Real Estate QUIZMASTER

Real Estate QUIZMASTER Multi-Unit Ownership Definitions Analytical Numerical Miscellaneous 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Definitions for 100 As defined in the Rectangular Survey System, an area of land approximately six miles on each side containing about 23,040 acres of land “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Definitions for 200 • ________ Estates are those types of land interests that are unlimited in the length of their duration “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Definitions for 300 • These types of tenants hold title together to the same property but each has an individual interest in the property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Definitions for 400 • This type of easement is created when one party uses another tract of land for access without permission of the land owner “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Definitions for 500 • This type of partner has full and complete liability in a Limited Partnership “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 100 • An LLC seems to combine the best of both worlds from partnerships and corporations because one of its attractive features is that it pays no ____ taxes “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 200 • There is no right to access to light that comes from the _____ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 300 • Once the house is constructed and attached to the _____, it becomes real property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 400 • The greater the degree of attachment and the greater the damage that will occur should the personal property be removed, the ________ the likelihood that an item will be classified as real property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 500 As long as income and gains are ______ by REITs, there is no double taxation “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Multi-Unit Ownership for 100 • The land owner actually does hold title to the surface property located beneath the unit in this type of real property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Multi-Unit Ownership for 200 • This type of real property is a lease for a limited time at a fixed time each year “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Multi-Unit Ownership for 300 • A living arrangement in which the dwellers of multi-unit housing own an undivided interest in their unit through their ownership of a corporation “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Multi-Unit Ownership for 400 • These are created by a Master Deed “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

DAILY DOUBLE “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Daily Double Multi-Unit Ownership for 500 • A lease for a limited time at a fixed time each year is also called a _______ lease “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 100 The GPS System has ____ feet accuracy “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 200 REITs must have at least ______% of the assets as real estate interests, cash or government securities or mortgages secured by real property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 300 • The column lot is the space between the surface of land and _________feet above the surface “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 400 • The REIT must be held by at least ________ persons during 335 days during the taxable year “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

The GPS Operational Constellation consists of 24 satellites that orbit the earth in ____ hours Numerical for 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 100 • U P A “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 200 The four unities of a joint tenancy are possession, interest, ______ and title “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 300 • The water rights system followed in those U.S. states with more plentiful water supplies “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 400 • This is currently the most popular form of structure for privately owned businesses and investments, especially in Real Estate “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 500 • Election of this status with the IRS allows a corporation to have some of its income and losses flow through to its shareholders “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Real Estate QUIZMASTER