Real Est. Test #1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | An estimate of value; Skill, experience, and judgment of the appraiser is important.
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| DEFINITION OF REAL ESTATE | show 🗑
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| show | Occupation, field of study, assets
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| EXAMPLES OF REAL ESTATE AS AN OCCUPATION | show 🗑
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| show | Residential, commercial, agricultural
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| show | Facilitators of buying, selling, and leasing real estate; licensee who, for compensation, sells/buys/negotiates/leases/rents any real estate or improvements for others
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| DUTY OF AN APPRAISER | show 🗑
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| show | Apartments, farms, industrial, shopping centers
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| STATUTE OF FRAUDS | show 🗑
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| TITLE INSURANCE | show 🗑
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| PERSONAL PROPERTY | show 🗑
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| IMMOBILITY | show 🗑
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| SITUS: | show 🗑
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| DURABILITY | show 🗑
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| HETEROGENEOUS | show 🗑
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| SCARCITY | show 🗑
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| show | Improvements
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| FIDUCIARY RESPONSIBILITY | show 🗑
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| BROKERS AS BUSINESS PEOPLE | show 🗑
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| show | Misleading advertising, failure to account for principal's $, co-mingling funds, failure to maintain separate accounts, accepting undisclosed commission, acting as agent AND undisclosed principle
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| 5 ELEMENTS OF A CONTRACT | show 🗑
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| "SEIZIN" | show 🗑
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| show | Any claim, lien, or charge against a property that would reduce it's value.
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| "QUIET ENJOYMENT" | show 🗑
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| "FURTHER ASSURANCE" | show 🗑
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| "WARRANTY FOREVER" | show 🗑
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| show |
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| show | Known as "squatter's rights"; a set of legal rules under which property can be acquired or lost by possessing another's land for a set period of time, in accordance with state law.
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| PRESCRIPTIVE RIGHTS | show 🗑
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| EMINENT DOMAIN | show 🗑
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| MECHANIC'S LIEN/CONTRACTOR'S LIEN | show 🗑
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| LEASEHOLD | show 🗑
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| FREEHOLD | show 🗑
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| show | A freehold estate which the owner can transfer upon death and in a property executed will; Inheritance
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| show | Most complete ownership/most typical
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| FEE SIMPLE DETERMINABLE | show 🗑
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| show | Transferred unless triggering event occurs; i.e. alcohol sold on property
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| show | LLC (most typical), C Corporations, partnership, general partnership: full liability, limited partnership: limited liability
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| show | State lender holds title
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| show | State lender holds the lien; Nebraska is a lien theory state
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| show | 1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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