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Free Practice Quiz Question List

1 Real Estate Fundamentals and Property Types Online Quiz Questions

Use this free practice quiz with 20 questions to review 1 Real Estate Fundamentals and Property Types, test your knowledge, and prepare for your next test or exam.

20 questions
01
True or false
1 point

True or false: A property's market value is necessarily the price it will eventually sell for.

  1. A

    True

  2. B

    False

02
True or false
1 point

True or false: A building with apartments above ground-floor shops can be residential and commercial in function.

  1. A

    True

  2. B

    False

03
Choose one
1 point

A homeowner sells a house containing a built-in cabinet and a movable sofa. Which statement best describes how these items are generally treated?

  1. A

    The cabinet is usually personal property because it is inside the home.

  2. B

    The built-in cabinet may be a fixture, while the movable furniture is usually personal property.

  3. C

    Both items are necessarily real estate because they are in the house.

  4. D

    The movable furniture is a fixture, but the built-in cabinet is necessarily personal property.

04
Choose one
1 point

A borrower works with one professional to find potential mortgage lenders, while another institution provides the loan. Which option correctly identifies their roles?

  1. A

    The broker connects the borrower with potential lenders; the lender provides the loan.

  2. B

    The broker provides the loan; the lender only prepares the deed.

  3. C

    The broker appraises the property; the lender manages the tenants.

  4. D

    The broker and lender both necessarily lend the money.

05
Choose one
1 point

A company uses a large site primarily to store goods and prepare them for distribution. Which property category best fits this use?

  1. A

    Agricultural property

  2. B

    Special-purpose property

  3. C

    Industrial property

  4. D

    Residential property

06
Fill in the blank
1 point

Local rules that regulate how land may be used and what may be built there are called .

07
Fill in the blank
1 point

The legal evidence of ownership and related rights in a property is called .

08
Choose one
1 point

A borrower is reviewing the terms of a mortgage. Which term means the amount originally borrowed, rather than the charge for borrowing it?

  1. A

    Interest

  2. B

    Principal

  3. C

    Equity

  4. D

    Market value

09
Choose all
1 point

Select all statements that are supported by basic real estate concepts.

  1. A

    An easement can permit someone to use another person's land for a defined purpose.

  2. B

    A lease can grant a tenant the right to occupy property under specified terms.

  3. C

    Owning land necessarily means holding every possible right associated with it.

  4. D

    A deed can be used to transfer an ownership interest in real property.

10
Choose all
1 point

Select all activities that local or other public authorities may carry out in connection with real estate.

  1. A

    Regulate land use

  2. B

    Issue permits

  3. C

    Assess property taxes

  4. D

    Maintain property records

  5. E

    Collect rent for private property owners as a standard government function

11
Written response
1 point

A home is worth $300,000 and has a mortgage balance of $200,000. Before selling costs and other claims, what is the owner's equity in dollars?

12
Written response
1 point

What is the term for a professional opinion of a property's value prepared for a stated purpose and date?

13
Open ended
1 point

An owner hires one company to coordinate routine maintenance and rent collection, and another to plan a renovation that will prepare the property for a changed use. Explain which company is acting as the property manager and which as the developer, and distinguish their responsibilities.

14
Choose one
1 point

A building contains apartments and ground-floor shops. Which classification best describes its functions?

  1. A

    Residential only

  2. B

    Both residential and commercial

  3. C

    Commercial only

  4. D

    Industrial and agricultural

15
Choose one
1 point

A parcel has no substantial buildings or improvements and is being held for possible future development. Which common property category best fits it?

  1. A

    Special-purpose property

  2. B

    Industrial property

  3. C

    Vacant or undeveloped land

  4. D

    Commercial property

16
True or false
1 point

True or false: A condominium is an individually owned unit in a development that also has shared areas or facilities.

  1. A

    True

  2. B

    False

17
Choose one
1 point

An owner grants a tenant the right to occupy a dwelling for a set term in exchange for rent. Which concept describes this arrangement?

  1. A

    A tenant receives a right to use or occupy the property under agreed terms.

  2. B

    The tenant automatically becomes the owner of the property.

  3. C

    The tenant receives legal evidence of ownership.

  4. D

    The tenant receives permission to use another person's land for a defined purpose, regardless of any agreement.

18
Choose one
1 point

A built-in cabinet is attached to a house. Which statement best describes how it may be classified?

  1. A

    It is always personal property because it began as a movable object.

  2. B

    It is automatically part of the property in every jurisdiction.

  3. C

    It is a legal document transferring ownership.

  4. D

    It may be treated as a fixture and part of the real property, depending on circumstances and applicable law.

19
Written response
1 point

What real estate term means the legal evidence of ownership and related rights in a property?

20
Written response
1 point

A landowner adds a paved access road and a utility connection to a parcel. What term describes constructed features added to land?