Real Estate Final Exam Questions with Answers
Graded A+ 2024-2025
Surface Rights
the rights to use the surface of the earth
Subsurface Rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath
the surface of the property.
Air Rights
The right to use the open space above a property, usually allowing the surface to be used for another
purpose.
Riparian Rights
A legal right of a landowner who owns land next to a natural watercourse to reasonable use of whatever
water flows past the property.
Littoral Rights
rights of a landowner adjacent to a lake
Remember "L" - Littoral/Lake
Grantor
must sign the deed and the signature must be acknowledged
,Grantee
The person receiving title to real estate
Granting Clause
words of conveyance that states the grantor's intention to convey the property
Habendum Clause
have, hold
General Warranty Deed
A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate
deed transfers, a general warranty deed offers the greatest protection of any deed.
Special Warranty Deed
covers only the current grantor's time of ownership
Bargain and Sale Deed
Foreclosure sale
Quitclaim Deed
Includes no warranties of any kind
, Voluntary Alienation
The transfer of title by a deed.
Involuntary Alienation
A transfer of title to real property without the owner's consent .
Marketable Title
Good or clear title, reasonably free from the risk of litigation over possible defects.
Insurable Title
Title to land that a title company will insure.
appraisal process
Identify the problem, Data Collection, Analyze Data, Apply 3 Approaches (Sales Comparison, Income
Approach, Cost), Reconciliation
Sales Comparison Approach (Market Data Approach)
One of the three methods in the appraisal process. A means of comparing similar type properties, which
have recently sold, to the subject property. Commonly used in comparing residential properties.
Income Approach
The process of estimating the value of an income-producing property through capitalization of the
annual net income expected to be produced by the property during its remaining useful life.
Graded A+ 2024-2025
Surface Rights
the rights to use the surface of the earth
Subsurface Rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath
the surface of the property.
Air Rights
The right to use the open space above a property, usually allowing the surface to be used for another
purpose.
Riparian Rights
A legal right of a landowner who owns land next to a natural watercourse to reasonable use of whatever
water flows past the property.
Littoral Rights
rights of a landowner adjacent to a lake
Remember "L" - Littoral/Lake
Grantor
must sign the deed and the signature must be acknowledged
,Grantee
The person receiving title to real estate
Granting Clause
words of conveyance that states the grantor's intention to convey the property
Habendum Clause
have, hold
General Warranty Deed
A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate
deed transfers, a general warranty deed offers the greatest protection of any deed.
Special Warranty Deed
covers only the current grantor's time of ownership
Bargain and Sale Deed
Foreclosure sale
Quitclaim Deed
Includes no warranties of any kind
, Voluntary Alienation
The transfer of title by a deed.
Involuntary Alienation
A transfer of title to real property without the owner's consent .
Marketable Title
Good or clear title, reasonably free from the risk of litigation over possible defects.
Insurable Title
Title to land that a title company will insure.
appraisal process
Identify the problem, Data Collection, Analyze Data, Apply 3 Approaches (Sales Comparison, Income
Approach, Cost), Reconciliation
Sales Comparison Approach (Market Data Approach)
One of the three methods in the appraisal process. A means of comparing similar type properties, which
have recently sold, to the subject property. Commonly used in comparing residential properties.
Income Approach
The process of estimating the value of an income-producing property through capitalization of the
annual net income expected to be produced by the property during its remaining useful life.
