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






2. Property taxes based on the market value of the property






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






4. A life estate created by the action of law






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






6. (lien) that derives directly from events related to a property (tax lien - mortgage - etc.)






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






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






9. Interests in real property that include possession






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






11. 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...)






12. 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






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






14. Contains 43 -560 feet






15. All of the taxable properties in a jurisdiction






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






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






18. 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






19. Where the interest being conveyed in a deed is specified






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






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






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






23. Form of individual ownership of apartments. Property is owned by a corp. - of which each resident is a shareholder entitled to a lease term






24. Serves as traditional evidence of title


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






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






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


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






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






30. 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)






31. Joint tenancy ownership by husband and wife






32. Legally binding promise






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






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






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






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






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






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






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






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






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






42. A feature of a gov't survey that serves to number townships North or South from the base line






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






44. 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)






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






46. Deed ordered through a court-ordered proceeding






47. Nonphysical assets (patents - copyrights - etc.)






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






49. The sequence of conveyances passing ownership down through time






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