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Quiz about Basics of Real Estate
Quiz about Basics of Real Estate

Basics of Real Estate Trivia Quiz


This quiz may be considered as something along the lines of 'real estate for dummies', as it just goes over some basics. Good luck!

A multiple-choice quiz by thejazzkickazz. Estimated time: 4 mins.
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Time
4 mins
Type
Multiple Choice
Quiz #
262,277
Updated
Dec 03 21
# Qns
10
Difficulty
Average
Avg Score
8 / 10
Plays
2755
Awards
Top 5% quiz!
Last 3 plays: granpa46 (7/10), Wordpie (10/10), grisham (8/10).
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Question 1 of 10
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? Hint


Question 2 of 10
2. What term is used to describe a professional estimate/opinion on the value of real estate? Hint


Question 3 of 10
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? Hint


Question 4 of 10
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? Hint


Question 5 of 10
5. From what language comes the all-important real estate term 'mortgage', where it means 'dead pledge'? Hint


Question 6 of 10
6. Which of these terms refers to the right to use the property of another owner for a specified purpose? Hint


Question 7 of 10
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? Hint


Question 8 of 10
8. What sad event occurs when a property owner defaults on his/her mortgage agreement with a bank or other creditor? Hint


Question 9 of 10
9. Which of these best describes the term 'capital gain' when it comes to real estate? Hint


Question 10 of 10
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? Hint



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Most Recent Scores
Mar 23 2024 : granpa46: 7/10
Mar 15 2024 : Wordpie: 10/10
Mar 11 2024 : grisham: 8/10
Mar 09 2024 : Guest 47: 9/10
Mar 07 2024 : PurpleComet: 7/10
Feb 24 2024 : burnsbaron: 9/10
Feb 12 2024 : a_d_p: 10/10
Feb 12 2024 : andymuenz: 8/10
Feb 10 2024 : leith90: 7/10

Score Distribution

quiz
Quiz Answer Key and Fun Facts
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?

Answer: Thing

Real is from the Latin 'res', which translates as 'thing' or 'matter'. This is also the derivation of 'realty', short for 'real property', a word referring to land and anything built on it. This is opposed to 'personalty', or 'personal property', referring to anything else people own that is not affixed to the land (e.g. furniture).
2. What term is used to describe a professional estimate/opinion on the value of real estate?

Answer: Appraisal

Regulated by congress in the United States, typically appraisals are performed for property sellers who wish to learn the market value of their property.
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?

Answer: Deed

In its broadest definition, a deed is a legal document used to grant legal rights. Hence, a college diploma may also be thought of as a deed.
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?

Answer: Condominium

Typically in a condominium, each individual owner has a number of private rooms, while the general property is collectively owned. The word condominium comes from the Latin terms 'con', which means 'together with' and 'dominium', derived from the Latin for 'lord/master'.
5. From what language comes the all-important real estate term 'mortgage', where it means 'dead pledge'?

Answer: French

For all intents and purposes, a mortgage is a fancy term for a loan. A creditor, typically a bank, purchases property for a debtor and holds the title until completion of payment on that debt. Typically, great deal of interest is accrued on a mortgage. Fortunately, there is a tax write-off on the payment of this interest in the U.S. and other countries.
6. Which of these terms refers to the right to use the property of another owner for a specified purpose?

Answer: Easement

Some easements include:

Aviation easement - The right of airlines to use airspace above the property of others.

Utility easements - The rights of utility companies to run telephone lines, water lines, fuel lines, etc. through or over the property of others.

View easements - The rights of others to prevent vegetation or buildings from blocking a certain view.
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?

Answer: Amortization

The word 'amortize', interestingly enough, comes from the Latin words for 'to death'. Apparently, over time, your property can die, so be good to it while you are able.

Seriously though, amortizing your property is a double-edged sword. Yes, you will see savings in terms of taxes in the immediate term, but in the long term, when you amortize your property, you are reducing the value of your initial investment and thus increasing your eventual capital gain.
8. What sad event occurs when a property owner defaults on his/her mortgage agreement with a bank or other creditor?

Answer: Foreclosure

When a bank (or other creditor) forecloses on a person (or persons) who are unable to honor their mortgage agreement, it takes possession of the mortgaged property. A legal process ensues wherein the borrower is eventually removed from the property and then it is often auctioned by an official of the court, or other such representative.
9. Which of these best describes the term 'capital gain' when it comes to real estate?

Answer: Profit from the sale of property

Let's say you purchase a home for $200,000, and then sell it for $230,000. After expenses, you come away with $210,000. Your capital gain would then be $10,000 ($210,000 - $200,000). Watch out though, you have to pay taxes on the amount you have profited!
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?

Answer: Gentrification

The term 'gentrification' is derived from the word 'gentry', a word that refers to people of 'good social position'. It ultimately derives from the Latin word 'gentilis', which original had the simple meaning 'of a family or clan', but eventually came to mean 'high-born noble' in French.
Source: Author thejazzkickazz

This quiz was reviewed by FunTrivia editor gtho4 before going online.
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