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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. No deed conveys rights that ___ does not have
fixture
grantor
urban service area
land
2. The power of gov't to take private property for a public purpose by paying fair value
location quotient
restrictive covenants
eminent domain
traditional planning features
3. Special type of deed that conveys title to real property owned by government to a private party
range line
marketable title
patent
interest
4. Contains 43 -560 feet
property taxes
acre
comparison activities
institutional grade real estate
5. Provision of all states requiring all deeds - long-term leases - and mortgages to be in writing to be enforceable
statute of frauds
marketable title
covenant
quitclaim deed
6. Covenant of seizin - covenant against encumbrances - and covenant of quiet enjoyment
implied easement
attach
planned unit development (PUD)
three main covenants
7. 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
implied easement
extraterritorial jurisdiction
freehold
tenancy by the entireties
8. Public official who determines taxable property value (aka County Property Appraiser)
affordable housing allocation
tax assessor
reverter
smart growth
9. Conveyance of a decedent's property without a will
specific lien
intestate
marketable title
condominium
10. The sequence of conveyances passing ownership down through time
chain of title
property tax lien
improvements on the land
law of descent
11. Building codes - zoning - subdivision regulations - planning & zoning administration - and board of adjustment
traditional land use controls
features of real estate that cause market distortion
right of survivorship
reliction
12. Right owner's have to use another's property for a specific/ limited purpose
freehold
assessment lien
two types of property
easement
13. Same as warranty deed except covenant against encumbrances applies only to time that grantor owned the property
probate
special warranty deed
planned unit development (PUD)
externalities
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
oard of adjustment
mill
license
condominium bylaws
15. A market where tenants negotiate rent and other terms with property owners or their managers
user markets
tenancy for years
condominium declaration
servient parcel
16. 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
tax assessor
comprehensive plan
doctrine of constructive conveyance
assessment lien
17. A specifically surveyed and identified square-mile within the framework of a survey system
smart growth
tax rate
tax assessor
section
18. General warranty - special warranty - of bargain and sale - and quitclaim
title abstract
central place pattern
types of deeds
newer approaches to land use control
19. Activities in a city that serve the local businesses and households
habendum clause
metes and bounds
traditional planning features
local economic activities
20. Same as deed restrictions
two types of property
restrictive covenants
principal meridian
real property
21. Set of economic activities that a city provides for the world beyond its boundaries
easement in gross
covenant of seizin
three main covenants
economic base
22. A security interest or lien that arises out of actions unrelated to ownership of the property
title abstract with attorney's opinion
tangible assets
covenant of quiet enjoyment
general lien
23. Ownership interest subsequent to a life estate- which becomes fee simple absolute upon death of the life estate owner
effective tax rates
three main covenants
capital markets
remainder estate
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
regulatory taking
tenancy by the entireties
joint tenancy
legal life estate
25. Collection of evidence indicating a particular person(s) as holder of the 'fee'
special warranty deed
concurrency
title
property taxes
26. Planning concept similar to new urbanism - also emphasizes 'compact' urban growth
newer approaches to land use control
section
sector model
smart growth
27. Deed containing all three covenants but covenant against encumbrances is limited to time that the grantor has owner the property
special warranty deed
bid-rental model
restrictive covenants
eminent domain
28. Unit within gov't surveying system containing 6 x 6 square miles ( 36 one-mile sections)
performance standard
extraterritorial jurisdiction
township
grantee
29. A receding water line that leaves dry land to be added to an adjacent landowner's property
doctrine of constructive conveyance
reliction
condominium declaration
sector model
30. Any lease agreement that has no definite term at the start
real property
tenancy by the entireties
grantee
periodic tenancy
31. Model of urban form proposed by Homer Hoyt - characterized by radial corridors - or wedges - that were particularly designated from higher income residential land use.
chain of title
extraterritorial jurisdiction
comparison activities
sector model
32. Ownership that is subject to a condition or trigger event
fee simple conditional
quitclaim deed
public use
tax base
33. Tangilble assets of land and building(s); 'bundle of rights' associated with aforementioned.
lien
property
title
real estate
34. Temporary prohibition of further development in a community or jurisdiction
real property
taxable value
features of real estate that cause market distortion
growth moratorium
35. Metes & bounds - plat lot and block number - and/or gov't rectangular survey
challenges to public land use planning
title insurance commitment
types of deeds
methods acceptable for property description in public records
36. Right of use not created by explicit deed or clause within a deed. Often created when a subdivision map is placed into public record
linkages
specific lien
special assessments
implied easement
37. Legally binding promise stating grantor has good title and right to convey it
reliction
property
marketable title
covenant of seizin
38. Compilation of all documents chronologically summarizing the chain of title for attorney's review
section
title abstract
grantor
torrens certificate
39. All property that is not real property (household goods - personal property - intellectual property - music)
chain of title
legal life estate
personal property
special assessments
40. A parcel that is constrained or diminished by an easement appurtenant
title search
public use
license
servient parcel
41. An interest in real property that serves as security for a loan obligation
tax assessor
grantee
special assessments
lien
42. An uncertain interest held by the previous owner (or heirs) associated with a conditional fee
institutional grade real estate
local economic activities
fixture
reverter
43. Deed containing no covenants - but still is regarded as implying ownership
torrens certificate
dedicated property
assessed value
deed of bargain and sale
44. An assertion of real property interests that is open - continuous - and apparent to all who examine the property
property taxes
methods acceptable for property description in public records
actual notice
local economic activities
45. All of the taxable properties in a jurisdiction
reverter
Reasons for complexity in conveying real estate
statute of frauds
tax base
46. Physical things - such as land - buildings - clothing - automobiles - etc.
judicial deed
cooperative
tangible assets
covenant of quiet enjoyment
47. The source of local and school revenues
personal property
property taxes
condemnation
types of deeds
48. Rights in land and its permanent structure (surface of earth - airspace - and beneath the earth
real property
fee simple conditional
deed of bargain and sale
new urbanism
49. An approach to land use control that considers urban systems through limits to detrimental activities
new urbanism
performance standard
capital markets
improvements on the land
50. A bundle of rights held by owner's of real property
interest
legal life estate
separate properties
deed of bargain and sale