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. No deed conveys rights that ___ does not have






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






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






4. Contains 43 -560 feet






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






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






7. 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






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






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






10. The sequence of conveyances passing ownership down through time






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






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






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






14. 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






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






16. 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






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






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






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






20. Same as deed restrictions






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






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






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






24. 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






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






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






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






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






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






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






31. Model of urban form proposed by Homer Hoyt - characterized by radial corridors - or wedges - that were particularly designated from higher income residential land use.






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






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






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






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






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






37. Legally binding promise stating grantor has good title and right to convey it






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






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






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






41. An interest in real property that serves as security for a loan obligation






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






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






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






45. All of the taxable properties in a jurisdiction






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






47. The source of local and school revenues






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






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






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