Law Q9 Flashcards - barnB. A fenceC. An orchardD. A trade fixture D...

Law Q9 Flashcards Which of the following is NOT an appurtenance?A. A barnB. A fenceC. An orchardD. A trade fixture

• A trade fixture

An owner purchases some stones, sand and cement and builds a concrete walk on his parcel of real estate. This walk isA. personal propertyB. real propertyC. both personal and real propertyD. neither personal nor real property

• real propertyReal estate includes the land at, above or

below the earth's surface with all improvements, rights (air and mineral) appurtenant to it. Improvements are everything artificial or constructed added to raw land. e.g., sidewalks, buildings, streets, sewers, etc. The walk is an improvement and therefore is real property.Which of the following are included in the "bundle of rights" concept of real property ownership?1. the right to tax and escheat to the state2. the right to leave3. the right to devise

• and 3the right ti leave and the right to devise

An important characteristic of land is that it ,ay be modified or improved. Such improvements tend to increase the value of real estate. which of the following is NOT an improvement?A. New access roadsB. UtilitiesC. New housesD. Planted crops

• Planted cropsImprovement.s are artificial or constructed

and are part. of the land. Planted crops are personal property."Real estate" is a term that refers toA. land in the physical sense and improvements theretoB. rights to own land and the improvements on itC. airspace above the earth's surface and minerals below the surfaceD. all of these

• All of theseReal estate includes the land at, above or

below the earth's surface with hall improvements, rights (air and mineral) appurtenant to it.All of the following are tests to determine whether personal property. becomes a fixture EXCEPT theA. initial cost of the itemB. intent of the person placing the itemC. manner of annexationD. nature of use or adaptation

• initial cost of the item,

Mr.Able purchased a 2-bedroom condominium. He now holds a1. Freehold interest in his unit2. proprietary lease

• onlyA condo usually involves fee simple ownership of the

air space within a unit of a reside tail, industrial or commercial property as well as ownership of an undivided interest in common in the common. areas.Johnson bought for his use an apartment in a large building and received a deed conveying to him a fee simple estate and also a tax bill on his ownership. His apartment ownership is called a....A. "real estate investment trust"B."cooperative"C. "corporation"D. "condominium"

• "condominium"in a condominium the unit owners pay

their own taxes. In a cooperation the corporation pays the taxes.An owner of a cooperative apartment hasA. an ownership interest in one entity that must pay taxes, mortgage interest and principal, and operating. expenses.B. a priority long-term leaseC. community propertyD. both an ownership interest and a proprietary long-term lease

• both an ownership interest and a proprietary long-term

leaseWith the shares of ownership, the owner of a cooperative apartment will get an exclusive right to occupy.one. of the units. This right. to occupy is granted in the form of a long-term lease, called a proprietary lease.Which of the following terms best describes a modern form of real property ownership that involves the guaranteed right of occupancy and use of specific property for a

specific portion of each year for either a fixed number of years or forever?A. Life estateB. Periodic tenancyC.Recreation leaseD. A timeshare

• A timeshareWith a timeshare, purchasers buy undivided

interests in real property with a right to use the facility for a fixed or variable time period

A riparian owner is one who owns land bordering onA. a wild orchardB. submarginal landC. an existing subdivisionD. a river

• a riverThe rights of an adjoining land owner to

reasonable use of water which is in movement (stream, river), are called "riparian rights" A bill of sale is used to convey title to1. an easement2.personal property3. a life estate in real estate4. real property

• & 2an easement and personal propertyThe bill of sale is

the document used to transfer title to personal property. A deed would be used to convey easements, life estates and real property Which of the following instruments would NOT transfer an interest in real property?A.OptionB.LeaseC. Bill of saleD.Agreement of Sale

• Bill of SaleThe Bill of sale is the document used to

transfer title to personal property When you attach personal property to a building so. that in a legal sense it becomes real property, it is called a(n)A.attachmentB. fixtureC. appurtenanceD. encumbrance

• fixtureA fixture is an article of personal property that has

become part of the real estate because of its attachment to the real estate.Which of the following statement concerning riparian rights is true?A. they are listed in the warranty deedB. they are.found in public recordsC. they are the absolute and exclusive right to use water which touches one's landD.They are the right to reasonable use of water which touches ones land

• They are the right to reasonable use of water which

touches one's land Crops that are grown on land and require annual planting and cultivation are called1. "emblements"2. "personal property" BothItems growing are classified as either "fructose naturals" or "fructose industriales" (emblements). Fructus naturals are uncultivated crops and perennial plantings, such as trees and bushes, and are generally classified as real property. Fructus industries are annual plantings that require cultivation and are generally classified as personal property.The purchaser of which of the following apartment units could have a fee simple interest?1. Cooperative apartment2. Condo apartment

• only

To pledge property as security for a loan, such as in a mortgage, it toA. hypothecateB. seek specific performanceC. establish equityD. covenant

• hypothecateTo hypothecate means to pledge specific

real or personal property as security for an obligation without surrendering possession of it. Real property is hypothecated by a mortgage or trust deed. The borrower retains ownership (possession or control) of the property that he pledges to the lender as security for the loan.The word "emblements" meansA. improvements to buildingsB. farm machineryC. an additional provision in a contractD. annual crops

• annual crops

Which of the following is NOT an appurtenance?A. A barnB. A fenceC. An orchardD. A trade fixture

• A trade fixtureTrade (tenant) figures are personal

property and belong to the tenant. He may remove the item when the lease expires as long as he repairs and damage caused by removal.Condominium ownership is. a1. type of space. ownership2.form of fee simple ownership of real property BothA condominium usually involves fee simple. ownership of the air space within a unit of a residential, industrial. or.commercial property as well. as ownership of an undivided

interest in-common in the common areas.