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






2. Serves as traditional evidence of title


3. Category of types of urban services/products users seek to obtain as close by as possible






4. To place a lien on real property






5. The legal procedure used to exercise eminent domain






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






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






8. Changing notion of 'best practice' - limited actual experience to rely on (< 30 yrs) - insufficient theory and info - & inability to foresee the future well






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






10. Title abstract with attorney's opinion & title insurance commitment


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






12. Ownership that is subject to a condition or trigger event






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






14. A lien/special contract by which the borrower conveys to lender a security interest in the mortgaged property






15. Ration between employees in a certain job category in a community and that same number on a national level. (If the quotient is greater than 1 - it indicates the activity is a base economic activity)






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






17. Objects that are moveable and not permanently affixed to the land (furniture - etc.)






18. Conveyance of real property upon death of a property owner in accordance with a will






19. Provision of all states requiring all deeds - long-term leases - and mortgages to be in writing to be enforceable






20. 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






21. A requirement that encourages or mandates a 'reasonable and fair' component of new housing construction for lower income families






22. Deed containing all three covenants but covenant against encumbrances is limited to time that the grantor has owner the property






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






24. (commercial easement) the right to use land for a specific - limited purpose unrelated to any adjacent parcel






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






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






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






28. 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






29. Rights associated with ownership of land and all permanent attachments to the land






30. Automatic lien placed by local governments to assure payment of property taxes






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






32. Activities in a city that serve the local businesses and households






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






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






35. Improvements needed to make land liveable (street - drains - ditches - etc.)






36. Land containing no structures or improvements






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






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






39. A rarely used means of providing evidence of title






40. The rate equal to the dollars of tax you pay per $1000. in property value






41. Limitations imposed on the use of land and structures by clauses in a deed






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






43. A continuing easement from owner to owner






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






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






46. A deed issued by the trustee in a court-supervised disposition of property


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






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






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






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