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






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






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






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






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






6. Model of how land users bid for location that reveals the influences on how density of land use is determined






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






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






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






10. To place a lien on real property






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






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






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






14. 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






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






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






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






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






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






20. In community property states - property acquired before marriage - or personal gifts - or inheritance received during marriage






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






22. Area around a community where gov't plans to provide public services and beyonf which community development is prohibited






23. The permission to use another's land for a specific and limited purpose (like dower except permission is given - not the right)






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






25. A sequence of directed distances that are the property boundaries






26. 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)






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






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

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






30. Requirement that public schools and facilities be available at same time as new development is completed






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






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






33. 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...)






34. The most covenants (general warranty deed)






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






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






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






38. 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






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






40. Improvements needed to make land liveable (street - drains - ditches - etc.)






41. Serves as traditional evidence of title

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42. A permitted deviation for a particular property from applicable zoning requirements. ONLY to be granted when zoning ordinance imposes undue hardship to the property owner






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






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






45. By the number of covenants






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






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






48. Estate interests in real estate giving unlimited duration; titled interests






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






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