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






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






3. A life estate created by the action of law






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






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






6. Automatic lien placed by local governments to assure payment of property taxes






7. Same as deed restrictions






8. 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)






9. Planning movement that integrates multiple land use typesand restores space for community life






10. Deed containing no covenants - but still is regarded as implying ownership






11. Ownership that is subject to a condition or trigger event






12. The sequence of conveyances passing ownership down through time






13. Deed ordered through a court-ordered proceeding






14. Growth of an industry within a locality that creates unique resources & cost advantages for that industry (e.g. - a large university)






15. A leasehold interest for a definitive period of time exceeding one year






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






17. To place a lien on real property






18. Aka 'investment grade' generally commercial and worth at least $10 million






19. Unit within gov't surveying system containing 6 x 6 square miles ( 36 one-mile sections)






20. Provision of all states requiring all deeds - long-term leases - and mortgages to be in writing to be enforceable






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






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






23. Task of examining the evidence of title in the public title search






24. 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)






25. 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






26. The number of dollars of property tax divided by taxable value of property






27. Public official who determines taxable property value (aka County Property Appraiser)






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






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






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






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






32. In community property states - property acquired before marriage - or personal gifts - or inheritance received during marriage






33. Activities in a city that serve the local businesses and households






34. 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






35. Requirement that public schools and facilities be available at same time as new development is completed






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






37. 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






38. Same as warranty deed except covenant against encumbrances applies only to time that grantor owned the property






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






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






41. Temporary prohibition of further development in a community or jurisdiction






42. Prohibited type of zoning that tends to exclude lower-income groups






43. In eminent domain - requirement of actual physical use by condemning agency to justify






44. Action initiated by property owner against gov't to recover loss in property value attributed to gov't activity






45. A requirement that encourages or mandates a 'reasonable and fair' component of new housing construction for lower income families






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






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






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






49. Properties against which local jurisdictions may not levy property taxes






50. Property taxes based on the market value of the property