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






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






3. Tangilble assets of land and building(s); 'bundle of rights' associated with aforementioned.






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






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






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






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






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






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






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






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






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






13. To place a lien on real property






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






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






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






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






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






19. Parcel containing no structure improvements (ON the land) but MAY include improvements TO the land






20. All of the taxable properties in a jurisdiction






21. 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






22. Title abstract with attorney's opinion & title insurance commitment


23. 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






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






25. The assessed value minus any applicable exemptions - used to determine property values






26. Same as deed restrictions






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






28. Special type of deed that conveys title to real property owned by government to a private party






29. A commitment to issue a title insurance policy whereby grantee is indemnified in the event issues arise with title






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






31. Conveyance of real property upon death of a property owner in accordance with a will






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






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






34. Unaccounted effects that a land use imposes on surrounding parcels






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






36. Real property that was formerly personal property (e.g. - lamp)






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






38. A parcel that benefits from a servient parcel in an easement appurtenant






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






40. No deed conveys rights that ___ does not have






41. Model created by EW Burgees in which the center circle is the central business district - and a series of other rings represent other designated areas






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






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






44. Deed containing all three covenants but covenant against encumbrances is limited to time that the grantor has owner the property






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






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






47. State laws to limit the number of years a title search much 'reach back' through the 'title chain'






48. By the number of covenants






49. 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)






50. Legally binding promise stating that their is no one with a better claim to title