Test your basic knowledge |

Real Estate Principles

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Control by a community of an area larger than the designated community itself; granted by state legislature for planning & zoning in anticipation of some annexation






2. In a deed - this clause states deed restrictions - clauses withholding mineral rights - and/or creation of an easement






3. The rate equal to the dollars of tax you pay per $1000. in property value






4. A receding water line that leaves dry land to be added to an adjacent landowner's property






5. Metes & bounds - plat lot and block number - and/or gov't rectangular survey






6. State law that governs the disposition procedure of the conveyance of real property upon owner decedence






7. The automatic right of spouse in 1/2 property acquired by their spouse during marriage ('fruits of marriage')






8. Provision that gives a surviving spouse a share of most of the wealth of the decedent (modern substitute for dower)






9. Combines fee simple ownership for unit and tenancy in common for common areas; type of ownership - not a structure






10. The source of local and school revenues






11. (commercial easement) the right to use land for a specific - limited purpose unrelated to any adjacent parcel






12. Person or entity conveying real property






13. As a tangible asset - a bundle of rights - and as an industry & profession


14. Deed that conveys an individual's property rights to another - but has none of the covenants of the warranty deed






15. Interests in real property that include possession






16. Voluntary conveyance by deed - involuntary conveyance by deed (bankruptcy - divorce - foreclosure) - voluntary conveyances w/o a deed (easements only) - involuntary conveyance w/o a deed - and action of water (accretion - reliction)






17. Area around a community where gov't plans to provide public services and beyonf which community development is prohibited






18. The tax liability divided by the property's market value or sale price






19. A continuing easement from owner to owner






20. A sequence of directed distances that are the property boundaries






21. In a deed - a minimal statement that seeks to establish that the promises made by the parties are supported by consideration (e.g. - Now - therefore - in consideration of...)






22. A security interest or lien that arises out of actions unrelated to ownership of the property






23. By the number of covenants






24. Official rules & regs. that govern condo. ownership






25. Rights associated with ownership of land and all permanent attachments to the land






26. Right of use not created by explicit deed or clause within a deed. Often created when a subdivision map is placed into public record






27. Ownership interest subsequent to a life estate- which becomes fee simple absolute upon death of the life estate owner






28. Serves as traditional evidence of title


29. Legally binding promise stating grantor has good title and right to convey it






30. The permission to use another's land for a specific and limited purpose (like dower except permission is given - not the right)






31. Grantor and grantee signature - recital of consideration - words of conveyance - covenants - habendum clause - exceptions and reservations clause - description of land - acknowledgment - and delivery






32. Physical things - such as land - buildings - clothing - automobiles - etc.






33. Anything - tangible or intangible - that can be possessed






34. Conveyance of a decedent's property without a will






35. A parcel that benefits from a servient parcel in an easement appurtenant






36. A commitment to issue a title insurance policy whereby grantee is indemnified in the event issues arise with title






37. A special - written contract for conveying a permanent interest in real property (the principal conveyance of real property)






38. Rights of surviving partners in joint tenancy to divide the interests of a decedent partner






39. An estate in land that gives owner complete legal rights to the property






40. The attractions or important access needs that one land use has for other land uses






41. A rarely used means of providing evidence of title






42. Laws and procedures controlling how a state will convey a decedent's estate among the heir's if no will exists






43. Deed containing all three convenants (seizin - no encumbrances - and quiet enjoyment)- 'HIGHEST quality deed'






44. Real property that was formerly personal property (e.g. - lamp)






45. Joint tenancy ownership by husband and wife






46. Real property is a complex bundle of rights - rights to land are enduring - land is a continuous surface (boundaries not obvious or natural)






47. A feature of a gov't survey separating townships by East and West






48. Financial sector of the economy that allocates resources among households & firms






49. Rights in land and its permanent structure (surface of earth - airspace - and beneath the earth






50. Unambiguous means to provide a description of property that describes each parcel in a surveyed map of a subdivision; most common form of legal description for urban residential property