Basics of Real Estate

15 Points Per Correct Answer - No time limit  

1. Ever wonder why land is called 'real estate'? Well, the term 'estate' literally refers to the land and buildings upon the land, but 'real' is derived from the Latin word for what? Earth Exchange Person Thing

2. What term is used to describe a professional estimate/opinion on the value of real estate? Submittal Proposition Registration Appraisal

3. What is the term for the legal document that is most often used to transfer title of real estate from previous to new owner? Schedule Affidavit Deed Tort

4. What is the legal term for a type of real estate wherein portions are held privately while other portions are owned commonly by a community? Apartment Enfilade Suite Condominium

5. From what language comes the all-important real estate term 'mortgage', where it means 'dead pledge'? French Spanish Italian German

6. Which of these terms refers to the right to use the property of another owner for a specified purpose? Easement Cession Abutment Extension

7. For tax purposes, some property owners decrease the value of their property over time (presumably, to account for wear and tear over time) and take the amount as a tax write-off. What is this process called? Capitalization Subsidization Nominalization Amortization

8. What sad event occurs when a property owner defaults on his/her mortgage agreement with a bank or other creditor? Foreclosure Underwriting Surcharge Redoundation

9. Which of these best describes the term 'capital gain' when it comes to real estate? Increase in amount of taxes on property Investment made to improve a property Interest charged to a purchaser of property Profit from the sale of property

10. Urban 'blight' has been a traditional problem in large cities around the world. What is the term for the deliberate improvement of homes or other properties in urban areas to bring up the property values? Gentrification Fenestration Bootstrapping Velarizing