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






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






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






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






5. Spillover effects from nearby land use - uniqueness of location (absolute monopoly) - instability of surrounding land use - and unknown quality or condition of existing structure






6. Tangible and intangible






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






8. Interests in real property that include possession






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






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






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






12. A life estate created by the action of law






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






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


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






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






17. A rarely used means of providing evidence of title






18. 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...)






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






20. Limitations imposed on the use of land and structures by clauses in a deed






21. Person on entity receiving real property






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






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






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






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






26. The automatic right of spouse in 1/2 property acquired by their spouse during marriage ('fruits of marriage')






27. Person or entity conveying real property






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






29. All of the taxable properties in a jurisdiction






30. The source of local and school revenues






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






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






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






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






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






36. Serves as traditional evidence of title


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






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






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






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






41. Deed that conveys an individual's property rights to another - but has none of the covenants of the warranty deed






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






43. In a deed - this clause states deed restrictions - clauses withholding mineral rights - and/or creation of an easement






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






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






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






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






48. Legally binding promise stating that their is no one with a better claim to title






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






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