Section 1 - Intro to Real Estate

Question 1

air rights

Answer 1

The rights to use the air above the land.

Question 2

appurtenance

Answer 2

A right, privilege, or improvement belonging to and passing with the principal property. It is not necessarily a part of the property. Example: a right of way through a neighbor’s land.

Question 3

assemblage

Answer 3

The combining of adjoining separate parcels of land into a single tract. Assemblage value (plottage value) refers to the increase in value that results when parcels are combined, thereby creating a site that has greater value than the sum of lots individually considered.

Question 4

attachment

Answer 4

Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgment.

Question 5

bay window

Answer 5

window that sticks out from the outer wall of a house and usually has three sides.

Question 6

bequest

Answer 6

a gift of personal property by will.

Question 7

bundle of rights

Answer 7

Legal rights that go with the ownership of property.

Question 8

buyer’s market

Answer 8

supply high, price is low.

Question 9

commercial property

Answer 9

Property that refers to retail and office properties, and industrial real estate.

Question 10

concrete footers

Answer 10

a base that a foundation sits on.

Question 11

doctrine of prior appropriation

Answer 11

A legal philosophy that allows a first user to continue diverting water.

Question 12

Dower Rights

Answer 12

rights a wife has to her husband’s estate upon his death.

Question 13

emblements

Answer 13

annual crops; farm crops.

Question 14

errors and omissions insurance

Answer 14

The name used to describe a type of malpractice insurance coverage for real estate professionals. The coverage protects against financial losses from lawsuits filed as a result of your work in the real estate profession.

Question 15

Et al

Answer 15

a term meaning “and others”.

Question 16

Et ux

Answer 16

a term meaning “and wife”.

Question 17

fructus industriales (emblements)

Answer 17

Annual plantings that require cultivation. Considered personal property.

Question 18

fructus naturales

Answer 18

Trees, perennial plants, and uncultivated vegetation. Considered real property.

Question 19

furlong

Answer 19

220 yards

Question 20

gentrification

Answer 20

a process of converting a neighborhood from low-income to middle-class; property revitalization.

Question 21

government check

Answer 21

The 24-mile-square parcels composed of 16 townships in the rectangular survey system of legal description.

Question 22

government survey method

Answer 22

A method of land description that utilizes imaginary grid lines.

Question 23

holographic will

Answer 23

a handwritten will; a will written completely in the maker’s handwriting and then signed and dated.

Question 24

indemnity

Answer 24

security or protection against a loss or other financial burden.

Question 25

intestate

Answer 25

to die without a will.

Question 26

littoral right

Answer 26

The lawful claim of a landowner to use and enjoy the water of a lake or sea bordering his land.

Question 27

lot, block, and subdivision method

Answer 27

A method of land description utilizing recorded plats.

Question 28

metes and bounds method

Answer 28

A method of land description utilizing measurements and boundaries.

Question 29

Multiple Listing Service

Answer 29

a marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own.

Question 30

National Association of Realtors

Answer 30

A national trade organization of real estate brokers and salesmen. Members are referred to as Realtors, which is a copyright term.

Question 31

per stripes

Answer 31

method of proportionately dividing an estate between beneficiaries.

Question 32

plat

Answer 32

A map or survey of a subdivision.

Question 33

radon gas

Answer 33

Radioactive material that comes up from the ground and can penetrate basements.

Question 34

real estate

Answer 34

Land, realty, real property.

Question 35

riparian rights

Answer 35

Legal rights possessed by owners of property that borders a river, stream, or other natural watercourse.

Question 36

setback

Answer 36

the legal distance that a building must be from property lines.

Question 37

situs

Answer 37

Location preference of a parcel of land from an economic standpoint.

Question 38

trade fixtures

Answer 38

Personal property affixed to real property that is essential to a business and that is removable by the lessee.

Question 39

trade name

Answer 39

An adopted name under which an individual or firm does business.

Question 40

typical buyer

Answer 40

A buyer that is acting in his or her own best interest, without undue pressure, influence or emotional attachment, and would rationally and readily accept a less expensive substitute if one were available in the marketplace.

Question 41

vertical land descriptions

Answer 41

Used to describe air rights or subsurface rights.

Question 42

Plottage

Answer 42

The increase in value that results from assembling small parcels into one larger one

Question 43

43,560

Answer 43

Number of square feet per acre