Unit 1

Legislation

100

Established in 1890, this act prohibits monopolies and price fixing that unreasonably restrain trade.

What is The Sherman Act?

200

Formed alongside the Clayton act in 1914, this organization seeks to enforce the civil antitrust law.

What is the Federal Trade Commission (FTC)?

300

These three Acts, all developed in 1970, are few of many acts under the Environmental Protection Acts.

What are the National Policy Act, the Clean Air Act, and the Water Quality Improvement Act?

400

All homes built prior to 1978 must have a written disclosure about this before selling or renting.

What is lead-based paint?

500

Brownfields Utilization, Investment, and Legal Development Act is also known as this.

What is the BUILD Act?

Types of Property

100

This Property is defined as air space, must be owned in Fee Simple, cannot sell off common elements separately from the unit, within 10 days of selling, the owners must provide the buyer a Certificate of Assessment.

What is a condominium?

200

This property is described as being one unit in a row of houses sharing common walls in which an individual does own walls and dirt.

What is a townhouse?

300

In a Cooperative Property, the owner receives stock in a corporation and will receive a Proprietary Lease but will not do this. 

What is pay rent?

400

Legal and Conventional are the two types of this.

What is life estates?

500

This is the land and all things attached to it.

What is real property?

Vocabulary

100

Asbestos, underground storage tanks, radon, and EIFS (Artificial Stucco) are all examples of this.

What is an environmental hazard?

200

 This is used to cleanup hazardous waste sites.

What is superfund?

300

Water, fire district, school district, library are all examples of these.

Who are taxing authorities?

400

Tax rate is also known as this.

What is Millage?

500

Reversion of property to the state when one dies intestate with no legal heirs is this.

What is escheat?

True or False

100

The Sherman and Clayton Act and the Federal Trade Commission Act are also known as the Antitrust Laws.

What is true? All of these are considered part of the Antitrust Laws.

200

OLD CAR stands for

Obedience, Loyalty, Disclosure

Confidentiality, Accounting, Reinstatement

What is false? The R in CAR stands for Reasonable Care.

300

Dower and Curtsey is recognized in all states.

What is false? Some states do not recognize Dower and Curtsey.

400

Market value X Assessment Ratio X Tax Rate is a formula for finding taxes.

What is true?

500

In appraisal terms, there is only one type of value.

What is False?

There are many types of values in appraisal terms.

Acronyms

100

HOA is an acronym for this.

What is Home Owners Association?

200

REITS is an acronym standing for this phrase.

What is Real Estate Investment Trusts?

300

DUST stands for this.

What is Demand, Utility, Scarcity, Transferability

400

Planned Unit Development is often shortened to this acronym.

What is PUD?

500

This law focuses on cleaning hazardous waste sites. It is usually abbreviated to CERCLA.

What is the Comprehensive Environmental Response, Compensation, and Liability Act?