Exam 16: Understanding Real Estate: A Comprehensive Guide to Ownership, Rights, and Legalities

A taxpayer may defer gain on the sale of real estate by:

If a broker directs minorities toward or away from certain neighborhoods or properties, he is:

There is no difference between real and personal property.

A ______________lien is a lien that has been recorded as part of the public record before another lien is recorded.

_____________________is the amount of value lost because an item is wearing out over time. The deduction for federal income tax purposes may only be taken on the structures and improvements and not on the land.

Of the foreclosure options, ________________ gives the owner the opportunity to make up back payments plus any incidental charges.

The survey system called _____________and ____________ describes a parcel of real estate by giving directions to trace the properties boundaries.

An _______________ clause in a lease or contract, gives the tenant or buyer a choice whether or not he will take some action in the future

If you own a piece of real estate in severalty:

The relationship between the number of people who use or live in a building and the amount of land the building occupies is called density.

You are buying an acreage tract of land in Colorado on which you hope to build condominiums, make a fortune and retire to the Caribbean. What kind of survey will you get? (Explain this system.) Talk about zoning and other ways that your project could be stymied. Discuss your plan to lease out twenty of the units to provide a steady flow of income. (Even beach living costs something.)

The type of ownership which is most all inclusive is fee simple absolute.

Time limits in offers are of a stated amount of time or a reasonable amount of time.

In the exclusive right to sell listing, when the property is sold, the listing agent gets paid:

What is a blind ad?

The most cost effective improvement in a remodel might be to add a swimming pool.

In a warranty deed, the person conveying title is called the grantor.

Equity is defined as the fair market value of a house minus any outstanding loans.

A ________ is a line, a point, or surface that serves as a reference point from which a distance, depth, or elevation can be measured.

In real estate, illiquidity means: