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






2. Same as deed restrictions






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






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






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






6. Same as warranty deed except covenant against encumbrances applies only to time that grantor owned the property






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






8. A continuing easement from owner to owner






9. Lien that arises from construction and other improvements to the land


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






11. 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)






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






13. Deed containing all three convenants (seizin - no encumbrances - and quiet enjoyment)- 'HIGHEST quality deed'






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






15. Metes & bounds - plat lot and block number - and/or gov't rectangular survey






16. Loval gov'ts general guide to a communities growth and development






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






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






19. A leasehold interest for a definitive period of time exceeding one year






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






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






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






23. 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)






24. 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






25. Task of examining the evidence of title in the public title search






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






27. A life estate created by the action of law






28. Rights in property that include: (exclusive) possession - use (enjoyment) - and disposition






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






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






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






32. Nonphysical assets (patents - copyrights - etc.)






33. An uncertain interest held by the previous owner (or heirs) associated with a conditional fee






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






35. Control by a community of an area larger than the designated community itself; granted by state legislature for planning & zoning in anticipation of some annexation






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






37. Deed ordered through a court-ordered proceeding






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






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






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






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






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






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






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






45. The source of local and school revenues






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






47. When a tenant Who is supposed to vacate does not - but continues to pay rent that landlord accepts






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






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






50. 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