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






2. Seperated uses - automobile oriented - uniform density - and cul-de-sac hierarchy in neighborhoods






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






4. Rights in land and its permanent structure (surface of earth - airspace - and beneath the earth






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






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






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






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






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






10. In eminent domain cases - expansion of public use to beyond that of condemning agency






11. Compilation of all documents chronologically summarizing the chain of title for attorney's review






12. General warranty - special warranty - of bargain and sale - and quitclaim






13. Planning concept similar to new urbanism - also emphasizes 'compact' urban growth






14. A parcel that is constrained or diminished by an easement appurtenant






15. Deed containing no covenants - but still is regarded as implying ownership






16. Official rules & regs. that govern condo. ownership






17. The source of local and school revenues






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






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






20. Goods and services whose optimal location pattern is clustering






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






22. 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






23. 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






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






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






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






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






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






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






30. Legally binding promise stating grantor has good title and right to convey it






31. Contains 43 -560 feet






32. The master deed establishing the condominium corporation






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






34. Land containing no structures or improvements






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






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






37. Type of co-ownership where owner's have rights to property for specific time-intervals






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






39. Person on entity receiving real property






40. Tangilble assets of land and building(s); 'bundle of rights' associated with aforementioned.






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






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






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






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






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






46. 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






47. Properties against which local jurisdictions may not levy property taxes






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






49. Deed that conveys an individual's property rights to another - but has none of the covenants of the warranty deed






50. Unit used to state the number of property tax assessed- equal to number of dollars per thousand a property is assessed at







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