Real Estate Terminology Quiz

Megalopolis

The bundle of rights

Riparian rights

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>The rectangular survey system (A)</p> Signup and view all the answers

<p>640</p> Signup and view all the answers

<p>Fee simple absolute</p> Signup and view all the answers

<p>Possession, use, and ownership</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Joint tenancy and community property with right of survivorship (D)</p> Signup and view all the answers

<p>Syndicate</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>General plan</p> Signup and view all the answers

<p>Variance</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Ownership of common areas</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Dominant tenement</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Condemnation</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>A principal</p> Signup and view all the answers

<p>Fiduciary</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>The agent who brings a ready, willing, and able buyer to a seller</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Exclusive agency listing</p> Signup and view all the answers

<p>Bilateral express contract</p> Signup and view all the answers

<p>Net listing</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>Buyer's agent</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Multiple listing (B)</p> Signup and view all the answers

<p>Special agent</p> Signup and view all the answers

<p>Dual agency</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Encroachment (B)</p> Signup and view all the answers

<p>Inform the seller that it's illegal (A)</p> Signup and view all the answers

<p>When the state enforces eminent domain (B)</p> Signup and view all the answers

<p>General agent (B)</p> Signup and view all the answers

<p>A definite termination date (A)</p> Signup and view all the answers

<p>Electric company's easement (B)</p> Signup and view all the answers

<p>Forfeiture of the land (C)</p> Signup and view all the answers

<p>Bilateral express contract (D)</p> Signup and view all the answers

<p>Exclusive agency listing (C)</p> Signup and view all the answers

<p>Procuring cause (D)</p> Signup and view all the answers

<p>Restricting property use based on income level (C)</p> Signup and view all the answers

<p>Duty of loyalty (C)</p> Signup and view all the answers

<p>Dual agency (B)</p> Signup and view all the answers

<p>Leasehold estate (B)</p> Signup and view all the answers

<p>Illegal deed restriction (C)</p> Signup and view all the answers

<p>Cloud on title (D)</p> Signup and view all the answers

<p>Right of survivorship is included (B)</p> Signup and view all the answers

<p>Full ownership for life (A)</p> Signup and view all the answers

<p>Physical difficulty in developing property (A)</p> Signup and view all the answers

<p>Receives benefits from the easement (B)</p> Signup and view all the answers

<p>It must be non-discriminatory (A)</p> Signup and view all the answers

<p>Remainder interest (C)</p> Signup and view all the answers

<p>Mortgage lien (D)</p> Signup and view all the answers

<p>Through an easement by necessity (A)</p> Signup and view all the answers

<p>It becomes part of the real estate permanently. (A)</p> Signup and view all the answers

<p>Easement in gross by grant (D)</p> Signup and view all the answers

<p>Owner A may not subdivide his land. (A)</p> Signup and view all the answers

<p>B and C are joint tenants, while D is a tenant in common. (C)</p> Signup and view all the answers

<p>Two or more parcels (D)</p> Signup and view all the answers

A continuous urban corridor joining at least two cities.

The term real property is also known as.

The rights of a landowner to a river bordering their property.

A fixture in a real estate transfer is normally assumed to be included in the transfer.

A tenant may take jewelry cases if removal doesn't cause substantial damage.

A legal description of property must meet specific criteria.

The lot and block system is also known as the rectangular survey system.

A section of land contains 640 acres.

The type of ownership providing the most complete bundle of rights.

The interests of a holder of a life estate are possession, use, and ownership.

The requirement for multiple owners to take title at the same time is characteristic of joint tenancy.

The most similar types of inheriting property.

A group of people joining together to invest in real estate.

Landowner is entitled to compensation for zoning changes when denied all practical economic use.

A statement of goals for community growth.

A landowner seeking relief for physical difficulty in developing property should seek a variance.

The Subdivided Lands Law takes effect at the fifth lot.

The primary difference between a common interest subdivision and a standard subdivision is ownership of common areas.

The state has special control for development in all of the above.

All liens are encumbrances. All encumbrances are limitations.

A mechanic's lien creates a cloud on title.

The land benefiting from an easement is the dominant tenement.

A deed restriction prohibiting the sale of property to certain ethnic groups is illegal and unenforceable.

A private deed restriction placing a restraint on alienation is all of the above.

The process by which eminent domain occurs is called condemnation.

An easement is an encumbrance always.

An agent represents a principal.

What is another term for an agent entrusted to act on someone's behalf?

The seller of a one-family house is required to disclose to buyers the structural and mechanical condition of the property.

A continuous urban corridor joining at least two cities.

A legal description of property used to identify a specific piece of land.

A right that allows a landowner to use a portion of someone else's property.

The process by which the government takes private property for public use.

A group of investors who pool money to buy and manage real estate.

A type of ownership where the owner has the most complete bundle of rights.

Legal rights to use a river or stream bordering your property.

A type of zoning change that allows an exception to the standard rules.

The study of population characteristics, such as size, growth, distribution, and composition.

A type of ownership where the seller can reclaim the property if the buyer breaches a specific condition, such as manufacturing alcohol.

The right to inherit a property after the life estate ends.

A situation where multiple individuals own property together, each holding a separate, undivided interest.

The person who holds legal title to property on behalf of the beneficiary.

A specific type of lien that is placed on property as security for a debt, most commonly a mortgage.

A type of easement that is granted when a landlocked property needs access to a public road or utility.

The legal right to use another person's property for a specific purpose, but it doesn't transfer along with the land.

The legal right to use another person's property for a specific purpose, and it benefits a specific piece of land.

The person who owns the property that is subject to the easement.

A legal document that creates an easement.

The legal termination of an easement.

A contractual relationship where one party (the agent) acts on behalf of another party (the principal).

An encroachment is an unauthorized intrusion of a building or structure onto another's property. It can involve fences, driveways, or other structures that extend beyond the property line.

Air rights are the rights to use the space above a property, typically sold or leased to allow the construction of additional structures or other development. It allows a property owner to monetize the unused airspace.

A general agent is an agent authorized to handle a range of tasks, including managing a property or performing specific business functions, often requiring broad authority.

An exclusive listing agreement is considered legally valid when it contains a definite termination date, ensuring that the agreement does not remain in force indefinitely, protecting both the seller and the broker.

An implied agency is formed through the actions, conduct, and interactions of the parties involved, without explicit agreement, but based on their behavior suggesting an agency relationship.