Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
50 Cards in this Set
- Front
- Back
|
Zoning ordinances normally define specific uses for land that are permitted within a municipality. All of the following are designated uses in such ordinances EXCEPT
A) industrial B) commercial C) residential D) rental |
D) rental
|
|
|
The purpose of building permits is to
A) generate revenue for the municipality B) Control the activities of building inspectors C) ensure compliance with building codes D) Prevent encroachments |
C) ensure compliance with building codes
|
|
|
Deed restrictions are created by all of the following EXCEPT
A) Deed B) statute C) written agreement D) general plan of a subdivision |
B) statute
|
|
|
Which of the following is a variance?
A) Exception to a zoning ordinance B) Court order prohibiting certain activities C) Reversion of ownership D) Nullification of an easement |
A) Exception to a zoning ordinance
|
|
|
The plat for a proposed subdivision is submitted to the
A) municipality B) property owners C) developer D) State |
A) municipality
|
|
|
A municipality establishes development goals in its
A) subdivision regulations B) restrictive covenants C) environmental regulations D) comprehensive plan |
A) subdivision regulations
|
|
|
The purpose of bulk zoning is to
A) ensure that certain kinds of uses are incorporated into developments B) specify certain types of architecture for new buildings C) Control density and avoid overcrowding D) set overall development goals for the community |
C) Control density and avoid overcrowding
|
|
|
The construction of the family room, additional bedroom, and extra bath has been completed on the owners home. Before the addition can be used, which of the following is TRUE?
A) The municipality must issue a building permit B) The bath must be inspected by the plumbing inspector C) The municipality must issue an occupancy permit D) The municipality must issue a conditional use permit |
C) The municipality must issue an occupancy permit
|
|
|
A subdivision was developed, and one of the deed restrictions covering all of the properties in the subdivision was to set aside the back 6 feet of each parcel as a combination green belt area and bicycle path. A homeowner plans to convert the back one half of her yard, including this set aside space, into an organic garden. Her neighbor can
A) do nothing because individual homeowners have no authority in this matter B) go to court in an attempt to obtain an injunctive relief C) force the homeowner to sell her property D) share in the bounty from the organic garden |
B) go to court in an attempt to obtain an injunctive relief
|
|
|
Restrictive covenants
A) are no longer effective when the title is transferred B) apply only until the developer has conveyed the title C) can be removed by a court of competent jurisdiction D) apply to and bind successive owners of the property |
D) apply to and bind successive owners of the property
|
|
|
The condemnation of private property for public use is allowed under the states rights of
A) police power B) escheat C) eminent domain D) confiscation |
C) eminent domain
|
|
|
For the past 30 years, a business owner has operated a neighborhood grocery store. Last week the city Council passed a zoning ordinance that prohibits packaged food sales in the area where her grocery store is located. The store is now an example of a(n)
A) illegal enterprise B) nonconforming use C) violation of the zoning laws D) variance of the zoning laws |
B) nonconforming use
|
|
|
The Civil Rights Act of 1866 prohibits any limitation of property rights based on
A) race B) religion C) sex D) handicap |
A) race
|
|
|
The agency responsible for the enforcement of the Fair Housing Act is the
A) Department of Justice B) Federal Housing Administration C) Department of Housing and Urban Development D) Department of Veterans Affairs |
C) Department of Housing and Urban Development
|
|
|
It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the
A) questionable economic situation of the applicant B) physical location of the property C) applicant not being of legal age D) deteriorated condition of the premises |
B) physical location of the property
|
|
|
A discrimination suit may be filed in federal court by
A) A person aggrieved by racial discrimination B) The Department of Housing and Urban Development C) The state or county nondiscrimination officer D) The Federal Housing Administration |
A) A person aggrieved by racial discrimination
|
|
|
The Federal Fair Housing Act does NOT prohibit
A) blockbusting B) discriminatory advertising C) redlining D) discriminating on the basis of marital status |
D) discriminating on the basis of marital status
|
|
|
Which of the following would be considered legal?
A) Charging a family with children a higher security deposit than is charged when there are no children B) Requiring a person with a disability to establish an escrow account for the cost to restore a property after it has been modified C) Picturing only white people in a brochure as the "happy residents" in a housing development D) Refusing to sell a house to a person who has a history of mental illness |
B) Requiring a person with a disability to establish an escrow account for the cost to restore a property after it has been modified
|
|
|
The Fair Housing Act of 1968 is known as
A) Title VIII of the Civil Rights Act of 1968 B) the Civil Rights Act of 1866 C) the Civil Rights Act of 1964 D) Executive Order No. 11063 |
A) Title VIII of the Civil Rights Act of 1968
|
|
|
The prospect of homebuyer who is black inquires about the availability of a home in a predominately white residential neighborhood. What should the broker say to this prospect?
A) "You wouldn't want to live in this area because the neighbors are trying to protect the integrity of their community." B) "I'd be happy to show you the homes in other areas where black people are welcome." C) "The residents here have expressed a desire to keep the area homogeneous with no minorities." D) "I will be pleased to show you houses in any area that you're interested in." |
D) "I will be pleased to show you houses in any area that you're interested in."
|
|
|
The landlords lease prohibits tenants from altering the property in any way. The young woman who uses a wheelchair cannot maneuver over the doorstep into the apartment herself. In addition, she cannot access the bathroom facilities in her wheelchair. Which of the following is TRUE?
A) The landlord is responsible for making all apartments accessible to people with disabilities B) The tenant cannot remedy these conditions because of the terms of the lease C) The landlord should not have rented this apartment to the tenant D) The tenant is entitled to make the necessary alterations |
D) The tenant is entitled to make the necessary alterations
|
|
|
All of the following are true about Radon except
A) it is colorless, odorless, and tasteless B) levels will vary in certain weather conditions C) levels can be reduced by installing ventilation systems D) modern home construction reduces the potential for radon gas accumulation |
D) modern home construction reduces the potential for radon gas accumulation
|
|
|
[Use information provided in quiz 4, page 6]
What amount is the buyer debited for the real estate taxes? A) $667.67 B) $1600.00 C) $933.33 D) $133.33 |
A) $667.67
|
|
|
[Use information provided in quiz 4, page 6]
What amount is the seller debited for the brokers commission? A) $1785 B) $8088 C) $8750 D) $1680 |
C) $8750
|
|
|
[Use information provided in quiz 4, page 6]
What amount of the escrow fee will the buyer pay? A) $350 B) $175 C) $0 D) $168 |
B) $175
|
|
|
[Use information provided in quiz 4, page 6]
What is the total amount the buyer is required to bring to closing? A) $124,861.67 B) $124,666.67 C) $124,841.67 D) $125,861.67 |
A) $124,861.67
|
|
|
[Use information provided in quiz 4, page 6]
What are the seller's proceeds from the sale? A) $86,395.83 B) $86,916.67 C) $95,550.00 D) $85,833.34 |
B) $86,916.67
|
|
|
[Use information provided in quiz 4, page 8]
What is the total real estate commission on this transaction? A) $19,110 B) $11,509 C) $19,460 D) $9730 |
C) $19,460
|
|
|
[Use information provided in quiz 4, page 8]
What is the balance due from the purchaser at the closing? A) $274,476.78 B) $274,251.78 C) $279,251.78 D) $274,063.11 |
B) $274,251.78
|
|
|
[Use information provided in quiz 4, page 8]
What are the sellers net proceeds from the sale? A) $145,286.40 B) $143,336.40 C) $144,639.96 D) $139,989.96 |
C) $144,639.96
|
|
|
[Use information provided in quiz 4, page 8]
What is the amount of real estate taxes chargeable to the purchaser? A) $1298.22 B) $651.78 C) $486.16 D) $1463.84 |
B) $651.78
|
|
|
Protection from threats or acts of violence against those who assist and encourage open housing right is found in the
A) Civil Rights Act of 1866 B) Civil Rights Act of 1964 C) Fair Housing Act of 1968 D) Fair Housing Amendments Act of 1988 |
C) Fair Housing Act of 1968
|
|
|
[Use information provided in quiz 4, page 9]
What are the prorated real estate taxes to be charged to the buyer? A) $288.96 B) $611.78 C) $690.67 D) $728.30 |
B) $611.78
|
|
|
[Use information provided in quiz 4, page 9]
What will the amount of commission paid to the cooperating broker be? A) $8750 B) $10,500 C) $17,500 D) $21,000 |
B) $10,500
|
|
|
[Use information provided in quiz 4, page 9]
What amount will the seller receive at closing? A) $200,436.23 B) $205,572.33 C) $208,654.34 D) $217,749.28 |
A) $200,436.23
|
|
|
Advantages of an investment in real estate include all of the following EXCEPT
A) The possibility of tax-deferred exchange B) high liquidity C) The use of leverage to increase rates of return D) tax deductions |
B) high liquidity
|
|
|
The investor who sells property on an installment sale basis
A) is taxed on all of the gain in the year the property is sold B) is taxed on that part of the gain received in each years installment payments C) gives the buyer all the federal income tax liability D) gives the buyer the privilege of differing all of the federal income tax liability |
B) is taxed on that part of the gain received in each years installment payments
|
|
|
The term "cost recovery" is the same as which of the following?
A) Capitalization B) Appreciation C) Recapitalization D) Depreciation |
D) Depreciation
|
|
|
One of the methods a real estate investor may use to defer capital gains tax is to
A) sell the property for cash only B) obtain the maximum amount of leverage C) Exchange property for like-kind property D) build a reserve account for items likely to wear out |
C) Exchange property for like-kind property
|
|
|
As part of a 1031 exchange, and investor had to give the other party $11,500 and a classic car. The cash and car are
A) Equity B) boot C) collateral D) like kind |
B) boot
|
|
|
An apartment building was purchased for $100,000. The buyer paid $37,500 down and financed the balance. Two years later, the buyer sold the building for $150,000. The $15,000 is called
A) escalation B) plottage C) Capital gain D) highest and best use |
C) Capital gain
|
|
|
Which situation would result in the highest degree of leverage?
A) using your own funds entirely B) using more of your own funds then those that you borrow C) using more of the funds that you borrow than your own funds D) using borrowed funds entirely |
D) using borrowed funds entirely
|
|
|
The provisions of the Fair Housing Act apply
A) in all states B) only in those states that have ratified the act C) only in those states that do not have substantially equivalent laws D) only in those states that do not have specific state fair housing laws |
A) in all states
|
|
|
The practice of channeling families with children away from other buildings into an apartment building where other families with children reside is
A) most practical B) blockbusting C) redlining D) illegal discrimination |
D) illegal discrimination
|
|
|
A method of sealing off disintegrating asbestos is called
A) capping B) encapsulation C) containment D) contamination closure |
B) encapsulation
|
|
|
Capping is the method of
A) piling waste into a hill at surface level and covering with Clay B) compacting waste and sealing it in a container C) laying soil over the surface of the landfill and planting vegetation D) burying waste and covering with soil |
C) laying soil over the surface of the landfill and planting vegetation
|
|
|
All of the following are TRUE about asbestos EXCEPT
A) it was commonly used as insulation B) removal can cause further contamination of a building C) HUD requires all residential buildings be tested for asbestos-containing materials D) it is most dangerous when airborne |
C) HUD requires all residential buildings be tested for asbestos-containing materials
|
|
|
Urea Formaldehyde is found in residential properties in
A) lead-based paint's B) insulating foam C) Home appliances D) electromagnetic fields |
B) insulating foam
|
|
|
In regulations regarding lead-based paint's, HUD requires that
A) homeowners test for its presence B) paint must be removed from surfaces before selling C) known paint hazards must be disclosed D) only licensed contractors may deal with its removal |
C) known paint hazards must be disclosed
|
|
|
Radon is
A) only found in the eastern United States B) easy to detect because of its odor C) A known human carcinogen D) not found in older homes |
C) A known human carcinogen
|
