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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. Deed ordered through a court-ordered proceeding






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






3. All property that is not real property (household goods - personal property - intellectual property - music)






4. Person or entity conveying real property






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






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






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






8. Legally binding promise stating that their is no one with a better claim to title






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






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






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






12. 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






13. Right owner's have to use another's property for a specific/ limited purpose






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






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






16. 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






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






18. State laws to limit the number of years a title search much 'reach back' through the 'title chain'






19. Land containing no structures or improvements






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






21. The tax liability divided by the property's market value or sale price






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






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






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






25. The assessed value minus any applicable exemptions - used to determine property values






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






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






28. User markets - capital markets - and government sector






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






30. No deed conveys rights that ___ does not have






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






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






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






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






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






36. 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






37. 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






38. All of the taxable properties in a jurisdiction






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






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






41. A continuing easement from owner to owner






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






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






44. Provision that gives a surviving spouse a share of most of the wealth of the decedent (modern substitute for dower)






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






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






47. Serves as traditional evidence of title

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48. A market where tenants negotiate rent and other terms with property owners or their managers






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






50. Same as deed restrictions