Ch 2 Rights in Real Estate Quiz Flashcards

Ch 2 Rights in Real Estate Quiz Flashcards *The ConstitutionCommon lawLocal statutesThe Napoleonic Code What guarantees the right of private ownership of real estate in the United States?*To the middle of the waterwayTo the low-water markTo the high-water markNone What part of a non-navigable waterway does the owner of an abutting property own?*court decisions.professional real estate associations.real estate commissions.local practices.The major sources of real estate law are legislation at federal, state and local level, and *A tree growing on a parcel of landA tree that has been cut down and is lying on a parcel of landA tree that has been cut down and is lying on a parcel of landA prefabricated shed not yet assembled on a parcel of land Which of the following is considered real property?*its definition as one or the other in a sale or lease contract.how long it has been attached to the real property.how essential it is to the functioning of the property.how it was treated in previous transactions.The overriding test of whether an item is a fixture or personal property is *separableinviolable.unrelated.not transferrable. Surface rights, air rights and subsurface rights are *Immobile, indestructible, heterogeneousFixed, unchangeable, homogeneousThree-dimensional, buildable, marketableNatural, measurable, inorganic What are the three unique physical characteristics of land?*County and localStateTaxing authoritiesFederal Which level of government controls zoning laws?*StockReal estatePersonal propertyArtwork Which of the following is an example of intangible property?*land does not include man-made structures.real estate includes air above the surface and minerals below the surface.real estate is indestructible.land has no defined boundaries.The primary distinction between the legal concepts of land and real estate is that *To transferTo inheritTo taxTo voteWhich of the following is included in the bundle of rights inherent in ownership?*real property includes ownership of a bundle of rights.real property includes improvements.real property is physical, not abstract.real estate can be owned.The primary distinction between the legal concepts of real estate and real property is that *The owner's claim is invalid, because the state owns the underlying land.The owner's claim is invalid, because the underlying land is shared equally with the other owners.The owner's claim is invalid, because he may only own underlying land to the middle of the lake.The owner's claim is valid, because the lake is navigable.Under the doctrine of littoral rights, an owner claims ownership of all of the land underlying a lake where there are three other abutting property owners. Which of the following is true?*The surface of the earth and all natural things permanently attached to the earthOnly the surface of the earth that is delineated by boundariesThe surface of the earth except for lakes and streamsEverything above, on and below the surface of the earth Which of the following is included in the legal concept of land?

*Broad regulation of usageTaxationLicensingZoning What is the primary thrust of federal involvement in real estate law?