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. Lien assessed by local gov't to ensure that those receiving benefits of improvements will pay their 'fair share'






2. By the number of covenants






3. Collection of evidence indicating a particular person(s) as holder of the 'fee'






4. Serves as traditional evidence of title


5. Interests in real property that include possession






6. Personal property that becomes real property via permanent attachment to the realty






7. A location pattern which similar economic entities - such as a convenience store or a retail establishment - tend to disburse evenly over the market region






8. Limitations imposed on the use of land and structures by clauses in a deed






9. The legal procedure used to exercise eminent domain






10. Statements made from studies of the effect that a new development will have on the economy and/or the environment of the region






11. Planning concept similar to new urbanism - also emphasizes 'compact' urban growth






12. A bundle of rights held by owner's of real property






13. Joint tenancy ownership by husband and wife






14. Monopoly - externalities - incomplete info. - and uncertainty of residential values






15. Any fixed structure (buildings - fences - walls) improvements






16. Legally binding promise stating that their are no encumbrances except as noted in deed (liens - easements - etc.)






17. Loval gov'ts general guide to a communities growth and development






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






19. An interest in real property that serves as security for a loan obligation






20. Owner of an oil or gas well can keep all that is pumped from it - regardless of whether all came from owner's property or adjacent property(ies)






21. A deed issued by the trustee in a court-supervised disposition of property


22. Type of co-ownership where owner's have rights to property for specific time-intervals






23. Property taxes levied to finance special improvements that benefit adjacent property owners (eg - residents of subdivision paying $500/ft of frontage for street improvements)






24. All of the taxable properties in a jurisdiction






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






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






27. No deed conveys rights that ___ does not have






28. A common law provision that grants spouse 1/3rd life estate in all real property of husband - acquired in the fruits of marriage






29. Fee charged by a community and paid by the developer to cover costs associated with developments 'impact' on roads - schools - and police & fire protection






30. A market where tenants negotiate rent and other terms with property owners or their managers






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






32. Estate interests in real estate giving unlimited duration; titled interests






33. Rights to the subsurface (oil - gas - etc.) that can be seperated from land ownership






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






35. Form of individual ownership of apartments. Property is owned by a corp. - of which each resident is a shareholder entitled to a lease term






36. Form of ownership where two or more owners hold equal shares and rights of possession






37. A specifically surveyed and identified square-mile within the framework of a survey system






38. A life estate created by the action of law






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






40. When a landlord allows tenancy without written agreement






41. Doctrine stating that you cannot be bound by what you cannot know; if the documents are properly recorded in public record - they are enforceable to all persons - whether or not they are aware of the documents






42. An uncertain interest held by the previous owner (or heirs) associated with a conditional fee






43. Ration between employees in a certain job category in a community and that same number on a national level. (If the quotient is greater than 1 - it indicates the activity is a base economic activity)






44. Nonphysical assets (patents - copyrights - etc.)






45. Deed ordered through a court-ordered proceeding






46. Objects that are moveable and not permanently affixed to the land (furniture - etc.)






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






48. Rights in property that include: (exclusive) possession - use (enjoyment) - and disposition






49. Title to real property that is free of reasonable doubt






50. An approach to land use control that considers urban systems through limits to detrimental activities