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Nebraska Real Estate Questions and
Answers Graded A+
The earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached, known as: ✔✔A bundle of legal rights
Movable objects, which are not considered real estate, are known as: ✔✔Personal property
The permanent right to use another's land for the benefit of a neighboring parcel is know as; ✔✔An appurtenant easement
The ownership of property by one person only known as: ✔✔Severalty
a condensed history of a title to a particular piece of real estate, including a summary of the original grant, and all subsequent conveyances and encumbrances affecting the property, is known as: ✔✔Abstract of Title
The illegal practice of inducing homeowners to sell their properties by making representations about the prospective entry of persons of a certain race/national origin into the neighborhood is also called: ✔✔blockbusting
The term for something that grants the right to use another's land for a specific purpose, and is considered an incorporeal interest in land is: ✔✔an easement
The clauses in a deed that limit the future uses of a property are known as: ✔✔deed restrictions
The loss of value in any property, regardless of the specific cause, in a appraisal, is known as: ✔✔depreciation
A person who has complete control over a parcel of real estate is said to own a: ✔✔fee simple estate
The law that requires real estate contracts to be enforceable is the ✔✔statute of frauds
The effort that brings about the desired result in real estate sale is known as: ✔✔procuring cause
A naturally occurring gas that is suspected of causing lung cancer is known as: ✔✔Radon
A claim or interest revealed by a title search is called a: ✔✔cloud on title
When the amortized payment of a mortgage remains constant over the period of the loan but leaves an outstanding balance to be paid at the end, this payment is called: ✔✔A balloon payment
The process in which boundaries are measured and land areas determined is: ✔✔a survey
An estimate of the value of something, usually a property, is known as: ✔✔an appraisal
A lien on the property without the consent of the owner is known as a(n): ✔✔involuntary lien
This type of lien is created by law. It is known as: ✔✔a statutory lien
The type of lien that is secured by specific property and only effects that property is known as: ✔✔a specific lien
The system established in 1785 by the U.S government, which describes land with principal meridians and base lines, is called; ✔✔rectangular survey system
A listing contract under which the broker's commission is contingent upon his producing a ready, willing, and able buyer before the property is sold by the seller or another broker is known as: ✔✔an open listing
A portion of a township under the rectangular survey system, which is a square with mile-long sides, is called a: ✔✔section
The type of easement that is necessary for another person to enter his own land by going through another's property is known as: ✔✔an easement by necessity
A contact in which all the parties have fulfilled all their promises and preformed the contract is known as: ✔✔an executed contract
An oral contract in which the parties state the contract's terms and express their intentions in words is known as: ✔✔an express contact
A lease that goes from month to month is known as: ✔✔an estate from period to period
This type of lease, which is for an indefinite amount of time and may be cancelled by the landlord or tenant at any time as: ✔✔estate at will
A situation in which the tenant's lease has expired and the tenant is no longer paying rent, but is living on the property is known as: ✔✔estate at sufferance
A mortgage clause which states that, should the borrower sell the property, the entire balance of her mortgage would be due immediately, is known is: ✔✔the due-on-sale clause
The legal procedure in which property is pledged as security is sold to satisfy the debt is known as: ✔✔Foreclosure
A mineral that was once as insulation, and is how considered harmful if disturbed or exposed, is: ✔✔asbestos
The environmental hazard found mostly in electrical equipment is known as: ✔✔PCBs
The clause in a mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults on the loan is the: ✔✔acceleration clause
The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, as when an owner conveys a life estate to one party and the remainder to another, is called: ✔✔the remainder estate
A deed that contains no warranties, but in which the granter does give up his own rights or claims, is known as: ✔✔a quitclaim deed
If one creditor is substituted for another, with the substituted person succeeding to the legal rights of the original creditor, this is know as: ✔✔subrogation
The joint ownership that is recognized is some states, of property acquired by husband and wife during marriage, is known as: ✔✔tenancy by the enitrety
A type of value estimate approach, in which the replacement value equals the estimated land value plus reproduction costs of any improvements, after the depreciation costs been subtracted, is called the: ✔✔cost approach
