Chapter 4, Unit 1 Quiz Flashcards

Chapter 4, Unit 1 Quiz Flashcards Real property can be converted into personal property through the process ofa. severance.b. accession.c.affixation.d. inference.

• severance.

"Real estate" includes such things asa. fences, sidewalks, and piers on a parcel of land.b. mobile homes temporarily parked on a parcel of land.c. timber that has been cut and is lying on a parcel of land.d. business equipment an owner or tenant has placed on a parcel of land.

• fences, sidewalks, and piers on a parcel of land.

Which of the following is NOT an economic characteristic of land?a. Transferabilityb. Immobilityc. Demand for the aread. Utility of the land

• Immobility

The legal concept of land does NOT includea. the surface of the earth.b. minerals below the surface of the earth.c.trees and grass.d. man made improvements.

• man made improvements.

By definition, personal propertya. is ownership of real property.b. is ownership of unimproved land.c. is ownership of anything that is not real estate.d. is tenancy of real property owned by another person.

• is ownership of anything that is not real estate.

The right to encumber a property means that the owner cana. build fences and road blocks.b. use the property as collateral for debt.c. lease the property.d. assign the bundle of rights to another.

• use the property as collateral for debt.

An "improvement" isa. a modification of land to make it more useful.b. a modification of a structure to enhance its value.c. a structure intended as a permanent attachment to land.d. a parcel of land that has been prepared for development.

• a structure intended as a permanent attachment to land.

The level of government that actually levies real estate taxes is thea. federal.b. regional.c. state.d. county and local.

• county and local.

Which would NOT be considered real property?a. Houseb.Mineral rightsc. Air rightsd. Trade fixtures

• Trade fixtures

Which of the following is considered to be real property?a.Natural things movable by law.b. Notes secured by mortgages on real estate.c. House plants.d. Permanent fixtures.

• Permanent fixtures.

The right to build a taller structure on top of an existing structure is an example ofa. the right to encumber.b.surface rights.c. the right to liquidate.d. air rights.

• air rights.

A lease is an example of a(n)a. transfer of a portion of the bundle of rights.b. encroachment on the bundle of rights.c.

transfer of the complete bundle of rights.d. transfer of surface rights.

• transfer of a portion of the bundle of rights.

If a tenant farmer's lease expired, but several months later he is able to go back and harvest the corn crop, the crops would be known as what?a. Trade fixturesb. Emblementsc.Fructus naturalesd. Fixtures

• Emblements

The level of government that is the primary regulator of the real estate business isa. the county.b. the state.c. the court system.d. the U.S. Congress.

• the state.

Which of the following is a role of the federal government in real property rights?a. Establishment of broad standards of usage.b. Establishment of real estate license laws.c.Training and licensing of real estate agents.d. Levying of real estate taxes.

• Establishment of broad standards of usage.

What are littoral rights concerned with?a. Properties within a 3-mile radius of an airport.b. Properties condemned as unfit for habitation.c. Properties that are subsiding.d.Properties adjacent to non-moving bodies of water.

• Properties adjacent to non-moving bodies of water.

A property owner has the right to transfer water rightsa. if the owner has not previously separated the bundle of rights.b. only to the owner of an adjoining property.c. only if there are water rights attached to the property.d. without constraint.

• only if there are water rights attached to the property.

The "bundle of rights" refers to a set of rightsa. enjoyed by the owner of a property.b. that is inseparable from a parcel of real estate.c. guaranteed to citizens by the Declaration of Independence.d. specified in a deed or land contract.

• enjoyed by the owner of a property.

All property in the United States is owned under thea.alluvial system.b. effluvial system.c. allodial system.d.afeudal system.

• allodial system.

What is a "fixture?"a. Any item of personal property located within the boundaries of a parcel of real estateb. An item of personal property that has been converted to real propertyc. An item of real property temporarily placed on land for the purpose of conducting a businessd. An item of personal property that has been left in one location for a period of one year

• An item of personal property that has been converted to

real property Littoral rights concern which of the following bodies of water?a. Lakes entirely contained within the boundaries of an owner's property.b. Streams and rivers.c. Navigable lakes, seas, and oceans.d. Navigable streams and rivers.

• Navigable lakes, seas, and oceans.

Which of the following is a role of state government in land use regulation?a. Establishment of specific standards of usageb. Establishment of real estate license lawsc. Control of land developmentd. Levying of real estate taxes

• Establishment of real estate license laws

Riparian rights concern which of the following bodies of water?a. Lakesb. Seas and oceansc. Streams and riversd.

Navigable lakes

• Streams and rivers