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Test your basic knowledge |
Real Estate Principles
Start Test
Study First
Subjects
:
industries
,
business-skills
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 permitted deviation for a particular property from applicable zoning requirements. ONLY to be granted when zoning ordinance imposes undue hardship to the property owner
special assessments
assessment lien
market failures in real estate due to market distortion
variance
2. 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
multinuclei city
convenience activities
deed of bargain and sale
trustee's dead
3. A parcel that benefits from a servient parcel in an easement appurtenant
title abstract
dominant parcel
general lien
inverse condemnation
4. Rights in land and its permanent structure (surface of earth - airspace - and beneath the earth
plat lot and block number
bid-rental model
real property
mineral rights
5. Public official who determines taxable property value (aka County Property Appraiser)
tax assessor
tenancy in common
homestead exemption
property tax lien
6. A security interest or lien that arises out of actions unrelated to ownership of the property
externalities
traditional planning features
general lien
tenancy at sufferance
7. A sequence of directed distances that are the property boundaries
metes and bounds
two main forms of 'evidence of title'
specific lien
leasehold
8. No deed conveys rights that ___ does not have
chain of title
title search
grantor
comparison activities
9. Rights in property that include: (exclusive) possession - use (enjoyment) - and disposition
elective share
mortgage
property rights
real property
10. Category of types of urban services/products users seek to obtain as close by as possible
tenancy at sufferance
title abstract
convenience activities
estate
11. Conveyance of a decedent's property without a will
inverse condemnation
community property
new urbanism
intestate
12. Automatic lien placed by local governments to assure payment of property taxes
fee simple absolute
acre
probate
property tax lien
13. A rarely used means of providing evidence of title
acre
range line
recital of consideration
torrens certificate
14. Any lease agreement that has no definite term at the start
real property
covenant against encumbrances
recital of consideration
periodic tenancy
15. Collection of evidence indicating a particular person(s) as holder of the 'fee'
title
industry economies of scale
marketable title
economic and environmental impact statements
16. Parcel containing no structure improvements (ON the land) but MAY include improvements TO the land
separate properties
methods acceptable for property description in public records
planned unit development (PUD)
land
17. Legally binding promise
township
covenant
tenancy in common
implied easement
18. Deed containing no covenants - but still is regarded as implying ownership
externalities
The highest quality deed is the one with
deed of bargain and sale
principal meridian
19. 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)
tenancy by the entireties
property rights
tenancy in common
specific lien
20. Land used inconsistent with current zoning - but allowed due to predating use
separate properties
nonconforming use
traditional land use controls
impact fee
21. State laws to limit the number of years a title search much 'reach back' through the 'title chain'
Ways a title can transfer
property taxes
periodic tenancy
marketable title laws
22. In eminent domain cases - expansion of public use to beyond that of condemning agency
fixture
condemnation
impact fee
public purpose
23. Model of urban form proposed by Homer Hoyt - characterized by radial corridors - or wedges - that were particularly designated from higher income residential land use.
freehold
reverter
special assessments
sector model
24. A specifically surveyed and identified square-mile within the framework of a survey system
Real estate values are determined by three sector interactions
multinuclei city
section
leasehold
25. A deed issued by the trustee in a court-supervised disposition of property
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26. Title abstract with attorney's opinion & title insurance commitment
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27. Ownership interest subsequent to a life estate- which becomes fee simple absolute upon death of the life estate owner
central place pattern
Ways a title can transfer
remainder estate
elective share
28. Deed that conveys no covenants and makes no assertions about grantor's interest; used to clear 'clouds' or encumbrances to the title
millage rate
tier line
fixture
quitclaim deed
29. Aka 'investment grade' generally commercial and worth at least $10 million
institutional grade real estate
periodic tenancy
covenant of quiet enjoyment
economic and environmental impact statements
30. Requirement that public schools and facilities be available at same time as new development is completed
concurrency
eminent domain
tenancy for years
The highest quality deed is the one with
31. Ownership that is subject to a condition or trigger event
Real estate values are determined by three sector interactions
fee simple conditional
Model Residential Landlord - Tenant Act
exclusionary zoning
32. Unambiguous means to provide a description of property that describes each parcel in a surveyed map of a subdivision; most common form of legal description for urban residential property
recording statutes
plat lot and block number
easement in gross
new urbanism
33. Improvements needed to make land liveable (street - drains - ditches - etc.)
grantor
improvements to the land
deed of bargain and sale
condominium declaration
34. Deed ordered through a court-ordered proceeding
judicial deed
bid-rental model
concentric ring model
growth moratorium
35. A feature of a gov't survey separating townships by East and West
range line
property
assessed value
easement in gross
36. Limitations imposed on the use of land and structures by clauses in a deed
deed restriction
personal property
general warranty deed
title insurance commitment
37. Covenant of seizin - covenant against encumbrances - and covenant of quiet enjoyment
central place pattern
property rights
impact fee
three main covenants
38. Model of how land users bid for location that reveals the influences on how density of land use is determined
title
personal property
raw land
bid-rental model
39. Right owner's have to use another's property for a specific/ limited purpose
specific lien
easement
public use
user markets
40. Form of ownership where two or more owners hold equal shares and rights of possession
joint tenancy
improvements to the land
grantor
real property
41. The emergence of specialized resources in response to demand from multiple industries
local economic activities
agglomeration economies
fixture
exclusionary zoning
42. Contains 43 -560 feet
acre
features of real estate that cause market distortion
three main covenants
general warranty deed
43. Personal property that becomes real property via permanent attachment to the realty
rule of capture
homestead exemption
fixture
special warranty deed
44. Financial sector of the economy that allocates resources among households & firms
capital markets
requirements of a deed
grantor
mill
45. (Percentage of market) value used to determine an owner's property tax liability
assessed value
homestead exemption
covenant against encumbrances
community property
46. Temporary prohibition of further development in a community or jurisdiction
growth moratorium
extraterritorial jurisdiction
rule of capture
easement appurtenant
47. State law that governs the disposition procedure of the conveyance of real property upon owner decedence
economic and environmental impact statements
words of conveyance
probate
newer approaches to land use control
48. Rights of surviving partners in joint tenancy to divide the interests of a decedent partner
law of descent
oard of adjustment
right of survivorship
freehold
49. Nonphysical assets (patents - copyrights - etc.)
dedicated property
servient parcel
intangible assets
public purpose
50. 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)
public use
Ways a title can transfer
oard of adjustment
comprehensive plan