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






2. An interest in real property that serves as security for a loan obligation






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






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






5. Same as deed restrictions






6. Words found early in the deed (does hereby grant - sell - convey - etc.)






7. A development project - often involving a mixture of land uses not permitted by normal zoning - that IS allowed b/c the development is viewed as an integrated whole






8. Action initiated by property owner against gov't to recover loss in property value attributed to gov't activity






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






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






11. Any lease agreement that has no definite term at the start






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






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






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






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






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

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17. Combines fee simple ownership for unit and tenancy in common for common areas; type of ownership - not a structure






18. 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






19. User markets - capital markets - and government sector






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






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






22. No deed conveys rights that ___ does not have






23. The sequence of conveyances passing ownership down through time






24. Goods and services whose optimal location pattern is clustering






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






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






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






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






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






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






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






32. Laws and procedures controlling how a state will convey a decedent's estate among the heir's if no will exists






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






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






35. A continuing easement from owner to owner






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






37. 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






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






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






40. Contains 43 -560 feet






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






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






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






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






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






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






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






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






49. 'normal ownership' except that multiple owner's share identically in one bundle rights






50. Public official who determines taxable property value (aka County Property Appraiser)