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. Properties against which local jurisdictions may not levy property taxes






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






3. A common law provision that grants spouse 1/3rd life estate in all real property of husband - acquired in the fruits of marriage






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






5. A feature of a gov't survey separating townships by East and West






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






7. A deed issued by the trustee in a court-supervised disposition of property


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






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






10. 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)






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






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






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






14. To place a lien on real property






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






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






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






18. Legally binding promise






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






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






21. Contains 43 -560 feet






22. 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)






23. Person on entity receiving real property






24. 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...)






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






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






27. A location pattern which similar economic entities - such as a convenience store or a retail establishment - tend to disburse evenly over the market region






28. Anything - tangible or intangible - that can be possessed






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






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






31. Seperated uses - automobile oriented - uniform density - and cul-de-sac hierarchy in neighborhoods






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






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






34. Rights associated with ownership of land and all permanent attachments to the land






35. Form of ownership where two or more owners hold equal shares and rights of possession






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






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






38. Growth of an industry within a locality that creates unique resources & cost advantages for that industry (e.g. - a large university)






39. 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






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






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






42. Prohibited type of zoning that tends to exclude lower-income groups






43. Goods and services whose optimal location pattern is clustering






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






45. A commitment to issue a title insurance policy whereby grantee is indemnified in the event issues arise with title






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






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






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






49. In eminent domain - requirement of actual physical use by condemning agency to justify






50. The sequence of conveyances passing ownership down through time