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. Combines fee simple ownership for unit and tenancy in common for common areas; type of ownership - not a structure






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






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






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






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






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






7. The source of local and school revenues






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






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






10. Provision in some states allowing the owner/ occupants of full-time residences to apply for a certain monetary deduction from their assessed value in order to decrease property taxes






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






12. Land containing no structures or improvements






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






14. 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)






15. A continuing easement from owner to owner






16. A rarely used means of providing evidence of title






17. Model of urban form proposed by Homer Hoyt - characterized by radial corridors - or wedges - that were particularly designated from higher income residential land use.






18. Conveyance of private property from owner to gov't for public use (usually in the course of some development)






19. An estate in land that gives owner complete legal rights to the property






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






21. 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






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






23. 'normal ownership' except that multiple owner's share identically in one bundle rights






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






25. Special type of deed that conveys title to real property owned by government to a private party






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






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






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






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






30. Legally binding promise






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






32. No deed conveys rights that ___ does not have






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






34. Joint tenancy ownership by husband and wife






35. Person or entity conveying real property






36. Land used inconsistent with current zoning - but allowed due to predating use






37. 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






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






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






40. Tangible and intangible






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






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






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






44. Rights to the subsurface (oil - gas - etc.) that can be seperated from land ownership






45. Form of individual ownership of apartments. Property is owned by a corp. - of which each resident is a shareholder entitled to a lease term






46. Fee charged by a community and paid by the developer to cover costs associated with developments 'impact' on roads - schools - and police & fire protection






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






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






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






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