Restrictions on lot size, building setbacks, and architectural style imposed on all lots within a subdivision are typically found in:
A. The zoning ordinance only
B. Covenants, conditions, and restrictions (CC&Rs)
C. The deed of trust
D. The certificate of occupancy
Source: PSI/NREC Candidate Handbook, National Portion II.C.2
The government's power to acquire private property for public use, with just compensation paid to the owner, is called:
A. Escheat
B. Eminent domain
C. Police power
D. Adverse possession
Source: PSI/NREC Candidate Handbook, National Portion II.A.2
A condominium declaration and bylaws that restrict the number of rental units and require board approval for tenants are an example of:
A. Government zoning
B. Private controls on property use
C. Eminent domain
D. Building code enforcement
Source: PSI/NREC Candidate Handbook, National Portion II.C.3
Which appraisal approach estimates value by comparing a subject property to recently sold, similar properties and adjusting for differences?
A. Cost approach
B. Sales comparison approach
C. Income approach
D. Gross rent multiplier approach
Source: PSI/NREC Candidate Handbook, National Portion III.B.2
The cost approach to value is most reliable for appraising:
A. A 100-year-old historic home
B. A new, special-purpose building with no comparable sales
C. A rental apartment complex with steady income
D. Vacant land in a hot resale market
Source: PSI/NREC Candidate Handbook, National Portion III.B.3
