correct)
- Fee Simple Qualified
- Fee Simple Absolute
- Fee Simple Defeasible
Which type of limitation on property use results in the automatic return of title to the former owner without the need for legal action?
Which type of limitation on property use results in the automatic return of title to the former owner without the need for legal action?
Which of the following is NOT considered personal property?
Which of the following is NOT considered personal property?
Which of the following is NOT one of the four elements that create value for real estate?
Which of the following is NOT one of the four elements that create value for real estate?
Which of the following is NOT an economic force influencing value?
Which of the following is NOT an economic force influencing value?
Which of the following is NOT a physical or environmental force influencing value?
Which of the following is NOT a physical or environmental force influencing value?
Which form of co-ownership allows each co-tenant to use the entire property and transfer their interest by gift or sale or by will at death?
Which form of co-ownership allows each co-tenant to use the entire property and transfer their interest by gift or sale or by will at death?
Which form of co-ownership requires the four unities of ownership and creates a right of survivorship?
Which form of co-ownership requires the four unities of ownership and creates a right of survivorship?
Which form of co-ownership is automatically terminated in the event of divorce and allows each spouse to have an equal, undivided interest in the property?
Which form of co-ownership is automatically terminated in the event of divorce and allows each spouse to have an equal, undivided interest in the property?
Which of the following is NOT considered a common area in a condominium?
Which of the following is NOT considered a common area in a condominium?
Which form of co-ownership is commonly used in business partnerships and requires all partners to have the right to use the property for partnership purposes?
Which form of co-ownership is commonly used in business partnerships and requires all partners to have the right to use the property for partnership purposes?
What is the main difference between a condominium and a cooperative?
What is the main difference between a condominium and a cooperative?
What is a Planned Unit Development (PUD) characterized by?
What is a Planned Unit Development (PUD) characterized by?
Which economic characteristic of land refers to people's choices and preferences for a given area?
Which economic characteristic of land refers to people's choices and preferences for a given area?
Which of the following is NOT a factor considered in determining market value?
Which of the following is NOT a factor considered in determining market value?
What does the term 'market value' refer to?
What does the term 'market value' refer to?
What is the assumed condition of the buyer in a market value transaction?
What is the assumed condition of the buyer in a market value transaction?
What is the significance of proper marketing in determining market value?
What is the significance of proper marketing in determining market value?
Which one of these is true about a life estate?
Which one of these is true about a life estate?
What is the main difference between a leasehold estate and a leased fee estate?
What is the main difference between a leasehold estate and a leased fee estate?
What is an easement in gross?
What is an easement in gross?
What is the main difference between a license and an easement?
What is the main difference between a license and an easement?
Which principle emphasizes the importance of using the best market information available at the time of a transaction?
Which principle emphasizes the importance of using the best market information available at the time of a transaction?
Which principle states that the value of a property is influenced by the expectation of future benefits?
Which principle states that the value of a property is influenced by the expectation of future benefits?
Which principle states that the value of a property is affected by the interaction of supply and demand in the market?
Which principle states that the value of a property is affected by the interaction of supply and demand in the market?
Which principle emphasizes the importance of using comparable properties to determine the value of a property?
Which principle emphasizes the importance of using comparable properties to determine the value of a property?
Which principle states that the value of a property is influenced by the presence of external factors, such as proximity to amenities or nuisances?
Which principle states that the value of a property is influenced by the presence of external factors, such as proximity to amenities or nuisances?
Which principle states that the value of a property is affected by the interaction of supply and demand in the market?
Which principle states that the value of a property is affected by the interaction of supply and demand in the market?
Flashcards are hidden until you start studying
