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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. A specifically surveyed and identified square-mile within the framework of a survey system
section
improvements to the land
range line
Model Residential Landlord - Tenant Act
2. Real property is a complex bundle of rights - rights to land are enduring - land is a continuous surface (boundaries not obvious or natural)
periodic tenancy
public use
Reasons for complexity in conveying real estate
fixture
3. A security interest or lien that arises out of actions unrelated to ownership of the property
how do deeds differ?
general lien
mineral rights
mortgage
4. Requirement that public schools and facilities be available at same time as new development is completed
improvements on the land
concurrency
externalities
title insurance commitment
5. Conveyance of real property upon death of a property owner in accordance with a will
two main forms of 'evidence of title'
testate
property
improvements to the land
6. The automatic right of spouse in 1/2 property acquired by their spouse during marriage ('fruits of marriage')
oard of adjustment
community property
impact fee
intestate
7. 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)
economic and environmental impact statements
tenancy for years
Ways a title can transfer
institutional grade real estate
8. Planned unit development - performance standards - impact fees - and growth restrictions
convenience activities
newer approaches to land use control
millage rate
fixture
9. Unit within gov't surveying system containing 6 x 6 square miles ( 36 one-mile sections)
covenant of seizin
market failures in real estate due to market distortion
township
statute of frauds
10. Public official who determines taxable property value (aka County Property Appraiser)
title abstract with attorney's opinion
tax assessor
quitclaim deed
assessment lien
11. Growth of an industry within a locality that creates unique resources & cost advantages for that industry (e.g. - a large university)
industry economies of scale
title abstract with attorney's opinion
condominium declaration
assessment lien
12. Limitations imposed on the use of land and structures by clauses in a deed
grantee
deed restriction
probate
improvements on the land
13. Property taxes based on the market value of the property
urban service area
right of survivorship
mill
ad valoreum taxes
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
intangible assets
real estate
oard of adjustment
special warranty deed
15. Parcel containing no structure improvements (ON the land) but MAY include improvements TO the land
assessed value
dedicated property
land
sector model
16. Same as deed restrictions
deed restriction
torrens certificate
implied easement
restrictive covenants
17. Personal property that becomes real property via permanent attachment to the realty
reverter
tax-exempt properties
growth moratorium
fixture
18. In a deed - this clause states deed restrictions - clauses withholding mineral rights - and/or creation of an easement
performance standard
exceptions and reservation clause
fixture
two types of property
19. Conveyance of a decedent's property without a will
condemnation
features of real estate that cause market distortion
intestate
fee simple absolute
20. When a landlord allows tenancy without written agreement
Ways a title can transfer
township
institutional grade real estate
tenancy at will
21. Automatic lien placed by local governments to assure payment of property taxes
improvements to the land
property tax lien
actual notice
special warranty deed
22. Title to real property that is free of reasonable doubt
marketable title
grantor
urban service area
Ways a title can transfer
23. Line of geographic reference that runs North and South in a gov't survey
restrictive covenants
trustee's dead
principal meridian
industry economies of scale
24. Statutes stating that a contract recorded in public records is considered known
public purpose
exceptions and reservation clause
taxable value
recording statutes
25. Combines fee simple ownership for unit and tenancy in common for common areas; type of ownership - not a structure
types of deeds
homestead exemption
condominium
user markets
26. A requirement that encourages or mandates a 'reasonable and fair' component of new housing construction for lower income families
two main forms of 'evidence of title'
capital markets
grantor
affordable housing allocation
27. In eminent domain - requirement of actual physical use by condemning agency to justify
public use
economic and environmental impact statements
reverter
oard of adjustment
28. A receding water line that leaves dry land to be added to an adjacent landowner's property
reliction
fixture
principal meridian
doctrine of constructive conveyance
29. A lien/special contract by which the borrower conveys to lender a security interest in the mortgaged property
how do deeds differ?
title abstract
mortgage
multinuclei city
30. Collection of evidence indicating a particular person(s) as holder of the 'fee'
public use
servient parcel
title
easement
31. Action initiated by property owner against gov't to recover loss in property value attributed to gov't activity
reverter
linkages
real property
inverse condemnation
32. State law that governs the disposition procedure of the conveyance of real property upon owner decedence
oard of adjustment
section
probate
condominium declaration
33. The rate equal to the dollars of tax you pay per $1000. in property value
how do deeds differ?
fee simple absolute
millage rate
acre
34. Grantor and grantee signature - recital of consideration - words of conveyance - covenants - habendum clause - exceptions and reservations clause - description of land - acknowledgment - and delivery
attach
newer approaches to land use control
comprehensive plan
requirements of a deed
35. Model of urban form proposed by Homer Hoyt - characterized by radial corridors - or wedges - that were particularly designated from higher income residential land use.
statute of frauds
sector model
trustee's dead
property
36. Statements made from studies of the effect that a new development will have on the economy and/or the environment of the region
mineral rights
economic and environmental impact statements
public purpose
township
37. 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
mineral rights
public use
homestead exemption
fee simple absolute
38. The number of dollars of property tax divided by taxable value of property
tax rate
statute of frauds
right of survivorship
special warranty deed
39. Land used inconsistent with current zoning - but allowed due to predating use
tenancy by the entireties
fee simple conditional
tier line
nonconforming use
40. No deed conveys rights that ___ does not have
fixture
grantor
doctrine of constructive conveyance
easement appurtenant
41. User markets - capital markets - and government sector
smart growth
Real estate values are determined by three sector interactions
condominium bylaws
homestead exemption
42. Lien assessed by local gov't to ensure that those receiving benefits of improvements will pay their 'fair share'
convenience activities
assessment lien
title search
timesharing
43. A commitment to issue a title insurance policy whereby grantee is indemnified in the event issues arise with title
how do deeds differ?
title insurance commitment
specific lien
plat lot and block number
44. Estate interests in real estate giving unlimited duration; titled interests
tax-exempt properties
elective share
fee simple conditional
freehold
45. Physical things - such as land - buildings - clothing - automobiles - etc.
joint tenancy
tangible assets
dower/curtesy
real property
46. Planning movement that integrates multiple land use typesand restores space for community life
plat lot and block number
new urbanism
remainder estate
freehold
47. An approach to land use control that considers urban systems through limits to detrimental activities
public purpose
assessment lien
performance standard
ad valoreum taxes
48. A common law provision that grants spouse 1/3rd life estate in all real property of husband - acquired in the fruits of marriage
cooperative
dower/curtesy
covenant of seizin
specific lien
49. Ownership interest subsequent to a life estate- which becomes fee simple absolute upon death of the life estate owner
community property
assessment lien
remainder estate
words of conveyance
50. Activities in a city that serve the local businesses and households
mineral rights
local economic activities
The highest quality deed is the one with
how do deeds differ?