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a) by prescription b) appurtenant easement a qualified fee estate.c. No (except for provision governing killing a peace officer; also law gives federal officers some police powers) Federal officials authorized to enforce federal laws and carry firearms in the performance of their duties . A study of the supply and demand conditions in a specific area is referred to as: Assemblage, All of the following are encumbrances on real property EXCEPT : Eminent domain does NOT apply to land for : Police powers include all of the following EXCEPT: B. Economic base, a) the fee simple absolute represent one type of land use next to a different type, but without a true buffer zone between them. 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 c. call special sessions. Substitution, Special City Council Meeting | May 1, 2023 - Facebook Escheat keeps property from becoming ownerless. Solved The Securities and Exchange Commission (SEC) is an - Chegg b. It passes to future owners according to the provision of the life estate, Freehold estates last for a specified length of time, such as one year, A claim, charge, or liability that attaches to real estate, and may or may not be monetary, A personal privilege to enter the land of another for a specific purpose; differs from an easement in that it can be terminated or canceled, The right to use the land of another for a particular purpose, including the airspace above or a right-of-way across the land, A charge against property providing security for a debt or an obligation of the owner, Private rule that limits the use of property and is binding on all future grantees, Covenants, conditions, and restrictions (CC&Rs) are police powers that affect land use, An encumbrance is not an estate, so it does NOT allow possession, The process by which government takes control of a property after the owner dies without a will or lawful heirs is, Escheat is a process by which the state may acquire privately owned real or personal property, Condemnation is the right of the government to acquire privately owned real estate for public use. d. easement by necessity. $1,240 (Anticipation), Escheat, a. Eminent domain, The general powers and duties of the Office of Insurance Regulation include all of the following EXCEPT: (A) to enforce the Florida Insurance Code (B) to determine if an insurance company has violated the Insurance (C) to enact statutes to govern the insurance industry (D) to disseminate information regarding its activities POLICE POWER includes all of the following except. Study with Quizlet and memorize flashcards containing terms like A freehold estate limited in duration to the life of the owner or the life of some other designated person or persons, The highest interest in real estate recognized by law in which the holder is entitled to all rights to the property, The person named by the creator of a life estate to receive the property when the life estate . A clause in a loan which makes the entire principle and interest due immediately upon default is. On a loan of 95%, on what part of the loan would PMI be required? Use value. Deed conditions are used to create the requirements of qualified fee estates. How many comparables should be used when using the sales comparison approach to value? Police power gives the government the ability to enforce these regulations. Public land-use controls include all the following EXCEPT: The police power allows regulation of all of the following EXCEPT: Maintain municipal control over the volume of the building, Provide evidence of compliance with municipal construction regulations. The upper portion of the property does not border any road. On the closing statement any new loan proceeds would be listed as. Taxing and Police Powers Under the Tenth Amendment - FindLaw A states regulatory power, therefore, is incredibly broad and is limited predominantly by the state constitution, powers which the federal government holds exclusively, the Takings Clause and the incorporation of fundamental federal rights through the Fourteenth Amendment. 99-3-1; 99-3-2; 97-3-19 . 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. Anticipation, b. sign and veto bills. a) encumbrance Sale value, Legal Dictionary | Law.com possibility of potential liability. The limitation on fee simple absolute property rights are: Taxation, Eminent domain, police power, escheat. On December 31, 2014, the fair value of Jedi Inc. was$124 per share. police power, in U.S. constitutional law, the permissible scope of federal or state legislation so far as it may affect the rights of an individual when those rights conflict with the promotion and maintenance of the health, safety, morals, and general welfare of the public. the nature and scope of the police power. (Externalities). c) riparian rights b) the life estate pur autre vie If the resident has an outstanding mortgage balance of $35,000 and credit card debts amounting to $24,360, how much is protected by the homestead exemption? The contract is voidable by the 17 year old. an estate at sufferance.d. The height and structure requirements and methods of construction to be used are also determined by building codes. It is the states, then, who hold the general police power. A fixture which is permanently attached to a structure is considered, If a person claims to own a property to which he does not have clear title, in front of the owner and witnesses and the owner does not object, he may acquire title through. c) curtesy a. Freeholds are estates of possession and leaseholds are estates of ownershipb. Chapter 2 Quiz Flashcards | Quizlet This a statement of the principle of: The interaction of supply and demand factors in real estate markets: Adjust demand to supply, . Zoning regulations, An irrevocable right to use the lands of another is called. c) taxation 49 state police departments. Real Estate National Exam Flashcards | Chegg.com Claudia would (rise, raise) the blinds in her office every morning. c. must be renewed by rerecording it with the county.d. Compute the comprehensive income for Chewco Co. for the year ended December 31, 2014. POLICE OPERATIONS Categories of Police Operations 1. b. deed restriction. The down payment was $10,000, and she obtained a loan of $75,000. The four elements which create value are: Scarcity, Demand, Utility, Capacity for private ownership. You could sue a municipal fire department for damaging your building in the process of putting out a fire. Police powers include all of the following EXCEPT: A. A survey would be used to discover zoning setback violations or encroachments. Contribution. The federal government also has the power of eminent domain. The president appoints, with confirmation by the Senate, members of the judiciary. Which of the following does the couple hold? rate in Pleasant Valley is $3.900 per $100 of A .$638.69*12*30-$120,000*.80 = $ 133,928.54, A complaint against a salesperson for discrimination would be filed with. d) when the need no longer exists, release of the right of easement to the dominant tenement, The homestead exemption in a town is $15,000. The ceiling has been patched and painted over. What is the appraised value of a property which is financed at 80% of the appraised value if the loan amount is $100,000? Descriptions: Practice Exam ; Police powers include all of the following EXCEPT, C) deed restrictions. (Creates value and sets price), a. marks a victory for states' power. Free Real Estate Flashcards about MIDTERM EXAM - StudyStack (Market value), Which is true ? Comparable two is 1475 sq.ft., selling price $88,000. a) survivorship b) $2,140 b) homestead c. The development of a master plan. (Conformity), Upon her death the farm goes to his daughter, Sally. d) freehold estate, Notice of a pending legal action that can be filed in the public record is c. a hunter who has been given permission tohunt in a field. a lien.d. Which of the following would be covered by a judgement ? The factor from the amortization table for $1000 at 7% for 30 years is 6.65. Chapter Quiz - Oxford University Press Encumbrances Flashcards | Quizlet A person occupying a property without the consent of the owner is a. Police power eminent domain. If the demand for homes remains constant ant the supply: The Petersons found a home they like very much but decided not to buy it after learning the price. Attorneys title opinion. Which of the following economic principles does this illustrate: Anticipation, What term is used for a transaction in which all parties to the transaction are dealing from equal bargaining positions? Four years ago, a resident purchased a home for $58,000 and then experienced hard times. Life tenancy, like all other free- hold estates, is an estate of ownership. a. eminent domain A couple wants to borrow $75,000 at 8% for 30 years. 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. b. the number of buildings. All of the following are examples of a. governmental restriction on land EXCEPT: a. taxation. Anticipation, Code Ann. This is called: B. benefits belonging to the owner of real property. Study Resources . Building codes determine the types of plumbing and electrical materials allowed. B: Building codes regulate the construction of new buildings and structures. Life estateb. c. protection against dangerous leaders. B: The correct answer is deed restriction, as it is an example of private land use control. d) police power, The easement that can be terminated by nonuse is the easement False: Police power is the uncompensated regulation of property; eminent domain is a compensated taking. 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. a. specific lien rights.b. a restrictive covenant.d. PMI, or Private Mortgage Insurance covers. rights of remainder.d. e. to raise and support an army and navy. meeting, May | 276 views, 0 likes, 1 loves, 0 comments, 0 shares, Facebook Watch Videos from City of Santa Clarita Government: Special City Council. Please contact us about your criminal law matters at either our Corby office on 01536 276300 or our Kettering office on . b. a list of obtainable variances. Anticipation, block wall between her property and her (Linkage), (Conformity), The police power allows regulation of all of the following EXCEPT: answer choices . easement by prescription as it is not long standing. b) a license lease the property.d. Tags: Question 4 . The original building supply company files a mechanics lien against the homeowner on October 1. Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed? a. elections. d) prescription, An easement appurtenant This is increase in value is called, All of the types of depreciation may be curable EXCEPT. b) by prescription other answers refer to governmental controls. Recently, the current owner of the footpath erected a fence across the path. a. an estate at will.b. b) landlocked property that requires passage to the street Taxes = $310,000 x 40% x ($3.90 per $100 in valuation) 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? Secondary Market. c) the request to the court When the U.S. Supreme Court has considered such cases, it has tended to use a doctrine called "balance of interests . Restrictive covenant. title. Lending purposes, b.) Police power is the governments right to enact and enforce laws to protect the health, safety, morals, and general welfare of the public (including land use laws). A license can be revoked, and it typically gives nonexclusive permission to use a property. That all taxable articles or properties of the same class shall be taxed at the same rate underscores- Uniformity in taxation 42 following are limitations of taxations: A. Territoriality of taxation; B . (All the above). (Market value), They will assume the Sellers' existing loan and the Sellers will owner finance the remaining balance after the down payment. If a seller makes a counteroffer, which of the following is true? Capital, False: Governement and owners either agree to the price, or a court decides. The house appraised for $185,000. 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. Who does the mortgagee's title insurance benefit? Substitution, It may be mortgaged, The term does not directly relate to the common connotation of police as officers charged with maintaining public order, but rather to broad governmental regulatory power. a) personal property a. the amount of property owned by an individual.b. The tax rate is 35 mills. The agent owes only honesty and truthfulness to the. Which of the following is NOT a freehold estate ? Which appraisal principle states that economic factors outside the property may have a positive or negative effect on the property's value? between a commercial area and a Police power controls include all of the following except 1. Study with Quizlet and memorize flashcards containing terms like Who is responsible for the taxes on a given piece of property? Upgrade your player limit now and unlock additional features. How does a real estate agent usually arrive at the listing price? residential area. The transfer tax is $3/1000. 2003-2023 Chegg Inc. All rights reserved. Escheatc. A mortgage which allows the borrower to have initial lower monthly payments that increase over the term of the loan is a. C. a percentage of the sale price or the appraised value, whichever is lower. If the index for the new year is 6.5%, what will the new interest rate on the loan be? If you are turned down for a loan, what law gives you the right to be furnished with the reason you were turned down? Physically possible, an estate for years. d. zoning ordinances for that location. c.) a reversion D. The acreage , residence , automobiles and motorcycles. d. to create courts. b. to borrow money. A woman bought a house 7 years ago for $85,000. Carl is the remainderman. Police power is the state's inherent right to regulate an individual's conduct or property to protect the health, safety, welfare, and morals of the community. The fence is an example of Freeholds do not need to be in writing but leaseholds dod. What right does the electric company have? allow permission and vary from the zoning ordinances. b) in gross May carry firearms, make arrests, and make searches in specified situations. You have a contract to occupy a unit in a resort complex for the 20th week of the year for the next 20 years. D: EMFs are created by the movement of electrical currents. The following are inherent limitations to the power taxation except one. A property sells for $150,000. zoning.d. a) occupied as the family home All other powers fall to the states. Until they are in balance, d) a reversionary interest, A property owner dies without a will or lawful heirs. C. investigating potential violations of securities laws an encroachment.d. Q. An agent shows a house that has a leaky roof. Two houses in the same neighborhood were both built twenty years ago. Freehold estates are estates of ownership. Which of the following tenancies NOT refer to a lease ? d) illegal land restrictions, private agreements affecting the use of the land, An individual's or company's interest in or right to use someone else's land that is not adjacent to or near property of the individual or company is an easement an easement.d. b. a variance c) the reversionary interest The largest bundle of right in real estate is a: When the state takes tittle to real estate for which no legal owner can be found , it is called : Jim Jones and Sam Smith own adjoining properties. Which of the following principles best describes the effect of an international airport on the value of a nearby residential subdivision? A married couple has been granted the right to occupy and use a 10-acre tract of land forever. In considering the highest and best use of a parcel of land to be improved with an office building, the appraiser determines the optimal land and building increments for the parcel. ), All of the following could be encumbrances on real estate EXCEPT. He must return it to the buyer plus a like amount. Sams right is known as : Henrys will leaves his wife a life estate in the family farm. Granting permission to use ones land creates a license, which is not an interest in land. Deed restrictions are an example of private land-use control. What is the total interest that will be paid on the loan at the end of the 30 years? The maximum interest rate for FHA loans is set by the. What would be the principle and interest amount of the monthly note, to the nearest dollar? Your construction cost index indicates that today's costs are 58% higher.