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Test your basic knowledge |
Real Estate Principles
Start Test
Study First
Subjects
:
industries
,
business-skills
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. Deed ordered through a court-ordered proceeding
elective share
torrens certificate
real estate
judicial deed
2. An estate in land that gives owner complete legal rights to the property
concentric ring model
title search
improvements on the land
fee simple absolute
3. All property that is not real property (household goods - personal property - intellectual property - music)
tenancy in common
personal property
condominium bylaws
tier line
4. Person or entity conveying real property
two types of property
leasehold
real property
grantor
5. An interest in real property that serves as security for a loan obligation
lien
actual notice
economic base
dominant parcel
6. A common law provision that grants spouse 1/3rd life estate in all real property of husband - acquired in the fruits of marriage
dedicated property
dower/curtesy
three main covenants
planned unit development (PUD)
7. A feature of a gov't survey that serves to number townships North or South from the base line
tenancy for years
covenant of seizin
tier line
performance standard
8. Legally binding promise stating that their is no one with a better claim to title
recital of consideration
covenant of quiet enjoyment
title
covenant of seizin
9. In eminent domain - requirement of actual physical use by condemning agency to justify
reliction
externalities
public use
Ways a title can transfer
10. A sequence of directed distances that are the property boundaries
implied easement
special warranty deed
cooperative
metes and bounds
11. Estate interests in real estate giving unlimited duration; titled interests
real property
freehold
linkages
general lien
12. In local zoning law - a board of citizen's that makes appeals to zoning variances. Boards rulings are final and can only be undone in court
raw land
cooperative
oard of adjustment
methods acceptable for property description in public records
13. Right owner's have to use another's property for a specific/ limited purpose
general warranty deed
joint tenancy
range line
easement
14. A special - written contract for conveying a permanent interest in real property (the principal conveyance of real property)
assessed value
comprehensive plan
deed
oard of adjustment
15. Conveyance of a decedent's property without a will
extraterritorial jurisdiction
covenant
tax base
intestate
16. Phrase coined by Harris & Ullman in a study that described how the motor vehicle and new production technologies released the city from its absolute ties to CBD
fixture
The highest quality deed is the one with
legal life estate
multinuclei city
17. An assertion of real property interests that is open - continuous - and apparent to all who examine the property
metes and bounds
actual notice
real estate
joint tenancy
18. State laws to limit the number of years a title search much 'reach back' through the 'title chain'
marketable title laws
newer approaches to land use control
two main forms of 'evidence of title'
community property
19. Land containing no structures or improvements
intestate
raw land
reverter
doctrine of constructive conveyance
20. Temporary prohibition of further development in a community or jurisdiction
implied easement
title
property tax lien
growth moratorium
21. The tax liability divided by the property's market value or sale price
grantee
effective tax rates
The highest quality deed is the one with
concentric ring model
22. Legally binding promise stating that their are no encumbrances except as noted in deed (liens - easements - etc.)
implied easement
covenant against encumbrances
user markets
covenant of quiet enjoyment
23. Set of economic activities that a city provides for the world beyond its boundaries
economic base
freehold
public purpose
marketable title
24. Public official who determines taxable property value (aka County Property Appraiser)
freehold
The term 'real estate' used three ways
real estate
tax assessor
25. The assessed value minus any applicable exemptions - used to determine property values
inverse condemnation
taxable value
homestead exemption
personal property
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
dedicated property
two main forms of 'evidence of title'
grantee
implied easement
27. Title to real property that is free of reasonable doubt
types of deeds
deed
marketable title
real property
28. User markets - capital markets - and government sector
condominium
periodic tenancy
covenant of quiet enjoyment
Real estate values are determined by three sector interactions
29. Area around a community where gov't plans to provide public services and beyonf which community development is prohibited
urban service area
metes and bounds
effective tax rates
planned unit development (PUD)
30. No deed conveys rights that ___ does not have
judicial deed
variance
personal property
grantor
31. Land used inconsistent with current zoning - but allowed due to predating use
nonconforming use
tenancy for years
special assessments
two main forms of 'evidence of title'
32. Any lease agreement that has no definite term at the start
Real estate values are determined by three sector interactions
agglomeration economies
freehold
periodic tenancy
33. Ownership interest subsequent to a life estate- which becomes fee simple absolute upon death of the life estate owner
remainder estate
property rights
judicial deed
condominium
34. The number of dollars of property tax divided by taxable value of property
easement appurtenant
central place pattern
tax rate
tenancy for years
35. The automatic right of spouse in 1/2 property acquired by their spouse during marriage ('fruits of marriage')
public purpose
agglomeration economies
quitclaim deed
community property
36. A permitted deviation for a particular property from applicable zoning requirements. ONLY to be granted when zoning ordinance imposes undue hardship to the property owner
general warranty deed
location quotient
variance
institutional grade real estate
37. Per US Supreme Court precedence - the degree of land regulation that constitutes effective taking of property - whereby reaching said goal requires gov't to pay just compensation
local economic activities
estate
regulatory taking
location quotient
38. All of the taxable properties in a jurisdiction
inverse condemnation
patent
economic and environmental impact statements
tax base
39. Prohibited type of zoning that tends to exclude lower-income groups
judicial deed
marketable title laws
exclusionary zoning
recital of consideration
40. Deed that conveys no covenants and makes no assertions about grantor's interest; used to clear 'clouds' or encumbrances to the title
plat lot and block number
cooperative
quitclaim deed
deed of bargain and sale
41. A continuing easement from owner to owner
easement appurtenant
convenience activities
nonconforming use
tenancy at will
42. Physical things - such as land - buildings - clothing - automobiles - etc.
tangible assets
special warranty deed
regulatory taking
tax assessor
43. Monopoly - externalities - incomplete info. - and uncertainty of residential values
Reasons for complexity in conveying real estate
cooperative
market failures in real estate due to market distortion
specific lien
44. Provision that gives a surviving spouse a share of most of the wealth of the decedent (modern substitute for dower)
urban service area
dedicated property
tenancy by the entireties
elective share
45. Rights of a lessee in a leased property; rights tenants receive in exchange for payment of rent
inverse condemnation
tax-exempt properties
elective share
leasehold
46. A location pattern which similar economic entities - such as a convenience store or a retail establishment - tend to disburse evenly over the market region
township
central place pattern
affordable housing allocation
personal property
47. Serves as traditional evidence of title
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48. A market where tenants negotiate rent and other terms with property owners or their managers
property
fixture
user markets
requirements of a deed
49. Unaccounted effects that a land use imposes on surrounding parcels
condominium
central place pattern
tax-exempt properties
externalities
50. Same as deed restrictions
location quotient
eminent domain
public purpose
restrictive covenants