Principles of Real Estate II Quiz & Flashcards

Questions and Answers

In the real estate business, which professional's primary role is to make improvements to land?

Real estate developer

Hotels, motels, golf courses, resorts, and sporting arenas belong to which of these property categories?

Leisure

In the real estate business, which professional's primary role is to estimate property value based on established valuation guidelines?

Real Estate Appraiser

Shopping centers and malls belong to which of these property categories?

Retail Signup and view all the answers

Of the six categories of real estate, what types of properties are hospitals, urgent care centers, and doctor's offices?

Healthcare Signup and view all the answers

In the real estate business, which professional's primary role is to protect brokerages from litigation and to answer questions for licensees about legal matters regarding real estate transactions?

Real Estate attorney Signup and view all the answers

Single-family, multi-family (duplex, triplex, etc.), apartment buildings, condominiums, and cooperatives are part of what property category?

Residential Signup and view all the answers

Because these types of properties have both specific physical and complex operational requirements, they are usually handled by more experienced real estate professionals.

Industrial Signup and view all the answers

What type of information should licensees know and understand before they can competently represent clients in the resort and vacation property specialty area?

The regulations for timeshare properties and vacation rentals Signup and view all the answers

Timeshare properties are also referred to as _________________.

Resort Properties Signup and view all the answers

What's required in order to call an auction?

An auctioneer's license Signup and view all the answers

What is Luciana's profession?

She is a real estate licensee Signup and view all the answers

In what profession does Bryant specialize?

He's a planner Signup and view all the answers

Where do live auctions typically take place?

On the steps of the local courthouse Signup and view all the answers

In which of the following real estate areas would Sam's education and experience be the most helpful?

Farm and ranch properties Signup and view all the answers

What benefits do timberland properties offer?

Land with trees Signup and view all the answers

Petroleum landmen specialize in the negotiation of contracts covering what aspect of land ownership?

Oil and mineral rights Signup and view all the answers

Which of the following are all examples of private land use control?

Easement, lien, deed restriction Signup and view all the answers

What did Shemar place on the deed regarding his property?

Deed condition Signup and view all the answers

Which of the following describes a deed restriction?

It can be placed on a single property, an entire subdivision or a neighborhood Signup and view all the answers

When referring to private land use restrictions, fence height, additional structures, and architectural design are generally categorized under ______.

Covenants Signup and view all the answers

The doctrine of 'use it or lose it' is known as the doctrine of ______.

Laches Signup and view all the answers

Jason, your client, is developing a subdivision of 140 houses. He may place deed restrictions on as many as ______ properties.

140 (100%) Signup and view all the answers

What does CC&R stand for?

Conditions, covenants and restrictions Signup and view all the answers

Deed restrictions imposed by a developer who wants to maintain specific standards in a subdivision under development are often called ______.

Restrictive covenants Signup and view all the answers

An easement like this one placed by the utility company is an example of a ______.

Private land control Signup and view all the answers

Subdivision regulations imposed by developers in an effort to maintain control of the development of the subdivision are an example of ______.

Private land use control Signup and view all the answers

Which of the following that limits the use of the property and may be included in the deed itself is usually placed on the land by the owner when the property is sold?

Restriction Signup and view all the answers

Which of these buildings and areas are typically owned by the public?

Municipal buildings, schools, parks, and military bases Signup and view all the answers

Most construction that is proposed near a floodway requires __________.

A floodplain management plan Signup and view all the answers

In Texas, approximately _______ of land is publicly owned.

5% Signup and view all the answers

What's the difference between a special use permit and a variance?

A variance allows a deviation from the requirements of the zoning ordinance; a special use permit allows a use not ordinarily allowed in the zone. Signup and view all the answers

The Arbor Heights Community passed a zoning ordinance that requires group homes of disabled citizens to be situated outside of city limits. This is a violation of the ______.

Fair Housing Act Signup and view all the answers

At what level are budgeting, site plan review, and building codes controlled?

Local Signup and view all the answers

Which of the following gives Adams County the right to restrict the movements of its minor citizens?

Police power Signup and view all the answers

Which of the following is a true statement about police power and public land use controls?

True Signup and view all the answers

Which of the following would likely require a variance?

An addition which alters the setback Signup and view all the answers

What's a group home?

A facility where unrelated adults with disabilities live Signup and view all the answers

Tax Increment Reinvestment Zones (TIRZs) were implemented for what purpose?

To attract new investors to certain areas Signup and view all the answers

Which of the following statements is true about zoning classifications?

True Signup and view all the answers

You're on a planning board discussing how to keep the city more livable by reducing building density. What is your response?

"That's a great way to meet our objectives." Signup and view all the answers

Which act prevents the fraudulent sale of property, sight unseen, through the regulation of land sales across state lines?

Interstate Land Sales Full Disclosure Act Signup and view all the answers

One area of town has maximum building height requirements and setbacks for the front, side, and rear yards. These requirements are all indicative of ______.

Bulk zoning Signup and view all the answers

What must William obtain to operate his tax office legally?

A special use permit Signup and view all the answers

What are taxes that are set aside for redevelopment and that stem from public financing when there is little help from the government called?

TIF's Signup and view all the answers

April was able to establish a day care in a residential neighborhood, where businesses would not normally be permitted. What did this require?

A special use or conditional use permit Signup and view all the answers

Which of the following is a type of zoning action?

Moratorium Signup and view all the answers

Which of the following describes a census tract?

Geographic area developed in a community and identified by number Signup and view all the answers

"Land divided into lots for development" is the definition of ______.

A subdivision Signup and view all the answers

Which of the following must occur before zoning changes are made?

Public hearings must be held Signup and view all the answers

Cluster zoning would include single-family homes, townhomes, apartments, and condominiums on a single parcel, provided that the developer leaves a portion ______.

Open for a playground, a park, and a walking path Signup and view all the answers

In local land use, the connection of utilities is considered a ______.

Development cost Signup and view all the answers

What describes both the type of the development and the regulatory process that allows the developer to meet the community's goals for land use and density without being restricted by existing zoning requirements?

Planned unit development Signup and view all the answers

What type of zoning does the residence at 102 Barbour Street demonstrate?

Non-conforming zoning Signup and view all the answers

Topography depicts the physical features and contours of a project, including rocks, trees, and other vegetation, as well as ______.

Soil types Signup and view all the answers

What is reviewed when a local planning board considers a developer's project plat?

The legal description of the project, easements that run with the land, and street and traffic patterns Signup and view all the answers

What type of zoning is exemplified by a new development consisting of commercial properties and residential areas?

Planned unit development Signup and view all the answers

Which of the following statements about zoning ordinances is true?

True Signup and view all the answers

Considering where pipelines and utilities can be located and their impact on the overall look in the subdivision are factors of ______.

Topography Signup and view all the answers

What type of zoning does Tres's desire to create loft-style condos on his light industrial property indicate?

Spot zoning Signup and view all the answers

Which of the following is true about zoning?

True Signup and view all the answers

What type of zoning is the developer placing residential properties closer together while leaving large open spaces throughout for community purposes?

Cluster Signup and view all the answers

In order to qualify for the 'innocent landowner' defense, what conditions must property owners meet?

When they purchased the property, the landowners conducted due diligence, including a professional environmental assessment. Signup and view all the answers

What must a licensee do regarding environmental disclosure responsibility?

Disclose all known environmental hazards for both residential and commercial properties. Signup and view all the answers

What should you do if your client is unwilling to conduct recommended environmental tests?

Keep records of your recommendations and a written response from Eric. Signup and view all the answers

A licensee must understand risks and provide disclosure of known environmental issues. A licensee must also do which of the following?

Know when to ask questions Signup and view all the answers

What federal tax incentive is Samuel eligible for after installing energy-efficient appliances?

Residential energy efficient tax credit Signup and view all the answers

Which government agency is one of the primary enforcers of green regulations on a national scale?

The Environmental Protection Agency Signup and view all the answers

What type of mortgage should environmentally conscious buyers consider for energy-efficient improvements?

An energy-improvement mortgage Signup and view all the answers

What is the recommended number of degree(s) to change a household's thermostat by in the winter and summer months to save carbon dioxide emissions?

Two degrees Signup and view all the answers

ENERGY STAR®-qualified homes are rated _______________ more energy efficient when compared to homes built before 2004.

15% Signup and view all the answers

Which organization issues the LEED certification?

The U.S. Green Building Council Signup and view all the answers

Green mortgages are also known as what?

Energy efficient mortgages Signup and view all the answers

Study Notes

Real Estate Professionals

Real Estate Developer: Responsible for making improvements to land.
Real Estate Appraiser: Estimates property value based on established guidelines.
Real Estate Attorney: Protects brokerages from litigation and provides legal counsel regarding real estate transactions.
Planner: Designs new communities, considering infrastructure like streets and parks.
Real Estate Licensee: A professional who lists properties and shows model homes in developments.

Property Categories

Leisure Properties: Include hotels, motels, golf courses, resorts, and sporting arenas.
Retail Properties: Primarily consist of shopping centers and malls.
Healthcare Properties: Encompass hospitals, urgent care centers, and doctor's offices.
Residential Properties: Cover single-family homes, multi-family homes, apartment buildings, condominiums, and cooperatives.
Industrial Properties: Typically require experienced professionals due to their specific physical and operational requirements.

Real Estate Regulations and Practices

Timeshare Properties: Also known as resort properties.
Auctioneer's License: Required to conduct an auction.
Deed Condition: Specifies terms such as property tax payments for ownership transfers.
Covenants: Restrictions that cover aspects such as fence height and architectural design.

Land Use and Zoning

Private Land Use Control Examples: Include easement, lien, and deed restriction.
Public Land Use Control: Includes zoning ordinances managed at the local level.
Bulk Zoning: Involves maximum building height and setback requirements.
Special Use Permit: Required for operating a business in a residential zone.
Planned Unit Development: Allows more flexible development styles integrating residential and commercial properties while maintaining open space.

Environmental Awareness in Real Estate

Disclosure Responsibility: Licensees must disclose known environmental hazards.
Energy-Efficient Improvements: Include those eligible for residential energy efficiency tax credits.
Green Mortgages: Known as energy-efficient mortgages; these focus on environmentally friendly home improvements.

General Knowledge

Fair Housing Act Violation: Zoning ordinances that limit the placement of group homes for disabled citizens.
Public Hearing Requirement: Necessary before any zoning changes can be made.
Tax Increment Financing (TIF): Used to spur development by setting aside taxes for improvements.

Key Facts

Texas Public Land Ownership: Approximately 5% of land is publicly owned.
Environmental Protection Agency: Primary enforcer of national green regulations.
LEED Certification: Issued by the U.S. Green Building Council for environmentally friendly buildings.
ENERGY STAR® Homes: Rated 15% more energy efficient than homes built before 2004.

Each point captures essential information relevant to real estate principles and practices, ensuring a comprehensive understanding of the subject matter.

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Test your knowledge of key concepts in real estate with these flashcards. Covering topics like property categories and professional roles, this quiz is a great tool for anyone studying real estate principles. Enhance your understanding and prepare for exams more effectively.

Principles of Real Estate II Flashcards

Questions and Answers

In the real estate business, which professional's primary role is to make improvements to land?

Hotels, motels, golf courses, resorts, and sporting arenas belong to which of these property categories?

In the real estate business, which professional's primary role is to estimate property value based on established valuation guidelines?

Shopping centers and malls belong to which of these property categories?

Of the six categories of real estate, what types of properties are hospitals, urgent care centers, and doctor's offices?

In the real estate business, which professional's primary role is to protect brokerages from litigation and to answer questions for licensees about legal matters regarding real estate transactions?

Single-family, multi-family (duplex, triplex, etc.), apartment buildings, condominiums, and cooperatives are part of what property category?

Because these types of properties have both specific physical and complex operational requirements, they are usually handled by more experienced real estate professionals.

What type of information should licensees know and understand before they can competently represent clients in the resort and vacation property specialty area?

Timeshare properties are also referred to as _________________.

What's required in order to call an auction?

What is Luciana's profession?

In what profession does Bryant specialize?

Where do live auctions typically take place?

In which of the following real estate areas would Sam's education and experience be the most helpful?

What benefits do timberland properties offer?

Petroleum landmen specialize in the negotiation of contracts covering what aspect of land ownership?

Which of the following are all examples of private land use control?

What did Shemar place on the deed regarding his property?

Which of the following describes a deed restriction?

When referring to private land use restrictions, fence height, additional structures, and architectural design are generally categorized under ______.

The doctrine of 'use it or lose it' is known as the doctrine of ______.

Jason, your client, is developing a subdivision of 140 houses. He may place deed restrictions on as many as ______ properties.

What does CC&R stand for?

Deed restrictions imposed by a developer who wants to maintain specific standards in a subdivision under development are often called ______.

An easement like this one placed by the utility company is an example of a ______.

Subdivision regulations imposed by developers in an effort to maintain control of the development of the subdivision are an example of ______.

Which of the following that limits the use of the property and may be included in the deed itself is usually placed on the land by the owner when the property is sold?

Which of these buildings and areas are typically owned by the public?

Most construction that is proposed near a floodway requires __________.

In Texas, approximately _______ of land is publicly owned.

What's the difference between a special use permit and a variance?

The Arbor Heights Community passed a zoning ordinance that requires group homes of disabled citizens to be situated outside of city limits. This is a violation of the ______.

At what level are budgeting, site plan review, and building codes controlled?

Which of the following gives Adams County the right to restrict the movements of its minor citizens?

Which of the following is a true statement about police power and public land use controls?

Which of the following would likely require a variance?

What's a group home?

Tax Increment Reinvestment Zones (TIRZs) were implemented for what purpose?

Which of the following statements is true about zoning classifications?

You're on a planning board discussing how to keep the city more livable by reducing building density. What is your response?

Which act prevents the fraudulent sale of property, sight unseen, through the regulation of land sales across state lines?

One area of town has maximum building height requirements and setbacks for the front, side, and rear yards. These requirements are all indicative of ______.

What must William obtain to operate his tax office legally?

What are taxes that are set aside for redevelopment and that stem from public financing when there is little help from the government called?

April was able to establish a day care in a residential neighborhood, where businesses would not normally be permitted. What did this require?

Which of the following is a type of zoning action?

Which of the following describes a census tract?

"Land divided into lots for development" is the definition of ______.

Which of the following must occur before zoning changes are made?

Cluster zoning would include single-family homes, townhomes, apartments, and condominiums on a single parcel, provided that the developer leaves a portion ______.

In local land use, the connection of utilities is considered a ______.

What describes both the type of the development and the regulatory process that allows the developer to meet the community's goals for land use and density without being restricted by existing zoning requirements?

What type of zoning does the residence at 102 Barbour Street demonstrate?

Topography depicts the physical features and contours of a project, including rocks, trees, and other vegetation, as well as ______.

What is reviewed when a local planning board considers a developer's project plat?

What type of zoning is exemplified by a new development consisting of commercial properties and residential areas?

Which of the following statements about zoning ordinances is true?

Considering where pipelines and utilities can be located and their impact on the overall look in the subdivision are factors of ______.

What type of zoning does Tres's desire to create loft-style condos on his light industrial property indicate?

Which of the following is true about zoning?

What type of zoning is the developer placing residential properties closer together while leaving large open spaces throughout for community purposes?

In order to qualify for the 'innocent landowner' defense, what conditions must property owners meet?

What must a licensee do regarding environmental disclosure responsibility?

What should you do if your client is unwilling to conduct recommended environmental tests?

A licensee must understand risks and provide disclosure of known environmental issues. A licensee must also do which of the following?

What federal tax incentive is Samuel eligible for after installing energy-efficient appliances?

Which government agency is one of the primary enforcers of green regulations on a national scale?

What type of mortgage should environmentally conscious buyers consider for energy-efficient improvements?

What is the recommended number of degree(s) to change a household's thermostat by in the winter and summer months to save carbon dioxide emissions?

ENERGY STAR®-qualified homes are rated _______________ more energy efficient when compared to homes built before 2004.

Which organization issues the LEED certification?

Green mortgages are also known as what?

Study Notes

Real Estate Professionals

Property Categories

Real Estate Regulations and Practices

Land Use and Zoning