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. 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






2. 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






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. Public official who determines taxable property value (aka County Property Appraiser)






6. A security interest or lien that arises out of actions unrelated to ownership of the property






7. A sequence of directed distances that are the property boundaries






8. No deed conveys rights that ___ does not have






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






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






11. Conveyance of a decedent's property without a will






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






13. A rarely used means of providing evidence of title






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






15. Collection of evidence indicating a particular person(s) as holder of the 'fee'






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






17. Legally binding promise






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






19. 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)






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






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






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






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






24. A specifically surveyed and identified square-mile within the framework of a survey system






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






29. Aka 'investment grade' generally commercial and worth at least $10 million






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






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






32. Unambiguous means to provide a description of property that describes each parcel in a surveyed map of a subdivision; most common form of legal description for urban residential property






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






34. Deed ordered through a court-ordered proceeding






35. A feature of a gov't survey separating townships by East and West






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






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






38. Model of how land users bid for location that reveals the influences on how density of land use is determined






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






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






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






42. Contains 43 -560 feet






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






44. Financial sector of the economy that allocates resources among households & firms






45. (Percentage of market) value used to determine an owner's property tax liability






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






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






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






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






50. 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)