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






2. User markets - capital markets - and government sector






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






4. 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






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






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






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






8. Where the interest being conveyed in a deed is specified






9. Form of individual ownership of apartments. Property is owned by a corp. - of which each resident is a shareholder entitled to a lease term






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






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






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






13. The master deed establishing the condominium corporation






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






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






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






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






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






19. A continuing easement from owner to owner






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






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






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






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






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






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






26. By the number of covenants






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






28. Statutes stating that a contract recorded in public records is considered known






29. No deed conveys rights that ___ does not have






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






31. 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






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






33. 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)






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






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






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






37. Lien that arises from construction and other improvements to the land

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






39. To place a lien on real property






40. Goods and services whose optimal location pattern is clustering






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. Personal property that becomes real property via permanent attachment to the realty






43. Land containing no structures or improvements






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






45. The emergence of specialized resources in response to demand from multiple industries






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






47. Joint tenancy ownership by husband and wife






48. All of the taxable properties in a jurisdiction






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






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

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