Real Estate Concepts and Terminology

The process of acquiring land for public use from an unwilling owner with compensation paid is called:

• adverse possession

• confiscation

• condemnation

• eminent domain

The distance that zoning regulations require between the lot line and the building line is called:

• front footage

• the easement

• the buffer zone

• the setback

The trespass of an improvement on another’s land is known as a(an):

• easement

• encroachment

• lien

• license

What type of listing provides fiduciary duties to the seller while protecting the broker’s best interests?

• Exclusive right to sell

• Exclusive agency

• Net

• Open

A person who is authorized to represent the interest of another is called a(an):

• principal

• client

• agent

• customer

In the sale of new homes in a subdivision, the on-site RE licensee typically represents all of the following EXCEPT:

• builder

• buyer

• seller

• seller’s broker

The provisions of the Real Estate Settlement Procedures Act apply to all of the following property types EXCEPT:

• vacant single-family residence

• condominium unit

• duplex

• owner-occupied 5-plex

In a co-op:

• each owner has a deed

• all owners are on one deed

• each owner holds stock

• the owners are tenants in common

A policy of title insurance in favor of the mortgagee insures the:

• lender

• owner and lender

• seller and lender

• owner

Which is most likely to reveal all of the owners in a property’s history?

• Certificate of title

• Abstract of title

• Title report

• Affidavit of title