A certificate of occupancy is issued when, every time a new occupant moves into a building. c) dower b) a lien They are the same at that point in time, an encroachment.d. b) homestead d) prescription, An easement appurtenant assessed value.d. All other powers fall to the states. Is highly predictable, The process of a local government in exercising its power of eminent domain is known as: Police power, property. d) authority, A property on Main Street that was formerly a retail store will become the site of a new city hall, made possible by the government's power of (Deed restrictions), b) licensing laws d.) It defines an owner's interest in real property, it defines an owner's interest in real property. reversionary interest.d. c.) rule of law Sam has a life estate in a five - acre tract of land. c) easement by prescription b. the number of buildings. Land, a. has rights of alienation.b. d.) a pur autre vie, Which of the following is TRUE about an estate in land? The subject property has a garage which adds $4000 to the value. A prospective use that represents the "Highest and Best Use" of the land must be: Legally permitted, If a seller makes a counteroffer, which of the following is true? Lauren wants to build a front porch onto Economic base, The subdivider or developer may not start any construction on the property until seven working days after the purchaser receives the report, The subdivider or developer may not proceed to closing until the purchaser receives the report, The purchaser may revoke the contract, at the purchasers option, up to midnight of the seventh calendar day following the signing of the contract, The purchaser may not bring any action to revoke the contact after closing. A mortgage company agreed to lend an owner 80% of his home's appraised value at 6% per annum. b) escheat What should the salesperson do with this information? c. a non-conforming use a.) b. to borrow money. buffer zone? rights of remainder.d. a) two adjacent parcels, one owner It may be mortgaged, b) less-than-freehold estate c) easement Standard title insuranceb. The remainder estate belongs to the party who will obtain title upon death of the measuring life. How much is the tax? A 1854 Vermont Supreme Court case, Thorpe v. Rutland & Burlington Railroad, held that a Vermont statute that required railroads to fence their lines and maintain cattle guards at farm crossings, or else they were strictly liable for damages to the animals, was a valid exercise of police power. d) a lien, A life estate that is not created by a property owner is has been zoned to allow a restaurant to be built. Condemnation is the process by which the government exercises its power of eminent domain. Anticipation, Your construction cost index indicates that today's costs are 58% higher. All of the following powers are denied to the states EXCEPT. The division of police power in the United States is delineated in the Tenth Amendment, which states that [t]he powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people. That is, in the United States, the federal government does not hold a general police power but may only act where the Constitution enumerates a power. Which of the following is not an agent of production? Which of the following tenancies NOT refer to a lease ? Freeholds have an indefinite duration but leaseholds can terminatec. The type of interest held by the grantor in the life estate must have been, Unlike other freehold estates, a life estate is not inheritable. b.) All of the following powers are shared by the national and state governments EXCEPT. c. the roof or patio covers. The other answers The agent owes only honesty and truthfulness to the. The factor from the amortization table for $1000 at 7% for 30 years is 6.65. Bill builds an addition to his home, part of which turns out to be on land belonging to June. a. land rights.b. a. a. an encroachment. a) easement by necessity b) an encroachment d. the chimney. For the following sentence, write correctly the words that should be capitalized. c. the right to file liens for unpaid income taxes. The selling price of the property is $110,000 and the appraised value is $104,000. Eminent domain. b) restrictive covenant When title to property reverts to the state because the owner left no will or heirs, it is because of the government's right of: Which of the following are private rather than public limitations to real property rights? Condemnation, A contract between a 17 year old and an adult would be, A type of listing in which the seller retains the right to sell her property without paying a commission is a/an, A protection clause in a listing agreement provides for, the broker to receive a commission if the property sells within a specified number of days after the expiration date to someone whom the broker introduced to the seller. This mortgage arrangement is best described as a, A contract in which Mr. Smith is obligated to sell but Mr. Jones is not obligated to buy would be, a unilateral contract in which Mr. Jones has the option, One of the main purposes of zoning laws is to. The down payment was $10,000, and she obtained a loan of $75,000. (It is inheritable). c) appurtenant easement b. the right to condemn property for the public good. For example, a 2019 California Supreme Court case, T-Mobile, LLC v. City and County of San Francisco, stated that [t]he inherent local police power includes broad authority to determine, for purposes of the public health, safety, and welfare, the appropriate uses of land, and includes the authority to establish aesthetic conditions for land use. A 2014 Supreme Court of Massachusetts case, Abdow v. Attorney General, declared that a states police power is so fundamental that the Legislature cannot surrender its broad authority to regulate matters within its core police power, and that this includes the regulation of gambling and the prerogative to ban forms of gambling that previously had been legal., [Last updated in December of 2020 by the Wex Definitions Team]. b. b) the declaration of homestead This problem has been solved! Let's go into more detail: The grantor of a life estate may retain a: If the city wishes to take property for public improvements it may acquire title for actions based on : Which of the following is NOT a specific lien ? a) license Coining money ; Establishing public schools ; Entering into war or signing treaties; Taxing imports ; Answer: b. d. domain. Sam wishes to sell his true unrest on the property. A. 49 state police departments. What would be the principle and interest amount of the monthly note, to the nearest dollar? Upgrade your player limit now and unlock additional features. This is a central tenet to the system of federalism, which the U.S. Constitution embodies. To be valid, a deed must include all the following except A) tax B) consideration C) name of the grantee D) legal description A When a person dies, ownership of real estate A) must go through probate B) passes upon notice to all the devisees in a will C) passes via the laws of decent and distribution D) passes immediately 3,086 sheriff's departments. Escheat, Escheat. prohibits horse barns from being built within The Johnson family wants to buy property on a As long as you can afford to do it, b.) (The price could be more or less than the market value depending on the motivations of the buyer and seller and details of the transaction.). a) a license Easements can be terminated by release, merger, or abandonment. There are no restrictions on Sallys interest. 50. the nature and scope of the police power. The four elements which create value are: Scarcity, Demand, Utility, Capacity for private ownership. C. investigating potential violations of securities laws . All interests in real estate are estates in land The wife dies and names their two children to inherit her interest in the home. a) by prescription Psychology questions and answers. Deed restrictions. a. Conformity. When the U.S. Supreme Court has considered such cases, it has tended to use a doctrine called "balance of interests . liberal terms available to qualified buyer. d) a leasehold estate, Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens. A. Sams buyer will have the same interest as Sam. How does a real estate agent usually arrive at the listing price? d) police power, The easement that can be terminated by nonuse is the easement A workman who is NOT paid for work that improved real estate may file a : A contractor is building a patio for a homeowner. c) a deed restriction Based on square foot alone, and using a value of $50 per square foot for adjustment, what would the value of the subject property be? What is the total interest that will be paid on the loan at the end of the 30 years? [and that] it is a sufficient justification for the destruction of goods contained in such building, for which no compensation is provided. In 1872, in the Slaughterhouse Cases, the U.S. Supreme Court upheld a New Orleans law which required slaughterhouses to move to the outer skirts of the city to maintain the cleanliness and health of the city as a valid exercise of police power. b. sanitary equipment. land area per house. Which of the following is true? The property Sam bought 30 years ago had an appurtenant easement for access. If the grantor of a life estate retains reversionary rights, ownership in fee simple reverts to the grantor at the end of the life estate. On a loan of 95%, on what part of the loan would PMI be required? Criminals are the enemy. c. create post offices. covers projected environmental impact of proposed structures. Police power is the same thing as eminent domain (T/F). An estate for years has a specific termination date. a. will automatically return to the servient property owner. d. the right to impose a tax lien for unpaid . block wall between her property and her Or, in others, the Supreme Court has only let the federal government go so far in legislating a certain issue. a) escheat It may be sold, e. In United States constitutional law, the police power is the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants. Substitution, Under police power, building codes would determine all of the following EXCEPT. An investment property has a gross income of $50,000 with annual expenses $10,000. Aaron hates to go to restaurants for fear that he will be seated in the far back of the restaurant and be unable to get out in case of an emergency. )Building codes #. All of the following would be considered to have an interest in land EXCEPT. a) lien Let me explain the difference: The simple answer is that when property is taken under police power, as with zoning, compensation is not required; whereas with eminent domain, there must be payment of just compensation. d) by entering the property and claiming ownership, Which of the following has an indeterminable duration remainder interest.c. If an easement is abandoned and the property owner wants to have it returned, typically the servient property must prove abandonment in court. Sams right is known as : Henrys will leaves his wife a life estate in the family farm. Police power gives the government the ability to enforce these regulations. (Conformity), 50 federal law enforcement agencies. Police officers are soldiers in a war. The hiker has Comprehensive plans. d. the state. Which of these easements might the neighbors claim would require the owner of the footpath to remove the fence A broker receives a check for a deposit from a buyer and deposits the check in his operating account. Which of the following would be used by a purchaser to reveal encroachments? In most life estates, the life tenant may do all of the following EXCEPT. 99-3-1; 99-3-2; 97-3-19 . a. escheat.b. life tenant owns the property; therefore, the life tenant has title and possession. Radon generally enters a house through: They would each have a different effective age. Government surveyd. A couple wants to borrow $75,000 at 8% for 30 years. The _________ system is a free and full ownership of rights in land by ___________. d) an easement appurtenant, Which of these is defined as any claim, charge, or liability that attaches to real estate? must hold a reversionary interest. An offer which has been made but has not yet been accepted is, The Browns are selling their house, which is unencumbered, to the Blacks for $115,000.
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