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. Statements made from studies of the effect that a new development will have on the economy and/or the environment of the region






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






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






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






5. Rights of a lessee in a leased property; rights tenants receive in exchange for payment of rent






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






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






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






9. (lien) that derives directly from events related to a property (tax lien - mortgage - etc.)






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






11. An assertion of real property interests that is open - continuous - and apparent to all who examine the property






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


13. Deed ordered through a court-ordered proceeding






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






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






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






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






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






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






20. Prohibited type of zoning that tends to exclude lower-income groups






21. 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






22. 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






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






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






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






26. Same as deed restrictions






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






28. Model created by EW Burgees in which the center circle is the central business district - and a series of other rings represent other designated areas






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






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






31. A development project - often involving a mixture of land uses not permitted by normal zoning - that IS allowed b/c the development is viewed as an integrated whole






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






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






34. In a deed - a minimal statement that seeks to establish that the promises made by the parties are supported by consideration (e.g. - Now - therefore - in consideration of...)






35. Growth of an industry within a locality that creates unique resources & cost advantages for that industry (e.g. - a large university)






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






37. All of the taxable properties in a jurisdiction






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






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






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






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






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






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






44. 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






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






46. Lien that arises from construction and other improvements to the land


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






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






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






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)