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






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






3. Person on entity receiving real property






4. 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






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






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






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






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






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






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






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






12. Seperated uses - automobile oriented - uniform density - and cul-de-sac hierarchy in neighborhoods






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






14. Unit used to state the number of property tax assessed- equal to number of dollars per thousand a property is assessed at






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






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






17. 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)






18. 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)






19. 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






20. 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






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






22. To place a lien on real property






23. A development project - often involving a mixture of land uses not permitted by normal zoning - that IS allowed b/c the development is viewed as an integrated whole






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






25. 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






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






27. Words found early in the deed (does hereby grant - sell - convey - etc.)






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






29. Interests in real property that include possession






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






31. The most covenants (general warranty deed)






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






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






34. Legally binding promise






35. Building codes - zoning - subdivision regulations - planning & zoning administration - and board of adjustment






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






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






38. Spillover effects from nearby land use - uniqueness of location (absolute monopoly) - instability of surrounding land use - and unknown quality or condition of existing structure






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






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






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






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


43. The power of gov't to take private property for a public purpose by paying fair value






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






45. Improvements needed to make land liveable (street - drains - ditches - etc.)






46. The source of local and school revenues






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






48. 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






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






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