1. Ever wonder why land is called real estate? Well the term “estate” refers to the land and buildings upon the land, but “real” is derived from the Latin word for what?
o Thing
o Person
o Earth
o Exchange
2. What term is used to describe a professional estimate/opinion on the value of real estate?
o Submittal
o Appraisal
o Registration
o Proposition
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?
o Deed
o Tort
o Affidavit
o Schedule
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?
o Enfilade
o Apartment
o Condominium
o Suite
5. From what language comes the all-important Real Estate term “mortgage” where it means “dead pledge”?
o Italian
o French
o Spanish
o German
6. Which of these terms refers to the right to use the property of another owner for a specified purpose?
o Extension
o Abutment
o Easement
o Cession
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?
o Amortization
o Nominalization
o Capitalization
o Subsidization
8. What sad event occurs when a property owner defaults on his/her mortgage agreement with a bank or other creditor?
o Redoundation
o Surcharge
o Foreclosure
o Underwriting
9. Which of these best describes the term “capital gain” when it comes to real estate?
o Investment made to improve a property
o Increase in amount of taxes on property
o Profit from the sale of property
o Interest charged to a purchaser 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?
o Bootstrapping
o Gentrification
o Fenestration
o Velarizing
Well, how did you do?? Average score is 7/10. We will be writing on some of these topics in our upcoming news columns.
Fun Trivia: authored by jazzkickazz
THOUGHT FOR THE DAY: A person who is wrapped up in himself makes a very small bundle.
ANSWERS:
1. Thing
2. Appraisal
3. Deed
4. Condominium
5. French
6. Easement
7. Amortization
8. Foreclosure
9. Profit from the sale of property
10. Gentrification
