#1
Which of the following best describes real property?
Property that includes land and anything permanently attached to it
ExplanationReal property encompasses land and permanent attachments.
#2
What is a deed in real estate?
A legal document transferring ownership of real property
ExplanationA deed is a legal document for transferring real property ownership.
#3
What is 'zoning' in real estate?
The regulation of land use by local government
ExplanationZoning is the local government's regulation of land use.
#4
What is 'title search' in real estate?
A process to determine the history of ownership of a property
ExplanationTitle search is the process of tracing a property's ownership history.
#5
What is 'escrow' in real estate?
A neutral third party holding funds or documents until a transaction is complete
ExplanationEscrow is a neutral party holding funds or documents until a transaction concludes.
#6
What is 'fixture' in real estate?
An attachment to real property that becomes part of the property
ExplanationFixture is an attachment to real property becoming part of it.
#7
What is 'condominium'?
A type of property ownership where individuals own units and share common areas
ExplanationCondominium is a property ownership type with individual unit ownership and shared common areas.
#8
What is 'adverse possession'?
The legal process of acquiring title to real property through continuous use without permission
ExplanationAdverse possession involves acquiring property title through continuous unauthorized use.
#9
What does 'chain of title' refer to in real estate?
The succession of property owners over time
ExplanationChain of title is the history of property ownership over time.
#10
What is 'fee simple' ownership?
Ownership of real property with no limitations or conditions
ExplanationFee simple ownership involves unrestricted ownership of real property.
#11
What is the main purpose of title insurance?
To provide protection against loss due to defects in the title to real property
ExplanationTitle insurance safeguards against losses from title defects in real property.
#12
What does 'easement' mean in real estate?
A legal right to use another's land for a specific purpose
ExplanationEasement is the legal right to use another's land for a specific purpose.
#13
What is 'eminent domain'?
The legal process of acquiring private property for public use
ExplanationEminent domain is the legal acquisition of private property for public use.
#14
What is 'encroachment' in real estate?
The unauthorized intrusion of a structure or improvement onto another's property
ExplanationEncroachment is the unauthorized intrusion onto another's property.
#15
What is a 'cloud on title'?
A legal claim or encumbrance that may affect the title to real property
ExplanationA cloud on title is a claim affecting real property title.
#16
What is the difference between joint tenancy and tenancy in common?
Joint tenancy involves equal shares and the right of survivorship, while tenancy in common does not.
ExplanationJoint tenancy has equal shares and survivorship, unlike tenancy in common.