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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. Planning concept similar to new urbanism - also emphasizes 'compact' urban growth
habendum clause
quitclaim deed
concentric ring model
smart growth
2. Rights of surviving partners in joint tenancy to divide the interests of a decedent partner
easement appurtenant
right of survivorship
central place pattern
community property
3. Title to real property that is free of reasonable doubt
condominium declaration
property taxes
marketable title
property rights
4. Building codes - zoning - subdivision regulations - planning & zoning administration - and board of adjustment
license
institutional grade real estate
traditional land use controls
features of real estate that cause market distortion
5. Deed containing all three covenants but covenant against encumbrances is limited to time that the grantor has owner the property
institutional grade real estate
special warranty deed
grantee
smart growth
6. Model of how land users bid for location that reveals the influences on how density of land use is determined
bid-rental model
recording statutes
quitclaim deed
acre
7. Grantor and grantee signature - recital of consideration - words of conveyance - covenants - habendum clause - exceptions and reservations clause - description of land - acknowledgment - and delivery
probate
The term 'real estate' used three ways
requirements of a deed
traditional land use controls
8. An estate in land that gives owner complete legal rights to the property
property taxes
fee simple absolute
central place pattern
condemnation
9. Rights of a lessee in a leased property; rights tenants receive in exchange for payment of rent
leasehold
reliction
assessed value
regulatory taking
10. To place a lien on real property
user markets
economic and environmental impact statements
attach
deed restriction
11. Property taxes levied to finance special improvements that benefit adjacent property owners (eg - residents of subdivision paying $500/ft of frontage for street improvements)
fee simple conditional
special assessments
servient parcel
quitclaim deed
12. Conveyance of a decedent's property without a will
mill
specific lien
intestate
tangible assets
13. A bundle of rights held by owner's of real property
interest
personal property
land
torrens certificate
14. Doctrine stating that you cannot be bound by what you cannot know; if the documents are properly recorded in public record - they are enforceable to all persons - whether or not they are aware of the documents
lien
doctrine of constructive conveyance
two main forms of 'evidence of title'
externalities
15. State law that governs the disposition procedure of the conveyance of real property upon owner decedence
acre
tenancy for years
condominium
probate
16. Collection of evidence indicating a particular person(s) as holder of the 'fee'
title
timesharing
tax-exempt properties
Ways a title can transfer
17. The number of dollars of property tax divided by taxable value of property
reverter
effective tax rates
tax rate
planned unit development (PUD)
18. An approach to land use control that considers urban systems through limits to detrimental activities
easement in gross
law of descent
performance standard
exceptions and reservation clause
19. Covenant of seizin - covenant against encumbrances - and covenant of quiet enjoyment
traditional land use controls
three main covenants
marketable title
fee simple conditional
20. In community property states - property acquired before marriage - or personal gifts - or inheritance received during marriage
affordable housing allocation
habendum clause
two main forms of 'evidence of title'
separate properties
21. Unit used to state the number of property tax assessed- equal to number of dollars per thousand a property is assessed at
deed of bargain and sale
easement appurtenant
mill
testate
22. Area around a community where gov't plans to provide public services and beyonf which community development is prohibited
recital of consideration
regulatory taking
how do deeds differ?
urban service area
23. The permission to use another's land for a specific and limited purpose (like dower except permission is given - not the right)
dedicated property
license
convenience activities
mineral rights
24. Fee charged by a community and paid by the developer to cover costs associated with developments 'impact' on roads - schools - and police & fire protection
economic base
exclusionary zoning
grantor
impact fee
25. A sequence of directed distances that are the property boundaries
metes and bounds
easement in gross
concentric ring model
marketable title
26. 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)
central place pattern
general warranty deed
Ways a title can transfer
intangible assets
27. A parcel that is constrained or diminished by an easement appurtenant
estate
tier line
separate properties
servient parcel
28. As a tangible asset - a bundle of rights - and as an industry & profession
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29. Financial sector of the economy that allocates resources among households & firms
title insurance commitment
challenges to public land use planning
remainder estate
capital markets
30. Requirement that public schools and facilities be available at same time as new development is completed
license
special warranty deed
concurrency
law of descent
31. Deed that conveys an individual's property rights to another - but has none of the covenants of the warranty deed
quitclaim deed
The term 'real estate' used three ways
regulatory taking
intangible assets
32. Same as warranty deed except covenant against encumbrances applies only to time that grantor owned the property
assessed value
personal property
capital markets
special warranty deed
33. 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...)
planned unit development (PUD)
economic and environmental impact statements
testate
recital of consideration
34. The most covenants (general warranty deed)
title insurance commitment
attach
The term 'real estate' used three ways
The highest quality deed is the one with
35. Unaccounted effects that a land use imposes on surrounding parcels
marketable title laws
specific lien
externalities
metes and bounds
36. Real property that was formerly personal property (e.g. - lamp)
property rights
fixture
periodic tenancy
mortgage
37. Model of urban form proposed by Homer Hoyt - characterized by radial corridors - or wedges - that were particularly designated from higher income residential land use.
Model Residential Landlord - Tenant Act
sector model
tenancy for years
license
38. 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
requirements of a deed
ad valoreum taxes
multinuclei city
urban service area
39. Temporary prohibition of further development in a community or jurisdiction
growth moratorium
methods acceptable for property description in public records
tenancy for years
exclusionary zoning
40. Improvements needed to make land liveable (street - drains - ditches - etc.)
dower/curtesy
quitclaim deed
improvements to the land
probate
41. Serves as traditional evidence of title
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42. 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
elective share
right of survivorship
variance
comparison activities
43. Task of examining the evidence of title in the public title search
performance standard
title search
covenant
torrens certificate
44. Planned unit development - performance standards - impact fees - and growth restrictions
affordable housing allocation
tax rate
attach
newer approaches to land use control
45. By the number of covenants
tax rate
torrens certificate
attach
how do deeds differ?
46. Aka 'investment grade' generally commercial and worth at least $10 million
institutional grade real estate
tenancy at will
Ways a title can transfer
oard of adjustment
47. The assessed value minus any applicable exemptions - used to determine property values
servient parcel
agglomeration economies
interest
taxable value
48. Estate interests in real estate giving unlimited duration; titled interests
reliction
traditional planning features
freehold
leasehold
49. A parcel that benefits from a servient parcel in an easement appurtenant
attach
dominant parcel
economic and environmental impact statements
metes and bounds
50. Deed that conveys no covenants and makes no assertions about grantor's interest; used to clear 'clouds' or encumbrances to the title
special assessments
newer approaches to land use control
quitclaim deed
rule of capture