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 automatic right of spouse in 1/2 property acquired by their spouse during marriage ('fruits of marriage')






2. Conveyance of private property from owner to gov't for public use (usually in the course of some development)






3. A market where tenants negotiate rent and other terms with property owners or their managers






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






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






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






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






8. Doctrine stating that you cannot be bound by what you cannot know; if the documents are properly recorded in public record - they are enforceable to all persons - whether or not they are aware of the documents






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


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






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






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






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






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






15. A special - written contract for conveying a permanent interest in real property (the principal conveyance of real property)






16. Land containing no structures or improvements






17. 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






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






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






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






21. A specifically surveyed and identified square-mile within the framework of a survey system






22. An approach to land use control that considers urban systems through limits to detrimental activities






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






24. The master deed establishing the condominium corporation






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






26. Act establishing a more equitable relationship between landlords and tenants






27. Same as deed restrictions






28. 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






29. Conveyance of a decedent's property without a will






30. 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






31. Any fixed structure (buildings - fences - walls) improvements






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






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






34. An assertion of real property interests that is open - continuous - and apparent to all who examine the property






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






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






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






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






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






40. General warranty - special warranty - of bargain and sale - and quitclaim






41. 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)






42. 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






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






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






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






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






47. Grantor and grantee signature - recital of consideration - words of conveyance - covenants - habendum clause - exceptions and reservations clause - description of land - acknowledgment - and delivery






48. Real property is a complex bundle of rights - rights to land are enduring - land is a continuous surface (boundaries not obvious or natural)






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






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