Exam 18: real property and land use

Inverse condemnation by the government constitutes a taking requiring just compensation.

The person that conveys real property by deed is called the grantee.

Compare and contrast joint tenancy and tenancy by the entirety.

Title companies often hold purchase money in ______,meaning in a special account,until the conditions for the sale have all been met.

The rate at which major financial institutions offer to lend to their most creditworthy customers is called the prime rate.

A(n)________ is an agreement by a lender to replace a construction loan with a permanent loan,usually after certain conditions,such as the timely completion of the project,have been met.

What is generally meant by a reference to a triple net industrial lease?

In community property states,property acquired by inheritance during the marriage is

A majority of states impose on commercial builders of houses a(n)_________.

In the simplest type of ownership,property is owned by a partnership.

In a(n)________ listing,the listing broker will receive a commission only if he or she procures a ready,willing,and able buyer.

Fact Pattern 18-1 Prudence wants to develop a shopping center in her town. She is very interested in developing the center at the location of an old dump. She can purchase the property cheaply, and it is near one of the fastest growing areas of the city. She is concerned, however, about being held liable for all cleanup costs. She has heard about federal and state funds that may be available; but she is concerned that if she purchases the property knowing that contamination is likely there, she will not be eligible to participate in government assistance programs for cleanup. She decides to discuss her problem with Bruce, a law student studying environmental law. -Refer to fact pattern 18-1. Which of the following is a term used for the dump in which Prudence is interested?

Blaire and Jimmy have been married for many years and own a home through tenancy by the entirety. Blaire has grown children from a previous marriage,Andy and Candy; and her will provides that her interest in the home should go to them upon her death. Blaire dies at age 90,and a few weeks later Jimmy finds a new girlfriend and moves her into the home. Andy and Candy object and tell Jimmy to get out because they have an ownership interest in the home,and they believe that Jimmy is being disrespectful to their mother. Which of the following is true regarding the ownership claim of Andy and Candy?

Which of the following is true regarding the passing of community property upon the death of one of the owners?

In a(n)________ listing,the broker will receive any sales proceeds in excess of the net listing amount specified by the seller.

A ________ sets forth the general terms and conditions of a proposed purchase until a formal acquisition agreement can be signed.

A variance allows a landowner to construct something ordinarily not permitted under existing zoning regulations.

Which of the following sell beneficial shares that are traded in the stock markets and thereby permit small investors to invest in a diversified portfolio of real estate?

John owns a 20-acre parcel of land in Smallville.Bob is a developer that wants to build a subdivision in Smallville.He offers John $1,000 for a 30-day option to purchase the land for $1 million.John agrees.Clara is John's sister and has a valid right of first refusal on the same land.Bob has been told by his bank that the bank will provide a construction loan for the development.What rights did Bob legally obtain when he purchased his option? What effect will Clara's rights have on Bob's option? Explain the three types of loans-construction,gap,and take-financing-that could be involved to complete the development.Discuss fully.

Fact Pattern 18-1 Prudence wants to develop a shopping center in her town. She is very interested in developing the center at the location of an old dump. She can purchase the property cheaply, and it is near one of the fastest growing areas of the city. She is concerned, however, about being held liable for all cleanup costs. She has heard about federal and state funds that may be available; but she is concerned that if she purchases the property knowing that contamination is likely there, she will not be eligible to participate in government assistance programs for cleanup. She decides to discuss her problem with Bruce, a law student studying environmental law. -Refer to fact pattern 18-1. What should Bruce advise Prudence regarding her plans?