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






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






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






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






5. Planning movement that integrates multiple land use typesand restores space for community life






6. Financial sector of the economy that allocates resources among households & firms






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






8. (commercial easement) the right to use land for a specific - limited purpose unrelated to any adjacent parcel






9. 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






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






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






12. Deed that conveys no covenants and makes no assertions about grantor's interest; used to clear 'clouds' or encumbrances to the title






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






14. The sequence of conveyances passing ownership down through time






15. Laws and procedures controlling how a state will convey a decedent's estate among the heir's if no will exists






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


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






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






19. Contains 43 -560 feet






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






21. In local zoning law - a board of citizen's that makes appeals to zoning variances. Boards rulings are final and can only be undone in court






22. Rights associated with ownership of land and all permanent attachments to the land






23. The number of dollars of property tax divided by taxable value of property






24. 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






25. Joint tenancy ownership by husband and wife






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






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






28. Loval gov'ts general guide to a communities growth and development






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






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






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






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






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






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






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






36. Same as warranty deed except covenant against encumbrances applies only to time that grantor owned the property






37. 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...)






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






39. A rarely used means of providing evidence of title






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






41. A feature of a gov't survey separating townships by East and West






42. To place a lien on real property






43. Land containing no structures or improvements






44. 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






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






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






47. Right owner's have to use another's property for a specific/ limited purpose






48. 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)






49. Goods and services whose optimal location pattern is clustering






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