Mr. Smith has allowed Mrs. Jones to run a sewer line through Mr. Smith’s backyard so that Mrs. Jones has access to the city sewer system. This is an example of a(n):

If the cost of rental housing increases relative to house prices, demand for purchased housing tends to increase.

If a property encumbered by a mortgage is sold at a foreclosure sale for an amount more than the value of the mortgage, the mortgagor is not obligated to pay the mortgagee the remaining balance.

The influence on property values brought about by a net benefit related to the value of public goods less their cost is referred to as:

Ms. Towne is buying a home for $250,000 and is putting down 20 percent cash on the purchase. She is financing the rest with a 30-year, fixed rate mortgage with a rate of 4.625 percent, but is considering an option that would allow her to make biweekly payments. How much interest would the biweekly payment option allow her to save over the life of the loan and how long would it take to pay off the loan?

The term real estate refers to the ownership rights associated with the physical land and improvements.

Which of the following documents conveys title to a property at the time the purchaser completes the performance of the obligation called for in the document?

Assume that houses in an area appreciate at the rate of 5 percent a year. A borrower expects to have a loan-to-value ratio of 80 percent. What is the approximate expected appreciation rate on home equity?

Truth-in-lending requires the borrower to tell the truth on the loan application.

A borrower takes a 30-year fully amortizing 5/1 ARM for $225,000 with an initial interest rate of 4.375 percent. Assuming the index on which the loan rate is based rises by 3 percent in the fourth year of the loan and remains at that level, what will the payment be in the sixth year of loan?