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






2. When a landlord allows tenancy without written agreement






3. Compilation of all documents chronologically summarizing the chain of title for attorney's review






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






5. 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)






6. Changing notion of 'best practice' - limited actual experience to rely on (< 30 yrs) - insufficient theory and info - & inability to foresee the future well






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






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






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






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






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






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






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






14. Line of geographic reference that runs North and South in a gov't survey






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






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






17. Model of how land users bid for location that reveals the influences on how density of land use is determined






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






19. (Percentage of market) value used to determine an owner's property tax liability






20. No deed conveys rights that ___ does not have






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






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






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






24. Any lease agreement that has no definite term at the start






25. 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






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






27. All of the taxable properties in a jurisdiction






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






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






30. When a tenant Who is supposed to vacate does not - but continues to pay rent that landlord accepts






31. The master deed establishing the condominium corporation






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






33. Set of economic activities that a city provides for the world beyond its boundaries






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






35. Deed that conveys no covenants and makes no assertions about grantor's interest; used to clear 'clouds' or encumbrances to the title






36. In eminent domain cases - expansion of public use to beyond that of condemning agency






37. User markets - capital markets - and government sector






38. All property that is not real property (household goods - personal property - intellectual property - music)






39. (lien) that derives directly from events related to a property (tax lien - mortgage - etc.)






40. 'normal ownership' except that multiple owner's share identically in one bundle rights






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






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






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






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






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






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






47. The 'normal' form of direct co-ownership - much like fee-simple-absolute - subject to the provision that one owner cannot use the property in a manner infringing on rights of co-owner(s)






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. Provision in some states allowing the owner/ occupants of full-time residences to apply for a certain monetary deduction from their assessed value in order to decrease property taxes






50. Rights of a lessee in a leased property; rights tenants receive in exchange for payment of rent