Real Estate Vocabulary Exam Questions with Complete Solutions Latest Update 2024
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Real Estate Vocabulary
Institution
Real Estate Vocabulary
Real Estate Vocabulary Exam Questions with Complete Solutions Latest Update 2024
Appurtenance - Answers Any right or privilege that is considered to run with the land.
Bill of sale - Answers Conveys title for personal property.
Chattel - Answers Personal property that is movable.
Deed - Answers...
Real Estate Vocabulary Exam Questions with Complete Solutions Latest Update 2024
Appurtenance - Answers Any right or privilege that is considered to run with the land.
Bill of sale - Answers Conveys title for personal property.
Chattel - Answers Personal property that is movable.
Deed - Answers Conveys Title (ownership) for (real property).
Improvements - Answers Anything used to better or 'improve' the use of the land.
Land - Answers The surface of the earth with the boundaries extending downward to the middle of the
earth extended back upward to the highest heavens.
Real Estate - Answers Land.
Real property - Answers The physical land and everything attached to it, and the rights of ownership
(bundle of rights) in the real estate. Also called Realty.
Tenements - Answers Ownership interest in anything immobile and is considered part of the real
property.
Hereditaments - Answers All the corporeal and incorporeal attributes of real estate that can be inherited
Highest and best use - Answers The use of the land that will preserve its ultity and yield a net income in
the form of rent that forms, when capitalized at the property rate of interest, the highest present value
of the land
immobility - Answers A physical characteristic of land describing the impossibility of relocating land from
one place to another
Indestructibility - Answers A physical characteristic of land meaning that land is a permanent commodity
and cannot be destroyed
Nonhomogeneity or heterogeneity - Answers The uniqueness of land. no two parcels of land are exactly
the same.
REALTOR® - Answers Any real estate licensee who is a member of the National Association of
REALTORS® (NAR) and his or her affiliated state/local boards. Only members may use the term
REALTOR® as it's a registered trademark of NAR.
Personalty - Answers Personal property or chattels.
Realty - Answers The physical land and everything attached to it and the rights of ownership bundle of
rights in the real estate also called real property
, Scarcity - Answers A physical characteristic of real property that says there is a limited supply of real
estate; the perceived supply of a good or service relative to the demand for the item
Situs - Answers A place where something exist; an area with preferred features given it value to property
Specific Performance - Answers Legal remedy in which a court order someone who has breached a
contract to perform as agreed, rather than paying monetary damages
Land use controls - Answers Controls to protect citizenry through:
- planning
- zoning o
- subdivision regulations
- building codes
- environmental protection legislation
Personal property - Answers Tangible items that (usually) are not permanently attached to or part of
real estate; any property that is not real property; movable property not fixed to land also call chattel or
personalty
Air rights - Answers The right to undisturbed use and control of the airspace over a parcel land (within
reasonable limits for air travel); may be transferred separately from the land
Alienation - Answers The transfer of ownership or an interest in property form one person to another,
by any means
Appurtenance - Answers The right that goes along with ownership of real property; usually transferred
with the property, but may be sold separately
Appurtenant Easement - Answers Easement attached a property which allows the owner the use of the
neighbor's land- for example, using your neighbor's driveway to get to your garage. "Runs with the
land", so the easement passes to the next owner.
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