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. A specifically surveyed and identified square-mile within the framework of a survey system






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






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






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






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






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






7. 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)






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






9. Unit within gov't surveying system containing 6 x 6 square miles ( 36 one-mile sections)






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






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






12. Limitations imposed on the use of land and structures by clauses in a deed






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






14. 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






15. Parcel containing no structure improvements (ON the land) but MAY include improvements TO the land






16. Same as deed restrictions






17. Personal property that becomes real property via permanent attachment to the realty






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






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






20. When a landlord allows tenancy without written agreement






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






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






23. Line of geographic reference that runs North and South in a gov't survey






24. Statutes stating that a contract recorded in public records is considered known






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






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






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






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






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






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






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






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






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






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






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






36. Statements made from studies of the effect that a new development will have on the economy and/or the environment of the region






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






39. Land used inconsistent with current zoning - but allowed due to predating use






40. No deed conveys rights that ___ does not have






41. User markets - capital markets - and government sector






42. Lien assessed by local gov't to ensure that those receiving benefits of improvements will pay their 'fair share'






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






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






45. Physical things - such as land - buildings - clothing - automobiles - etc.






46. Planning movement that integrates multiple land use typesand restores space for community life






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






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






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






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