Real Estate Concepts Quiz

A legal claim filed by contractors, laborers, or material suppliers for work or materials on a building project.

A legal property description starting from a marked point and following boundaries, distances, and directions, back to the start.

The percentage of a property's value financed by the mortgage.

The likely sale price of a property in an open market between motivated buyers and sellers.

A clear property title, free from potential legal disputes.

A loan for property, secured by the property itself.

Describing a property by its lot and block numbers from a recorded subdivision.

One-tenth of one percent, used in property tax calculations.

A property owner's action seeking compensation when public use reduces the property's value, without eminent domain proceedings.

Transferring property without the owner's consent, like eminent domain or adverse possession.

A claim on property without the owner's approval.

Real estate ownership by multiple people named in title, with a right of survivorship.

A court's official decision in a lawsuit, often creating a lien on property.

A hidden property flaw not apparent during normal inspection.

Contract allowing tenant to use property for a period, for rent.

Tenant's right to occupy property during a lease term.

Detailed description of a property allowing independent identification.

State-granted permission to operate as a real estate broker or agent.

Earth's surface, including features like trees and water.

The proportion of a loan amount relative to property value.

A charge on the property of a mortgagor, securing the debt.

An organization where brokers share listing agreements to find buyers faster.

A lease where tenants pay rent plus property expenses.

A listing where commission depends on finding a buyer.

An intermediary in a transaction without representing either party.

A promise in exchange, intending to be binding if accepted.

Agreement to keep an offer open for a specific time.

A fee charged to a borrower who pays off their loan early.

Regular minor repairs to prevent larger problems and costs later.

The market where loans are first created and originated.

The original amount of money borrowed.

An imaginary line running north-south used by surveyors to divide land.

The order in which liens are filed, determining which gets paid first.

Insurance that protects lenders against losses in foreclosure.

The legal process of determining inheritance and distributing a deceased person's assets.

Someone who manages a property on behalf of the owner for compensation.

Dividing expenses, like prepaid or arrears, between buyer and seller at the closing.

Federal law protecting tenants from eviction after a foreclosure.

A life estate that is measured by the life of someone other than the person owning it.

A mortgage given by the buyer to the seller as part of the purchase price.

A deed that transfers ownership without any warranties or guarantees.

A buyer who is prepared to buy on the seller's terms and is ready to close the deal.

Land, including everything on it and under it, extending down to the center of the earth and up to infinity.

A fund that helps wronged parties who received uncollectible judgments against real estate licensees for fraud.

Federal law requiring certain disclosures about mortgage loan settlements and prohibits kickbacks.

A method to estimate property value by comparing it to similar properties that recently sold.

Clauses within a property deed restricting how the land can be used.

A loan where homeowners receive regular payments based on their home's equity, instead of a lump sum.

The interest someone has in a property after granting a life estate.

A tenant's right to purchase a property before it's offered to anyone else.

The legal right in joint tenancy where the remaining owner(s) automatically inherit the property upon a co-owners death.

Rights associated with property bordering a river, stream, or lake.

Evaluating potential risks and liabilities associated with real estate and taking steps to mitigate or control them.

A market where existing mortgages are bought and sold between lenders, not the original borrowers.

A portion of land within a township, typically one square mile (640 acres).

An environmental law that regulates the cleanup of hazardous waste sites.

A real estate appraisal principle that states the price of property is influenced by the balance of buyers (demand) and available properties (supply).

A legal claim on property due to unpaid taxes.

A court-ordered sale of property to recover delinquent taxes.

Joint ownership of property by a married couple, where the surviving spouse inherits full ownership.

Joint ownership where each owner has an individual share of the property, with the right to partition.

Describing a person who has created and left a valid will.

A person who has created and left a valid will.

Insurance that protects the owner or mortgagee from losses due to title defects.

An investigation of public records to determine the current ownership status of a property.

Federal law allowing purchasers of contaminated properties to avoid liability for past pollution they didn't cause, making these sites more attractive for redevelopment.

A representative authorized to perform a single specific action for a client, like signing a specific contract.

A tax levied on specific properties to fund local improvements like streets or sewers, benefiting those properties directly.

Areas identified by FEMA as having a high risk of flooding, used to determine flood insurance requirements and costs.

A deed where the seller guarantees title only against defects arising during their ownership, not before their tenure.

A lien affecting only a particular property or parcel of land, not other assets of the owner.

A lien imposed by law, like a tax lien, regardless of a specific agreement.

Illegal practice of directing homebuyers to certain neighborhoods based on race or ethnicity, creating segregated communities.

A loan where only interest is paid during the loan term, and the principal amount is paid as a lump sum at the end.

A situation where one broker, the agent, appoints another broker, the subagent, to help perform client-related tasks, sharing the responsibilities.

An arrangement where someone (the trustee) holds and manages property for another (the beneficiary).

The process of evaluating a mortgage loan to determine its risk for lenders.

A contract that looks valid but can't be legally enforced, due to a missing legal element or a defect.

A legally binding agreement meeting all necessary elements.

A contract with missing essential elements, lacking legal effect from the beginning.

Local laws that control how property can be used and developed within a municipality.

Government-backed mortgages for qualified veterans, offering easier terms and lower interest rates.