Property Marketing and Management Flashcards

Which of the following would be considered to be real property?

Answer: Fixtures

Explanation: Fixtures would be considered to be real property because they are items that are permanently attached to the land or property and cannot be easily removed without causing damage. They become part of the property and are therefore considered real property. Leasehold estate, chattels, and trade fixtures are not considered real property as they are either temporary rights to use the property, personal property, or items that can be easily removed without causing damage to the property.

The Servient estate in an easement appurtenant is the property:

Answer: on which the easement is placed.

Explanation: In an easement appurtenant, the servient estate refers to the property on which the easement is placed. The easement is a right or privilege granted to the owner of another property, known as the dominant estate, to use a portion of the servient estate for a specific purpose. Therefore, the servient estate is the property that is burdened by the easement and allows the owner of the dominant estate to benefit from it.

Real property includes all of the following except:

Answer: Trade fixtures

Explanation: Real property refers to land and any permanent structures or improvements attached to it. This includes fixtures, which are items that are affixed to the land or property and are considered part of it. The bundle of rights refers to the legal rights associated with owning real property. However, trade fixtures are not considered part of real property. Trade fixtures are items that are attached to the property by a tenant or business owner for the purpose of conducting their trade or business, and they can be removed by the tenant when they vacate the property.

Pine trees and bougainvillea bushes on a property that were planted by the current owner are examples of:

Answer: Real Estate

Explanation: Pine trees and bougainvillea bushes on a property that were planted by the current owner are considered examples of real estate because they are permanently attached to the land and cannot be easily removed without causing damage. Real estate refers to the land and any permanent fixtures or improvements on it, such as buildings, trees, and landscaping. These items are typically included in the sale of the property and are considered part of the real estate.

A device that grants property owner relief from certain provisions of the zoning ordinance where, because of specific use, would result in a particular hardship upon the owner as distinguished from a mere inconvenience or a desire to make more money.

Answer: Variance

Explanation: A variance is a device that allows property owners to be exempted from certain zoning regulations when strict adherence to those regulations would cause undue hardship. This means that the property owner would face significant difficulties or disadvantages if they were not granted relief from the zoning ordinance. It is important to note that this exemption is not granted for mere convenience or financial gain, but rather to address specific hardships faced by the property owner.

Under the Federal Fair Housing Law, which of the following is considered discriminatory advertising?

Answer: Catholics preferred

Explanation: Catholics preferred would be discrimination since catholicism is a religion. Religion is protected under the Federal Fair Housing Law.

The standard color scheme for residential land use:

Answer: Yellow

Explanation: The given color scheme for residential land use includes various colors such as red, blue, yellow, violet, and yellow-green. Out of these options, yellow is the correct answer for the standard color scheme for residential land use. This means that yellow is commonly used to represent residential areas on maps, zoning codes, or other land use plans. It is important to have a standardized color scheme for land use to ensure consistency and clarity in urban planning and development.

If a leased premise becomes uninhabitable deliberately in an attempt to remove the tenant. What is this action called?

Answer: Constructive eviction

Explanation: Constructive eviction is a term used in the law of real property to describe when a landlord sidesteps the formal, legal eviction process, and instead attempts to force the eviction of the tenant by rendering the property uninhabitable. A tenant who is constructively evicted may terminate the lease and seek damages.

What is the best definition listed for the term: “conventional loan?”

Answer: A type of loan that is not insured or guaranteed by the government, but backed by private lenders.

Explanation: A conventional loan is a type of loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. Yes, typically they are the most popular but the best definition by far is the following: A type of loan that is not insured or guaranteed by the government, but backed by private lenders.

The lender in a traditional mortgage loan transaction is known as what?

Answer: A mortgagee

Explanation: A mortgagee is an entity that lends the mortgagor money. This entity is typically referred to as the lender.

During your time as an agent, you will run into many different types of people from areas across the world. Closing is called many names depending on which region of the U.S. you are from. Which of the following is NOT a legal name for closing?

Answer: Exchange and transfer

Explanation: Closing is known by many names. Some areas of the country may call it settlement and transfer some may call it passing papers. The textbook name is for closing is closing.