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. 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






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






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






4. Same as deed restrictions






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






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






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






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






9. 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)






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






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






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






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






14. The attractions or important access needs that one land use has for other land uses






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






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






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






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






19. All of the taxable properties in a jurisdiction






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






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






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






23. 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






24. The rate equal to the dollars of tax you pay per $1000. in property value






25. The emergence of specialized resources in response to demand from multiple industries






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






27. Goods and services whose optimal location pattern is clustering






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






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






30. Provision in some states allowing the owner/ occupants of full-time residences to apply for a certain monetary deduction from their assessed value in order to decrease property taxes






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






32. 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






33. Conveyance of real property upon death of a property owner in accordance with a will






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






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


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






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






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






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






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






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


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






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


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






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






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






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






48. 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






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






50. Legally binding promise stating that their are no encumbrances except as noted in deed (liens - easements - etc.)