#1
Which of the following is NOT a type of property right?
Right to renovate
ExplanationNot a recognized property right
#2
What does 'caveat emptor' mean in real estate?
Let the buyer beware
ExplanationBuyer's responsibility to inspect before purchase
#3
What does 'chain of title' refer to in real estate?
The history of the ownership transfers of a property
ExplanationRecord of property ownership transfers
#4
What is 'condominium' in real estate?
A type of property ownership where individuals own their units and share ownership of common areas
ExplanationIndividual ownership with shared common areas
#5
What is 'landlord' in real estate terminology?
The party owning a property and renting it out
ExplanationProperty owner who rents out
#6
What does 'fee simple' refer to in property law?
A type of property ownership
ExplanationAbsolute ownership without conditions
#7
What is 'eminent domain'?
The government's power to take private property for public use
ExplanationGovernment's right to acquire private property
#8
Which of the following is a fixture in real estate?
A piece of personal property attached to real property in such a way that it becomes part of the real property
ExplanationPersonal property attached to real estate, becoming part of it
#9
What is 'quiet enjoyment' in real estate law?
The right of a tenant to use and enjoy a property without interference from the landlord
ExplanationTenant's right to undisturbed use and enjoyment
#10
What is 'encumbrance' in real estate?
A restriction on the use of real property, such as a lien or easement
ExplanationLimitation on property use
#11
What is 'market value' of a property?
The price a willing buyer would pay to a willing seller in an open market
ExplanationFair price in an open market
#12
What is 'adverse possession'?
A legal process by which someone can acquire ownership of another's property through continuous use
ExplanationAcquiring ownership through continuous use without the owner's permission
#13
What is 'escrow' in real estate?
A financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction
ExplanationThird-party holding and regulating transaction funds
#14
What is 'title insurance'?
Insurance against defects in the title of a property
ExplanationProtection against title defects
#15
What is 'easement' in real estate?
A right to use someone else's land for a specific purpose
ExplanationPermission to use another's property for a specific purpose
#16
What is 'zoning' in real estate?
The process of dividing land into zones or areas with specific regulations for land use
ExplanationRegulation of land use
#17
What is 'depreciation' in real estate?
A decrease in the value of a property over time
ExplanationDecline in property value over time