What is home inspection

A home inspection is a detailed assessment of a property's condition, usually conducted before a sale.

A home inspection is a quick visual check of a property

A home inspection is a detailed assessment of a property's value

A home inspection is a process of redecorating a property

Define Real Estate Development

Real Estate Development involves enhancing properties to increase their value and functionality.

Real Estate Development has no impact on property value.

Real Estate Development is only about buying and selling properties.

Real Estate Development focuses solely on interior design.

What is an Pretoleum Landman

A Petroleum Landman is a professional who researches and negotiates land agreements for oil and gas companies.

A Petroleum Landman is a professional who studies marine life in the Arctic.

A Petroleum Landman is a type of musical instrument used in traditional folk music.

A Petroleum Landman is a term for a skilled mountain climber.

What are the benefits of Homeownership

Benefits of homeownership include stability, equity building, tax advantages, and customization.

What are the characteristics of land

Immobility, Indestructibility, Non-homogeneity

Flexibility, Permanence, Consistency

Scarcity, Durability, Uniformity

Mobility, Destructibility, Homogeneity

Define Indestructibility

Indestructibility in real estate means that land and buildings are considered permanent assets that do not depreciate in value over time.

Indestructibility refers to the ability to destroy real estate assets easily.

Indestructibility means that real estate properties are temporary and lose value rapidly.

Indestructibility in real estate implies that buildings and land are not considered assets.

Immobility in real estate refers to the fact that properties cannot be easily moved from one location to another.

Immobility in real estate is the ability to relocate properties without any restrictions.

Immobility in real estate means that properties can be easily transported to different areas.

Immobility in real estate refers to the ease of moving properties from one location to another.

Define Non-Homogeneity in Real Estate

Variability of properties in real estate

Stability of properties in real estate

Uniformity of properties in real estate

Consistency of properties in real estate

Define scarcity when it comes to Real Estate

Limited supply of land and properties in a specific location

Abundance of land and properties in a specific location

Equal distribution of land and properties in a specific location

Unlimited supply of land and properties in a specific location

Define modifications when it comes to Real Estate

Renovations, additions, or upgrades made to a property.

Demolition of existing structures

Define Fixity when it comes to Real Estate

Fixity in real estate refers to the state of being fixed or permanent, such as land and buildings.

Fixity in real estate refers to the state of being intangible, such as intellectual property.

Fixity in real estate refers to the state of being movable, such as furniture and appliances.

Fixity in real estate refers to the state of being temporary, such as tents and trailers.

What is Situs when it comes to Real Estate

Physical location of a property

Legal document for property ownership

Define Supply and Demand when it comes to Real Estate

Supply refers to the number of properties available for sale or rent, while demand represents the number of buyers or renters looking for properties.

Supply is the number of buyers looking for properties, while demand is the number of properties available for sale or rent.

Supply refers to the quality of properties available, while demand represents the price buyers are willing to pay.

Supply and demand in real estate have no specific definitions.

The Demand in Real Estate is affected by:

Interest rates, economic conditions, population growth, location, and government policies

Weather conditions, time of day, and personal preferences

Stock market trends, fashion trends, and social media influence

Currency exchange rates, global warming, and sports events

A body of law developed in England and based upon "common sense" and local custom

Common law is solely based on written statutes

Common law is a set of rules established by a governing body

Common law is a type of law that is only applicable in criminal cases

Statuary Law is a formal written law enacted by a legislature or governing body.

Statuary Law is an unwritten law based on custom and judicial decisions.

Statuary Law is a law that only applies to specific individuals or groups.

Statuary Law is a law that can be easily changed by individuals.

What is the Texas Real Estate License Act

An Act passed in 1939 to protect the public against unscrupulous brokers and sales agents in a real estate transaction

The Texas Real Estate License Act is a voluntary guideline for real estate agents

The Texas Real Estate License Act is only applicable to commercial real estate

The Texas Real Estate License Act is a federal law

Which of the following is true about the Texas Real Estate Commission

The Texas Real Estate Commission regulates real estate brokers and sales agents in Texas. and was created in 1949

The Texas Real Estate Commission is responsible for regulating healthcare facilities in Texas, and was created in 1958

The Texas Real Estate Commission only oversees rental properties in Texas.

The Texas Real Estate Commission has no authority over real estate transactions in Texas.

Define Land when it comes to Real Estate

Land in real estate refers to the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, such as trees, buildings, and minerals.

Land refers to the water bodies within a property

Land only includes the surface area of the earth

Land excludes any structures built on it

What are bundle of rights when it comes to Real Estate

Set of legal rights that come with owning a property

Real estate encompasses land, buildings, and natural resources that have value and can be owned or leased.

Real estate includes only natural resources

Real estate refers only to buildings

Define Real Property when it comes to Real Estate

Land and anything permanently attached to it

What are Emblements when it comes to Real Estate

Crops that require annual cultivation and are considered personal property

Crops that do not require annual cultivation and are considered real property

Crops that are considered fixtures and are included in the sale of real estate

Crops that are considered part of the land and cannot be removed by the tenant

What are the Subsurface Rights in Real Estate

Subsurface rights in real estate are the ownership and rights to resources found beneath the surface of a property.

Subsurface rights involve the ownership of the property's exterior features

Subsurface rights pertain to the rights of neighboring properties

Subsurface rights refer to the rights to the sky above a property

What are fixtures in real estate

Personal property attached to the property and included in the sale

Landscaping services provided by the real estate agent

The legal documents associated with the property

The financial history of the property

What are the air rights in real estate

Air rights in real estate are the legal rights to the space above a property.

Air rights are the rights to the water sources surrounding a property

Air rights are the rights to control the temperature inside a property

Air rights refer to the rights to the ground below a property

What are the surface rights in real estate

Surface rights in real estate are the legal rights a property owner has to use and develop the surface of the land, excluding any rights to the minerals or resources beneath the surface.

Surface rights are the rights to the minerals or resources beneath the surface

Surface rights include the right to build underground structures

Surface rights refer to the rights to the airspace above the land

What is severance when it comes to real estate

Dividing a property into separate parcels

The process of selling a property

A legal document outlining property boundaries

What are the wind rights in Real Estate

Wind rights in real estate refer to the legal rights of a property owner to use the wind that passes over their land.

Wind rights in real estate refer to the legal rights of a property owner to use the minerals that pass under their land.

Wind rights in real estate refer to the legal rights of a property owner to use the sunlight that passes over their land.

Wind rights in real estate refer to the legal rights of a property owner to use the water that passes over their land.

What are all the examples of personal property in Real Estate

Furniture, appliances, electronics, vehicles

What is an Allodial System

A system of land where land can be privately owned

A system of land ownership where individuals have shared ownership of land

A system of land ownership where individuals have ownership of land with restrictions

A system of land ownership where individuals have temporary ownership of land

Define Police Power (Real Estate)

Police power in real estate refers to the government's authority to regulate land use for the health, safety, and general welfare of the public.

Police power in real estate is related to the power of law enforcement agencies to control property ownership

Police power in real estate is the ability of real estate agents to enforce property laws

Police power in real estate refers to the authority of property owners to regulate land use

Define Eminent Domain (Real Estate)

The power of the government to take private property for public use with compensation to the owner.

The power of the government to take property without any legal process

The power of the government to take public property for private use

The power of the government to take private property without compensation

Define Taxation (Real Estate)

Taxation in real estate refers to the process of imposing taxes on properties such as land, buildings, and other structures.

Taxation in real estate refers to the process of renting out properties

Taxation in real estate refers to the process of selling properties

Taxation in real estate refers to the process of constructing properties

Define Escheat (Real Estate)

Escheat in real estate is when ownership of a property reverts to the state due to the lack of a will or heirs.

Escheat is a term used to describe property inheritance in real estate

Escheat is a legal document used in real estate transactions

Escheat is a type of mortgage in real estate

Define Buffer Zone (Real Estate)

A buffer zone in real estate is a designated area of land that separates two different land uses to minimize potential conflicts.

A buffer zone is a legal document outlining property boundaries

A buffer zone is a type of investment fund in real estate

A buffer zone refers to the area where real estate agents operate

Define a Freehold Estate

An estate in land that is of indefinite duration and free from any conditions or restrictions on its use.

An estate that can be inherited by multiple heirs

An estate that is only valid for a limited time period

An estate that is subject to government regulations

Define a Leasehold Estate

A leasehold estate is a type of property ownership where a person has the right to use and occupy land or a building for a specific period of time, typically through a lease agreement with the owner.

A leasehold estate is a type of property ownership where a person has no rights to use the property

A leasehold estate is a type of property ownership where a person can sell the property at any time

A leasehold estate is a type of property ownership where a person owns the land or building outright

Define a Periodic Estate

A Periodic Estate is a type of real estate ownership where the property is owned by multiple individuals, each having the right to use the property for a specified period each year.

A Periodic Estate is a type of real estate ownership where the property is owned by a single individual.

A Periodic Estate is a type of real estate ownership where the property can be used by anyone without restrictions.

A Periodic Estate is a type of real estate ownership where the property is owned by a corporation.

What is an Estate at will

An Estate at will is a type of tenancy where the tenant occupies the property with the permission of the landlord for an unspecified period of time. The tenancy can be terminated by either party at any time.

An Estate at will is a type of tenancy where the tenant owns the property

An Estate at will is a type of tenancy with a fixed end date

An Estate at will is a type of tenancy that requires a long-term lease agreement

What does it mean when a Tenancy is at sufferance

Occupancy without the landlord's consent after the lease has expired

A legal term for property ownership

Occupancy with the landlord's consent after the lease has expired

A lease is a contract outlining the terms under which one party agrees to rent property owned by another party.

A lease is a document outlining the terms of a mortgage agreement.

A lease is a type of insurance policy for property damage.

A lease is a legal document for transferring ownership of real estate.

Define an Appurtenance (Real Estate)

An appurtenance in real estate is any right or privilege that belongs to and passes with a property.

An appurtenance is a type of fruit tree found on the property

An appurtenance refers to the color of the property's exterior

An appurtenance is a type of mortgage associated with the property

Define An Easement (Real Estate)

A legal right to use another person's land for a specific purpose.

A legal right to use another person's boat for a specific purpose.

A legal right to use another person's car for a specific purpose.

A legal right to use another person's bicycle for a specific purpose.

Real Estate

Quiz

•

English

•

Professional Development

•

Practice Problem

•

Easy

Francisco Almazan

Used 3+ times

FREE Resource

170 questions

Show all answers

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Define a brokerage

providing a professional opinion of the value of a real property

overseeing the needs of the parties to a real estate transaction and seeing to its completion

licensed individuals who provide the informed decisions of the value of real property

the business of providing money to individuals for the conditional transfer of real estate

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Define an appraisal

the business of providing money to individuals for the conditional transfer of real estate

overseeing the needs of the parties to a real estate transaction and seeing to its completion

providing a professional opinion of the value of a real property

licensed individuals who provide the informed decisions of the value of real property

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Define an appraiser

licensed individuals who provide the informed decisions of the value of real property

the business of providing money to individuals for the conditional transfer of real estate

providing a professional opinion of the value of a real property

overseeing the needs of the parties to a real estate transaction and seeing to its completion

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is mortgage lending

overseeing the needs of the parties to a real estate transaction and seeing to its completion

providing a professional opinion of the value of a real property

licensed individuals who provide the informed decisions of the value of real property

the business of providing money to individuals for the conditional transfer of real estate

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is Property Management

Property management is the act of designing architectural structures.

Property management involves managing personal finances.

Property management is the process of selling real estate properties.

Property management is the operation, control, maintenance, and oversight of real estate and physical property.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Property Managers are responsible for:

Managing properties, overseeing maintenance and repairs, collecting rent, setting rental rates, finding tenants, handling evictions, and ensuring compliance with local laws and regulations.

Managing pets, organizing events, cooking meals

Selling real estate, designing websites, teaching yoga

Performing surgery, flying airplanes, writing novels

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is an apartment locator

An apartment locator is a new social media platform for apartment sharing

An apartment locator is a service that helps individuals find apartments based on their specific criteria.

An apartment locator is a type of bird that nests in urban areas

An apartment locator is a device that helps individuals find lost keys

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