In terms of real estate investment, another name for depreciation is

All of these factors will tend to affect demand for real estate EXCEPT

When the population of a town suddenly increases, which of these is MOST likely to occur?

Property management, appraisal, financing, and development are all

The idea that no two parcels of land are exactly alike is known as

All of these factors can affect the supply of real estate EXCEPT

A property owner who does not want to deal with the everyday tasks of managing a rental property can hire

When the supply of a certain commodity decreases while demand remains the same, the price of that commodity will tend to:

All of these are examples of government policies that can affect the real estate market EXCEPT:

Land, mineral, and air rights in the land are included in the definition of:

Which of these is an example of an economic characteristic of land?

Another word for uniqueness is:

The developer added sewer lines and utilities and built two streets. What are these items called?

A new owner of a condominium received the right to use a parking space in the multi-unit building. This right is an example of:

Method of annexation, adaptation, and agreement of the parties are the legal tests for determining whether an item is:

Owners with littoral rights enjoy:

Growing trees, fences, and buildings are all considered:

The most important economic characteristic of land is:

A tenant farmer built a chicken coop and a tool shed. These buildings belong to the:

After suffering through a tornado and then flooding from the river, the buildings were gone. The land was still there. This is an example of:

A buyer particularly liked the ornate brass lighting fixtures in a house and immediately made an offer, which the seller accepted. On moving day, the buyer discovered that the seller had replaced all the ornate brass lighting fixtures with plain steel ones. Which of these is MOST likely a correct assumption?

A farmer has posted a number of No Trespassing and No Hunting signs on the property. Which right in the bundle of rights gives the farmer this authority?

A right or privilege tied to real property, although not necessarily part of the property, is called a(n)

An important characteristic of personal property is that it is

The Law of the Sea identifies a country's

To determine whether an item is a fixture, the MOST important test is whether the

A notice is filed in the public record of pending litigation affecting the title to a property. This notice reflects which of these?

If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of

The owner of two acres of land sold one acre and reserved an easement appurtenant for entrance and exit over that acre to reach the public road. The buyer's land is

A deceased homeowner left the family home to the deceased's second spouse with the provision that when the surviving spouse dies, the home goes to a child by the deceased's first spouse. The second spouse owns a bundle of rights but does not own the right to

A freehold estate lasts for

A property owner conveyed a once-acre parcel of land to a preschool. The deed provided that the property was to be used only as a playground; the former owner reserved a right of reentry, which estate has been granted?

A large undeveloped parcel of land borders a road on the lower edge. The owner sells the lower portion of the property and the buyer builds a home on it. Several years later, the owner sells the upper-portion of the property to a different buyer. The second buyer's property does not border any road. For that buyer to gain access to the road, the buyer must claim

If the dominant estate merges with the servient estate, which of these is TRUE?

The homestead exemption in a state is $20,000. Four years ago, a buyer purchased a home for $180,000 and then experienced hard times. At a court-ordered sale, the property is purchased for $160,000. If the homestead has an outstanding mortgage balance of $135,000 and credit card debt amounting to $24,360, how much is protected by the homestead exemption?

In some states, a husband cannot sell property unless the wife also signs the deed. The wife's interest is called

The state's authority to enact legislation to protect the public is passed through to municipalities and counties through

The state requires enough land to build a four-lane highway. For the state to acquire the needed land, the state must do all of these EXCEPT

A patient died in a nursing home. The deceased left no heirs and had not written a will. What happens to the deceased's $250,000 estate?

Which of these is defined as a claim, charge, or liability that attaches to real estate?

The holder of a life estate is called

Which of these cannot take title as a joint tenant with right of survivorship?

When two or more individuals decide to buy a property together, it results in a

Three brothers bought a farm together, and the deed listed their names. What form of ownership are they presumed to have taken?

Which of these must exist for an appurtenant easement to exist?

What are deed restrictions?

The electric company has the right to extend its wires over 50 parcels of land. What right does the electric company have?

For as long as anyone can remember, neighbors have used a footpath over a waterfront parcel to get to the river. Recently, the current owner of the waterfront property erected a fence across the path, blocking access. Which of these easements might the neighbors claim, which would require the property owner to remove the fence?

Two people, each of whom has children from a previous marriage, are now marrying each other. They ask a real estate professional for advice about how to take title. What advice should the real estate professional offer?

A will provided that the local banker take care of the deceased's estate until the deceased's children reach age 25. What kind of trust is this?

What kind of ownership do the horizontal property acts regulate?

Shareholders in a cooperative receive shares of stock that entitle them to a proprietary lease. This is an example of:

Membership camping is similar to:

In a large high-rise condominium, each unit is owned by individual owners. The elevators, parking garage, and swimming pool are called:

Two individuals own an apartment building as joint tenants, sharing equally the expenses and profits. If one of the co-owners sells that interest by signing and delivering a deed to a buyer, which of these statements is TRUE?

M, R, and N agree to purchase and operate a commercial property as a permanent investment. M and R each contribute $500,000. N contributes $30,000 and agrees to run the business, which the owners call "Property Group Partners." Neither M nor R has any right to participate in the operation of the venture. Based on these facts, what type of business organization have M, R, and N established?

M, R, and N agree to purchase and operate a commercial property as a limited partnership. M and R each contribute $500,000. N contributes $30,000 and agrees to run the business, which the owners call "Property Group Partners." Neither M nor R has any right to participate in the operation of the venture. If the building on the property collapses, resulting in injury and property damage worth $275,000, what will be M's liability?

All of these are required for a joint tenancy EXCEPT:

All of these are characteristics of a tenancy by the entirety EXCEPT:

In February, a seller conveyed an undivided one-half interest in a parcel of land to a buyer. In March, the seller conveyed the remaining one-half interest to a different buyer. The deed to the second buyer included this statement: "This buyer is to be a joint tenant with the buyer of the other half-interest in the parcel." Both deeds were recorded. Based on these facts, which of these statements is TRUE?

Three people own a large parcel of undeveloped land in joint tenancy. One of them wants to build a shopping center on the property, while the other two want to use it as an organic farm. The would-be developer tries to buy the other tenants' interests, but they refuse to sell. Which of these is the developer's BEST option?

Fee simple ownership of a cottage in a lakefront community includes an undivided percentage interest in a parking lot, a golf course, and a swimming pool, all located in the development. Based on these facts alone, the ownership interest is probably BEST described as a:

A trust is created to pay for a student's college education. An attorney makes payments on behalf of the student directly to the college. Based on these facts, which of these statements BEST characterizes the relationships among the parties to the trust?

A company is a legal entity, created by charter under the laws of the state. The company is managed and operated by a board and is permitted to buy and sell real estate. When one of its directors dies, the company continues to operate. Because of its structure, the company's income is subject to double taxation. The company is BEST described as a:

When a corporation takes complete ownership of a property, the ownership is in:

In a tenancy in common, if the fractions of ownership are NOT stated in the deed, how are they determined?

In a land trust, the beneficiary is usually also the

All of these are ways to express a legal description EXCEPT

Air lots, condominium descriptions, and other vertical measurements may be computed from the U.S. Geological Survey datum, benchmark, principal meridian, or

How many acres are contained in a parcel described as follows: The NE 1/4 of the NW 1/4 & the N 1/2 of the NW 1/4 of the NE 1/4, of Section 10?

The basic units of the rectangular survey system are the

A metes-and-bounds description is NOT required in rectangular survey system descriptions when

What is the square footage of this property described by the metes-and-bounds method? Beginning at a point on the southerly side of Smith Street, 200 feet easterly from the corner formed by the intersection of the southerly side of Smith Street and the easterly side of Johnson Street; then east 200 feet; then south 100 feet; then west 200 feet; then north 100 feet to the POB.

Six acres of undeveloped property are sold for $2.25 per square foot. How much did the buyer pay?

Which township section number is directly north of Section 7?

Which of these MOST accurately describes the dimensions of a quarter-section?

A buyer is willing to pay $1,200 per acre for the SE 1/4 of the SE 1/4 of the SE 1/4 of Section 11. How much will the buyer pay for the land?

In the past, a farm was typically a quarter section, or

The end of a metes-and-bounds land description is always a

The lot-and-block system starts with the preparation of

If a buyer is willing to pay $3 per square foot for land that measures 125 foot by 180 foot, how much would the buyer be willing to pay for the land?

The grantor is conveying an interest that is less than fee simple absolute. This explanation of the extent of ownership will be found in the

A seller conveys property to a buyer by a written document that contains five covenants protecting the buyer's title. What is the seller's role in this transaction?

The verification that the grantor's signature is both genuine and voluntary is

Which of these is an example of involuntary alienation?

The transfer of any interest in a parcel of real estate is typically in a document called the

All of these are necessary to a valid deed EXCEPT

Which type of deed is used by a grantor whose interest in the real estate may be unknown?

In front of witnesses, P says to Q, I never made a will, but I want you to have my property when I die. If Q becomes the owner of the property on P's death, it is because the state recognizes what kind of will?

I do hereby convey to my nearest relative all my interest in the property called 123 Main Street, Bismarck, North Dakota, to have and to hold, in consideration of receipt of the amount of $10 and other good and valuable consideration. When signed, this document is

The type of deed that imposes the least liability on the grantor is a

Title is NOT considered transferred until the deed is

Which of these is a guarantee that the grantor has the right to convey the property?