Real Estate Vocabulary Exam Questions with Complete Solutions Latest Update 2024

Real Estate Vocabulary Exam Questions with Complete Solutions Latest Update 2024 Appurtenance - Answers Any right or privilege that is considered to run with the land. Bill of sale - Answers Conveys title for personal property. Chattel - Answers Personal property that is movable. Deed - Answers Conveys Title (ownership) for (real property). Improvements - Answers Anything used to better or 'improve' the use of the land. Land - Answers The surface of the earth with the boundaries extending downward to the middle of the earth extended back upward to the highest heavens. Real Estate - Answers Land. Real property - Answers The physical land and everything attached to it, and the rights of ownership (bundle of rights) in the real estate. Also called Realty. Tenements - Answers Ownership interest in anything immobile and is considered part of the real property. Hereditaments - Answers All the corporeal and incorporeal attributes of real estate that can be inherited Highest and best use - Answers The use of the land that will preserve its ultity and yield a net income in the form of rent that forms, when capitalized at the property rate of interest, the highest present value of the land immobility - Answers A physical characteristic of land describing the impossibility of relocating land from one place to another Indestructibility - Answers A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed Nonhomogeneity or heterogeneity - Answers The uniqueness of land. no two parcels of land are exactly the same. REALTOR® - Answers Any real estate licensee who is a member of the National Association of REALTORS® (NAR) and his or her affiliated state/local boards. Only members may use the term REALTOR® as it's a registered trademark of NAR. Personalty - Answers Personal property or chattels. Realty - Answers The physical land and everything attached to it and the rights of ownership bundle of rights in the real estate also called real property Scarcity - Answers A physical characteristic of real property that says there is a limited supply of real estate; the perceived supply of a good or service relative to the demand for the item Situs - Answers A place where something exist; an area with preferred features given it value to property Specific Performance - Answers Legal remedy in which a court order someone who has breached a contract to perform as agreed, rather than paying monetary damages Land use controls - Answers Controls to protect citizenry through: - planning - zoning o - subdivision regulations - building codes - environmental protection legislation Personal property - Answers Tangible items that (usually) are not permanently attached to or part of real estate; any property that is not real property; movable property not fixed to land also call chattel or personalty Air rights - Answers The right to undisturbed use and control of the airspace over a parcel land (within reasonable limits for air travel); may be transferred separately from the land Alienation - Answers The transfer of ownership or an interest in property form one person to another, by any means Appurtenance - Answers The right that goes along with ownership of real property; usually transferred with the property, but may be sold separately Appurtenant Easement - Answers Easement attached a property which allows the owner the use of the neighbor's land- for example, using your neighbor's driveway to get to your garage. "Runs with the land", so the easement passes to the next owner. Bundle of rights - Answers The rights of an owner to possess, control, enjoy, sell, lease, mortgage, Exclude and dispose of the property. (D.E.E.P.C) condemnation - Answers occurs when a government seeks to take property from a private owner, either through eminent domain or some other governmental function. condominium - Answers a privately owned residential unit within a community of other units cooperative - Answers A type of housing where Tenants or members collectively own and share responsibility for an entire building or property Curtesy - Answers A husband's interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate Declaration of Restrictions - Answers A legal obligation imposed by the seller upon the buyer of real estate (also known as CC&R's) Defensible Fee - Answers A fee simple interest in land that can be taken away from the holder by the occurrence or non-occurrence of a specified event (Can be Defeated) Dower - Answers rights that entitle a widow to a certain percentage of her husband's estate when the will has not outlined her share or if she refutes the will Easement - Answers grants another person, entity or business the right to access or use someone else's property Easement in Gross - Answers a right allowing an individual or an entity to use someone else's land/property for a specific purpose Emblements - Answers annual crops grown by a tenant on another's land that are considered the personal property of the tenant Eminent Domain - Answers Power of a government to take private property for public use. encroachment - Answers intrusion on a person's territory, rights, etc. Encumbrances - Answers a claim against an asset by an entity that is not the owner Estate - Answers the interest a person has in land or other property Estovers - Answers The right of a tenant to use natural resources on leased land, such as timber, water, etc. when required as necessities. (necessary supplies) Fee Simple Absolute - Answers an estate in real property, by which the owner has the greatest power over the title, which it is possible to have, being an absolute estate