Real Estate Ownership, Land Use Controls, and Financing Practice Test

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• Which term describes the common wall between two properties?
• Unit of land measurement equal to 43,560 square feet is called?
• Which term describes the limited availability of housing relative to demand?
• The methods of describing real property that include metes and bounds, lot and block, rectangular survey, and street address are collectively known as which?
• Which system uses ranges, townships, and sections to describe land?
• Which lien results from owner or municipality-initiated improvements?
• Which term describes acquiring ownership of real property through continuous, open, and adverse possession for a statutory period?
• Required for new construction or renovations
• Which term describes marital property ownership rights, including arrangements such as tenancy by the entireties and community property?
• Which act regulates hazards involved with municipal and industrial waste?
• Which disclosure was banned in 1978 and requires disclosure?
• Value of a home is helped by other homes in the area is described by which principle?
• Which term describes the future interests such as remainder and reversion?
• Which term describes a permission to use property that does not transfer with title and is revocable?
• Regulations for construction standards
• Street addresses are part of which type of land description?
• Once-moveable items attached to real property are called what?
• Which concept typically results in title transfer after someone has openly possessed land for a statutory period?
• Area that separates one use from another
• Which item describes restrictions on land use that do not involve monetary claims?
• Which ownership form requires unity of title, time, possession, and interest and includes the right of survivorship?
• Remainder and Reversion are categories of which broader concept?
• Which lien arises from nonpayment of claims by those who worked on a property?
• Which ownership grants ownership for the duration of the life of the life tenant?
• Which regulation governs responses and responsibilities for oil contamination?
• Which system establishes reference points for accurate surveys?
• Which term refers to the regulation of land use through rules that promote the public welfare?
• Nontransferable right to dwell in another's house is called?
• Which lien is tied to assessments for improvements that benefit the community?
• Crops owned by a tenant that may be harvested after the lease ends are called what?
• The immobility, permanence, and uniqueness of land describe which concept?
• Additions to property from natural causes are called what?
• Which term is used for commercial properties to estimate value?
• Which term refers to the value of an item or feature to a property?
• Which term describes the general concept of a nonowner's right to use property for a specific purpose?
• Which lien is limited to a specific item controlled by the debtor?
• Which lien arises from unpaid claims by workers who performed work on the property?
• In a market with high demand and relatively few properties, which market condition is prevailing?
• Which act emphasizes permanent remedies for hazardous waste sites?
• Which term describes a zoning action intended to benefit a nearby property by changing zoning for a small area?
• Which form is the standard appraisal report used in residential real estate?
• Overlap of property use by another
• Which lien is associated with unpaid local property taxes owed to a municipality?
• Which appraisal concept states that a buyer will not pay more for a property than the cost of a comparable substitute?
• What lien results from a court order to pay a creditor?
• Which term describes transfer of title based on demonstrated use?
• A transaction under typical conditions in the marketplace is called what?
• A monetary encumbrance on property is called what?
• Which term is used when buyers have a large selection of properties?
• Which term refers to the market condition where supply slightly exceeds demand?
• Which term means need or desire for a specific good or service?
• Price property sold for in actual transaction is called?
• Which term describes a market condition where buyers have many options and sellers compete for buyers?
• Which term is described as similar to a life estate but lasting for a period shorter than life?
• Which ownership type involves fee simple ownership of interval occupancy?
• Which form is described as absolute ownership of real property with no conditions?
• Which lien results from property financing?
• Taking of property for public or private use is called?
• Who is the owner of the life estate?
• Which term describes the process of blending multiple appraisals into a final value opinion?
• Which form of ownership involves multiple owners with overlapping interests?
• Which term describes the combination of two or more parcels of land into a single property?
• Which term describes added value is less than the cost of the item?
• Which term is used to describe estimating value for residential properties using a rent multiplier?
• Which ownership type is defined as fee simple title to a unit with an undivided interest in the common areas?
• Which term describes physically touchable, material property?
• Which term refers to a shared boundary structure that may grant an easement?
• Analyzing values from different appraisal approaches is called what?
• In a market where there are more buyers than available properties, which market condition exists?
• Which material was used until the late 1970s and must be disclosed?
• Which term refers to encumbrances, liens, easements, and encroachments collectively?
• Air rights and subsurface rights are described under which type of land description?
• Which term refers to municipal regulations governing zoning?
• What term describes a feature that enhances and adds value to real estate?
• Which easement type is associated with the concept of benefiting a dominant tenement and includes a neighboring property?
• Which ownership type features occupants who are shareholders and hold a proprietary lease?
• Which lien is created when a property is financed with a mortgage?
• Unattached and movable items are classified as which property?
• Removable personal property used by a business tenant is called what?
• Restrictions on use or transfer of real property are known as what?
• Which term is used to describe the rights of a landowner to use the shore area of a lake or sea?
• Which term describes rights to use water that flows by land along streams?
• Which term best describes intangible property?
• Wear and tear on property is called?
• Which term means value is increased when nearby homes improve?
• Which regulation regulates underground storage tanks?
• Individual is sole owner of property
• State's authority to provide for general welfare is exercised through which power?
• Which concept is illustrated when a buyer compares a property to its closest substitute and weighs that substitute's price?
• Undivided fractional interest in property
• Transfer of property to the state when the owner dies intestate is called.
• Which term describes the condition where a building is less desirable due to its design?
• Which doctrine states that owners have equal rights to use water passing by property?
• What certification is typically issued after construction to authorize occupancy?
• Regulations controlling land use are called?
• Which is a colorless, odorless gas that can cause lung cancer?
• Which term means things that 'belong' to something else and transfer with it?
• Which term refers to Earth's surface itself?
• The widow's property rights are known as what?
• Which term describes physical, material property as opposed to intangible assets?
• Which material requires abatement, encapsulation, or removal when present?
• Two or more with rights to possess the whole property
• Which lien arises from a court order to pay a certain amount to a creditor?
• Which term refers to acquiring a right to use land by claiming the previous owner's period of adverse use?
• Which term describes rights to use frontage to ocean or large lake?
• Which term describes physical and legal restrictions on property use?
• Which term describes the rights to use a flowing watercourse?
• Which term would a real estate professional use to estimate value by comparing similar sold properties?
• Which term describes an easement acquired by claiming the previous owner's period of adverse use?
• Government power to raise revenue is called?
• Vertical Land Descriptions establish rights to which features?
• In which form does the surviving co-owners automatically acquire a deceased owner's share?
• Which doctrine governs water rights for landowners along a river?
• What zoning concept allows continuation of a preexisting use after a zoning change?
• Which term refers to items permanently attached to land that become part of the real property?
• Scarcity, improvements, permanence of investment, and area preference are examples of which set of land characteristics?
• Escheat occurs when property reverts to the state upon the owner's death without a will.
• Which term describes ownership of land and buildings as a bundle of rights?
• Which term describes land and any structures permanently attached to it as a legal unit?
• Which term best describes encumbrances, liens, easements, and encroachments?
• Mutual agreement, necessity, long-time use
• Which lien results from unpaid taxes at the municipal level?
• Which concept involves combining successive periods of possession to satisfy a statutory requirement?
• A court-ordered lien is called what?
• Area preference is a component of which land characteristic?
• Which term describes the value attributed to a property feature?
• Which term means converting property's income into estimated value?
• Which term describes determining market value by comparing to other homes?
• What is the date a lien is recorded in public records called?
• Which term is used for residential properties to estimate value?
• Spot Zoning is the rezoning of a small area within different zoning requirements.
• Which term refers to a use allowed with a permit that is not the primary zoning category?
• Which type of easement has no neighboring dominant tenement?
• Which term describes something outside property that makes it less desirable?
• Which lien affects all of a debtor's property?
• Which term best describes the process of joining multiple parcels into a single tract?
• Which lien is created by court order?
• What is the standard form used for reporting a residential appraisal?
• What fundamental economic concept explains why prices rise when demand exceeds supply?
• Which hazard infects humid wall spaces?
• Which concept allows a person to gain title by prolonged, open use of land, despite the owner's prior rights?
• Which term describes the nonowner's right to use property for a specific purpose?
• The form in which the remaining tenant's interest increases upon the death of another co-owner is called what?
• Which ownership is a defeasible fee that can be terminated on the occurrence of a specified condition?
• Bank accounts, stocks, and securities are examples of which asset type?
• The distance a building must be from the property line is called
• Which economic concept explains price movements when demand outpaces supply?
• Ownership by two or more parties
• Which lien results from unpaid federal taxes?
• Which term describes the decline in value due to wear and tear?
• Property rights of widows are known as?
• Which concept is similar to a life estate but lasts for a shorter period?
• Municipal regulations governing zoning
• Which zoning tool allows a deviation from standard zoning requirements to grant relief in specific cases?
• Who is the owner of the life estate?
• Which zoning tool allows a specific use with a permit?
• Which lien is created automatically by statute and can affect multiple properties?
• Actual dirt or soil on the ground is called?
• Clear, Marketable, Equitable, Legal
• Which term serves as public notice of a pending lawsuit affecting property and title?
• Which term best describes deed restrictions, CC&R, and association rules?
• Personal, revocable right to use property
• In real estate economics, the limited availability of properties relative to demand is known as what?
• Which act establishes regulations for hazardous waste sites?
• What document is required for residents to move into a new building?
• Increase in value by successful assemblage is called?
• Removable personal property installed by a tenant for business purposes is called what?
• Which term describes similar properties that have sold in an area?
• In a market where buyers outnumber available homes, what market condition is present?
• Which term describes a feature that enhances and adds value to real estate?
• Encumbrances, liens, easements, encroachments are categorized as which term?
• Which ownership is commonly used for vacation properties with a fixed period of occupancy?
• Which ownership is a qualified fee with conditions?
• Which term includes bank accounts, stocks, and securities?
• Which method estimates the cost of constructing a building by applying a cost per square foot to the building's size?
• Which term describes the relationship where the price reflects both the supply of properties and the demand from buyers?
• Which method uses a recorded map with lot numbers and block numbers?
• Deed restrictions, CC&Rs, and association rules are examples of which term?
• For UST sites as an amendment, which fund is used?
• Which term describes a transaction that occurs under typical market conditions?
• Which lien is created automatically by statute?
• Which term describes the priority of liens, where certain liens are superior to others?
• Which term describes slightly more homes available than buyers in the market?
• The principle that the value of a property is affected by the availability of substitutable properties is called what?
• Which term refers to the increase in value when parcels are combined to form a larger parcel?
• Which form represents absolute and complete ownership of real property?
• Which form allows owners to have exclusive use of their own unit while sharing common areas?
• Value of home is held down by other homes in the area describes which concept?
• One-mile squares within a township define which unit?
• Continuing prior use after zoning change
• Encumbrance affecting marketability of title
• Ownership and legal evidence of ownership
• Which form of ownership means property is owned by a single person with exclusive rights?
• Six miles by six-mile squares define which land unit?
• Which approach is used to estimate building cost based on square footage?