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. Deed ordered through a court-ordered proceeding






2. 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






3. Public official who determines taxable property value (aka County Property Appraiser)






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






5. To place a lien on real property






6. 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






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






8. All property that is not real property (household goods - personal property - intellectual property - music)






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






10. Statements made from studies of the effect that a new development will have on the economy and/or the environment of the region






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






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






13. Planning concept similar to new urbanism - also emphasizes 'compact' urban growth






14. 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






15. A security interest or lien that arises out of actions unrelated to ownership of the property






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






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






18. Words found early in the deed (does hereby grant - sell - convey - etc.)






19. A parcel that is constrained or diminished by an easement appurtenant






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






21. Control by a community of an area larger than the designated community itself; granted by state legislature for planning & zoning in anticipation of some annexation






22. The attractions or important access needs that one land use has for other land uses






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






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






25. A lien/special contract by which the borrower conveys to lender a security interest in the mortgaged property






26. Unambiguous means to provide a description of property that describes each parcel in a surveyed map of a subdivision; most common form of legal description for urban residential property






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






28. Rights to the subsurface (oil - gas - etc.) that can be seperated from land ownership






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






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






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






32. The tax liability divided by the property's market value or sale price






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






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






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






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






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






39. When a landlord allows tenancy without written agreement






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






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






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






43. 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)






44. A rarely used means of providing evidence of title






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






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






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






48. Set of economic activities that a city provides for the world beyond its boundaries






49. Voluntary conveyance by deed - involuntary conveyance by deed (bankruptcy - divorce - foreclosure) - voluntary conveyances w/o a deed (easements only) - involuntary conveyance w/o a deed - and action of water (accretion - reliction)






50. Title to real property that is free of reasonable doubt