RES Property Ownership & Land Use 2

Question 1

What is zoning and what is its purpose?

Accepted Answer

Government regulation dividing land into districts with specific permitted uses to promote orderly development

Answer

A private agreement between neighbors about property boundaries

Answer

A type of property insurance

Answer

A method of calculating property taxes

Question 2

What is a variance in zoning?

Accepted Answer

An authorized deviation from zoning requirements granted when strict compliance would cause undue hardship

Answer

A discrepancy in property tax assessments

Answer

A difference between appraised value and sale price

Answer

A type of building permit

Question 3

What is a lien in real estate?

Accepted Answer

A legal claim against property as security for a debt or obligation

Answer

A type of boundary survey

Answer

A form of property insurance

Answer

A real estate marketing strategy

Question 4

What is the difference between a general warranty deed and a quitclaim deed?

Accepted Answer

A general warranty deed guarantees clear title; a quitclaim deed transfers only whatever interest the grantor may have without guarantees

Answer

They provide identical protections

Answer

Quitclaim deeds are only used for commercial property

Answer

General warranty deeds are less common than quitclaim deeds

Question 5

What is an HOA (Homeowners Association)?

Accepted Answer

An organization in a planned community that establishes and enforces rules and collects assessments for common area maintenance

Answer

A government housing agency

Answer

A type of mortgage lender

Answer

An insurance provider for homeowners

Question 6

What are riparian rights?

Accepted Answer

The rights of property owners whose land borders a natural waterway to use that water

Answer

Rights to build on riverbanks without permits

Answer

Government ownership of all waterways

Answer

The right to fish commercially in any body of water