California Real Estate Practice Exam

A parking lot in a downtown area being developed with office buildings is most likely considered what?

1. An interim use of the property

2. A permanent fixture

3. A non-conforming use

4. A speculative investment

The correct answer is: An interim use of the property

Interim use of the property refers to a temporary use until the space is used for something else, such as a vacant lot being used as a temporary parking lot until a building is constructed. In this scenario, the parking lot is likely to be developed into office buildings in the future, making it an interim use of the property. A permanent fixture would be something that is intended to stay in place permanently, which is not the case for a parking lot that is eventually going to be developed. A non-conforming use refers to an existing use of a property that does not comply with current zoning laws. However, if the parking lot is part of the development plans and is being used temporarily, it would not be considered a non-conforming use. A speculative investment is a risky investment made with the hope of making a significant profit. While the development of the parking lot may be a speculative investment,