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100 Cards in this Set
- Front
- Back
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An oral contract in which the parties state the contract's terms and express their intentions in words is known as: |
C) an express contract |
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In a lease, the lessor's interest is known as the: |
A) leased fee interest |
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A claim or interest revealed by a title search is called a: |
A) cloud on title |
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The system established in 1785 by the U.S. government, which describes land with principal meridians and base lines, is called: |
C) rectangular survey system |
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The type of lien which takes priority over all other liens, and has the first claim against a property is called: |
A) a tax lien |
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The permanent right to use another's land for the benefit of a neighboring parcel is known as: |
B) An appurtenant easement |
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The law that requires real estate contracts to be in writing to be enforceable is the |
A) statute of frauds. |
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The ownership of property by one person only is known as: |
A) severalty |
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The process of changing a property's status from rental to condominium is known as: |
A) conversion |
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A lien placed on the property without the consent of the owner is known as a(n): |
A) involuntary lien |
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A condensed history of a title to a particular piece of real estate, including a summary of the original grant, and all subsequent conveyances and encumbrances affecting the property, is known as the: |
A) abstract of title |
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A situation in which the grantor warrants that the property is free from liens and encumbrances is: |
D) covenant against encumbrances |
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In this situation, the grantor promises to obtain and deliver any instrument needed to make the title good is the: |
D) covenant of further assurance |
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The return of the rights of the possession and quiet enjoyment to the lessor at the expiration of a lease is known as: |
B) reversionary right |
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The possession of land by one who claims to own at least an estate for life is known as: |
A) seisin |
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The joint ownership that is recognized in some states, of property acquired by husband and wife during marriage, is known as: |
C) tenancy by the entirety |
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One of the two types of encumbrances, under which restrictions and easements fall, is known as: |
A) usage encumbrances |
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An encumbrance that affects the title, usually related to money, is known as: |
A) a lien |
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The legal procedure in which property is pledged as security is sold to satisfy the debt is known as: |
A) foreclosure |
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The parts of the property that are necessary or convenient to the existence, maintenance and safety of a condominium and are normally in common use by all of the condo residents are known as: |
B) common elements |
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The grantor guarantees that the grantee's title is good against anyone who challenges the grantee's ownership is called: |
C) covenant of quiet enjoyment |
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A naturally occurring gas that is suspected of causing lung cancer is known as: |
C) radon |
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A contract in which all the parties have fulfilled all their promises and performed the contract is known as: |
B) an executed contract |
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The loss of value in any property, regardless of the specific cause, in an appraisal, is known as: |
D) depreciation |
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The clause in a mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults on the loan is the: |
B) acceleration clause |
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The appraisal principle that follows the interrelationship of the supply of and demand for real estate is called: |
D) supply and demand |
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The seller under a land contract is also known as: |
C) the vendor |
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The effort that brings about the desired result in a real estate sale is known as: |
A) procuring cause |
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An estimate based on an analysis of comparable sales and other pertinent market data is known as: |
B) market value |
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If one creditor is substituted for another, with the substituted person succeeding to the legal rights of the original creditor, this is known as: |
C) subrogation |
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The type of easement that is necessary for another person to enter his own land by going through another's property is known as: |
B) an easement by necessity |
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A person who dies without leaving a will is known as having died: |
B) intestate |
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A court order that authorizes and directs the proper officer of the court to sell the property of a defendant as required by the judgment or decree of the court is known as: |
B) a writ of execution |
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A listing contract under which the broker's commission is contingent upon his producing a ready, willing, and able buyer before the property is sold by the seller or another broker is known as: |
D) an open listing |
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The buyer or purchaser under a land contract is also known as the: |
A) vendee |
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A person who is authorized to represent another is the: |
A) agent |
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The illegal practice of inducing homeowners to sell their properties by making representations about the prospective entry of persons of a certain race/national origin into the neighborhood is also called: |
B) blockbusting |
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The type of lien that is secured by specific property and only affects that property is known as: |
D) a specific lien |
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A lease that goes from month to month is known as: |
C) an estate from period to period |
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The type of description uses the boundaries and measurements of the land in question is known as what type of system? |
A) metes-and-bounds |
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The illegal activity that occurs when competing brokers get together to set commission rates is called: |
A) price-fixing |
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An estimate of the value of something, usually a property, is known as: |
A) an appraisal |
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A person who has complete control over a parcel of real estate is said to own a: |
B) fee simple estate. |
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A lien placed against a specific property by workers or suppliers who have not been paid for labor or materials used in construction or improvements to the property is known as: |
D) a mechanic's lien |
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A new offer made in response to an offer received is a(n): |
D) counteroffer |
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The clauses in a deed that limit the future uses of a property are known as: |
D) deed restrictions |
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A deed that contains no warranties, but in which the grantor does give up his own rights or claims, is known as: |
A) a quitclaim deed |
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If a person lives in an apartment, and owns stock in the corporation possessing the proprietary lease, this is known as a: |
B) cooperative |
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A type of junior mortgage in which the existing mortgage amount, plus any additional purchase funds, is loaned to a buyer by the seller is known as: |
D) wraparound mortgage |
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A lease that goes from month to month is known as: |
C) an estate from period to period |
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The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached, is known as: |
B) Real estate |
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The absolute ownership of a unit in a multi-unit building, based on a legal description of the airspace the unit actually occupies, is a: |
A) condominium |
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A claim or liability attached to a property is called: |
B) an encumbrance |
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The process in which boundaries are measured and land areas determined is called: |
C) a survey |
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An action taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided is known as: |
A) a writ of attachment |
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The failure to perform provisions of a contract without a legal excuse is known as a(n): |
D) breach of contract |
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A type of value estimate approach, in which value equals the estimated land value plus reproduction costs of any improvements, after the depreciation costs have been subtracted, is called the: |
B) cost approach |
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The type of lease that allows for the rent to be increased or decreased periodically based on changes in the government cost-of-living index is known as a: |
C) index lease |
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The remnant of an estate that the grantor holds after he's granted a life estate to another person, if the estate will return to the grantor, is called: |
C) reversion |
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This type of lien is created by law. It is known as: |
A) a statutory lien |
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The type of survey system that is based on sets of intersecting lines, which are principal meridians and base lines, is known as: |
B) government survey |
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A portion of a township under the rectangular survey system, which is a square with mile-long sides, is called a: |
C) section |
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The rights of a landowner to use waters of an adjacent stream or river are known as: |
A) riparian rights |
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This document that defines the relationship between the real estate firm and the seller is the: |
A) listing agreement |
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The illegal act of a real estate broker who places his client's or customer's funds with his own funds is known as: |
C) commingling |
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A recorded legal document that gives constructive notice that an action affecting a certain property has been filed in court is called: |
D) lis pendens |
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A mortgage clause which states that, should the borrower sell the property, the entire balance of her mortgage would be due immediately, is known as: |
A) the due-on-sale clause |
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The type of plan for a loan calls for payments of interest only, with the principal to be paid in full at the end of the loan term is called a(n): |
A) straight loan |
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A refusal to make reasonable accommodations in rules, policies, practices, or services when such accommodations may be necessary to afford such person equal opportunity to use and enjoy a dwelling is one definition of: |
D) discrimination |
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A term used to refer to any document that transfers title to real property is known as: |
A) conveyance |
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When the amortized payment of a mortgage remains constant over the period of the loan but leaves an outstanding balance to be paid at the end, this payment is called: |
C) A balloon payment |
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The easement that is not created for the benefit of the land owned by the owner of the easement, but that attaches personally to the easement owner is known as an: |
A) easement in gross |
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The type of lease that allows for the step-up of rent payments and is used to attract tenants to difficult-to-rent properties is called a: |
B) graduated lease |
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A person who has made and left a valid will is known as being: |
A) testate |
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A situation in which the tenant's lease has expired and the tenant is no longer paying rent, but is living on the property is known as: |
D) estate at sufferance |
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A payment by a tenant, held by a landlord during the lease term, is called: |
B) security deposit |
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The type of depreciation caused by outside factors, which are external to the property, is known as: |
B) external obsolescence |
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The appraisal principle that states that the value of any component of a property is what it gives to the value of the whole or what its absence detracts from the whole is called: |
D) contribution |
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Movable objects, which are not considered real estate, are known as: |
B) Personal property |
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The sealing off of disintegrating asbestos is one method of asbestos control. This is known as: |
B) encapsulation |
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The benefit, interest or value that induces a promise, and the glue that binds a contract, is known as: |
B) consideration |
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A one-sided contract is known as a: |
A) unilateral contract |
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The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, as when an owner conveys a life estate to one party and the remainder to another, is called: |
B) the remainder estate |
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The environmental hazard found mostly in electrical equipment is known as: |
D) PCBs |
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The rights of a landowner to use waters of an adjacent lake or ocean are known as: |
C) littoral rights |
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A point, line, or surface from which elevations are measured is known as the: |
B) datum |
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This appraisal approach estimates the value of the present worth of the future rights to the income the property generates by converting the net income of the property into a value. This is known as: |
D) income approach |
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The term for something that grants the right to use another's land for a specific purpose, and is considered an incorporeal interest in land is: |
B) an easement |
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The originally scheduled number of years for a loan is also called the: |
C) term |
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In an appurtenant easement, the party that benefits is known as the: |
D) dominant tenement |
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If a landlord breaches a lease by allowing the property to fall into severe disrepair, which causes her tenant to leave the property because it is uninhabitable, this is known as: |
D) constructive eviction |
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A written document that provides for the transfer of title of property owned by the deceased is a(n): |
D) will |
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An exercise of police power by a municipality to regulate and control the character and use of the property is called a(n): |
A) zoning ordinance |
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This illegal activity is a conspiracy to boycott a firm and drive it out of business. This is known as: |
D) group boycotts |
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The situation in which a grantor promises that if at any time in the future the title fails, he will be liable, is known as: |
B) covenant of warranty forever |
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With this type of contract, two or more parties are bound to act as described in the contract.This is called a: |
B) bilateral contract |
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A mineral that was once used as insulation, and is now considered harmful if disturbed or exposed, is: |
B) asbestos |
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The type of mortgage that shifts the risk or reward of changing interest rates from the lender to the borrower is called: |
A) an adjustable-rate mortgage |
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The type of loan that allows, at the end of the term, that the entire debt is paid off, is known as a: |
C) fully amortized loan |
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Addition to the land through natural causes, usually by a change in water flow. |
C) accretion |
