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. 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






2. Person on entity receiving real property






3. Same as deed restrictions






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






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






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






7. As a tangible asset - a bundle of rights - and as an industry & profession


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






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






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






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






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






14. Right of use not created by explicit deed or clause within a deed. Often created when a subdivision map is placed into public record






15. 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






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






17. Interests in real property that include possession






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






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






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






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






22. Planned unit development - performance standards - impact fees - and growth restrictions






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






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


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






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






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






28. All of the taxable properties in a jurisdiction






29. 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






30. Category of types of urban services/products users seek to obtain as close by as possible






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






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






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






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






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






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






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






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






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






40. In a deed - a minimal statement that seeks to establish that the promises made by the parties are supported by consideration (e.g. - Now - therefore - in consideration of...)






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






42. Covenant of seizin - covenant against encumbrances - and covenant of quiet enjoyment






43. Activities in a city that serve the local businesses and households






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






45. Land used inconsistent with current zoning - but allowed due to predating use






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






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






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






49. 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)






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