Real Estate Chapter 12 Flashcards

Real Estate Chapter 1&2 Flashcards A parcel occupies the NW 1/4 of the SE 1/4, and the S 1/2 of the SW 1/4 of NE 1/4 of Section 4. How many acres is this parcel?a) 40b) 60c) 80d) 100

• 60

The four unities of title, time, interest, and possession are

necessary for a:a) tenancy in commonb) partnershipc)

mortgaged) joint tenancy

• joint tenancy

Chin, a home seller, is talking to his real estate agent. He mentions that he rents the backup generator; it doesn't

belong to him. The generator would be considered:a) a

fixtureb) a natural attachmentc) a trade fixtured) personal property

• personal property

Minerals become personal property when they are:a)

surveyedb) extracted from the landc) taken to a refineryd) claimed

• extracted from the land

Unless otherwise stated, a property buyer should receive:a)

air rights and mineral rightsb) air rights and surface rightsc) mineral rights and subsurface rightsd) air rights, surface rights, and subsurface rights

• air rights, surface rights, and subsurface rights

A tenant has agreed to build out the space to meet the needs of her business. She is paying for all the expenses.Any "chattel fixtures" she adds to the property during this

process belong to the:a) tenant, as long as she removes

them from the property on or before the expiration of the lease, and she repairs any damage caused by their removalb) tenant, because she paid for themc) landlord when the lease expires because they have been physically attached to the propertyd) landlord, as soon as they are added to the premises

• tenant, as long as she removes them from the property

on or before the expiration of the lease, and she repairs any damage caused by their removal

The property description in a deed reads: "Starting at the

old stone well, then going south 120 feet, west 400 feet,

north 80 feet, and east 210 feet." The description is:a)

invalid, because it doesn't return to the point of beginningb) invalid, because it uses a point of beginning that is man-madec) valid, because it returns to the point of beginningd) valid, because all descriptions must start with a man-made point of beginning

• invalid, because it doesn't return to the point of

beginning A, B, and C own property as joint tenants. C dies and B sells her interest in the property to D. The property is now

owned:a) as joint tenants by A, D, and C's widow E, his

sole heirb) by A and D as joint tenantsc) by A and D as tenants in commond) None of the above

• by A and D as tenants in common

A township contains 36 sections that are numbered consecutively 1 through 36. The last section in the

township is located in the:a) southeast cornerb) southwest

cornerc) northeast cornerd) northwest corner

• southeast corner

Which of the following is incorrect? Joint tenants always

have:a) equal rights to possession of the propertyb) the

right to will good title to heirsc) the right of survivorshipd) equal interests in the property

• the right to will good title to heirs

If a court were deciding what type of property house keys

were, it would likely decide that they were:a) personal

property, because they are so small and lightb) real property, because all sales contracts stipulate that they transfer to the buyerc) personal property, because they are not attached to the property in a permanent wayd) real property, because they are "adapted" to the real property

• real property, because they are "adapted" to the real

property Which of the following benefits tenant farmers?a) Doctrine of emblementsb) Rule of capturec) Overlying rightsd) Method of attachment test

a) Doctrine of emblements

A test that a court might apply to determine whether an

item is a fixture or personal property is:a) ageb) expensec)

sized) use

• use

A real estate agent lists Harold's home, which he owns as a life estate. Harold's children hold the remainder interest.Which of the following is true?a) Anyone who buys Harold's life estate receives only the interest held by Haroldb) Harold's children need to sign the listing agreementc) The buyer will automatically receive a fee simple absolute interestd) Since a life estate cannot be sold, the listing in invalid

a) Anyone who buys Harold's life estate receives only the

interest held by Harold

Real Property is equivalent to:a) landb) personal propertyc)

land, attachments, and appurtenancesd) land and water

• land, attachments, and appurtenances

Which of the following is NOT a fixture test?a) Method of attachmentb) Intent of the person who attached the itemc) Size of the itemd) Adaption of the item

c) Size of the item

The most important consideration in determining whether

an article is a fixture is:a) physical attachmentb) the

annexor's intentionc) adaption of the article to the realtyd) intended use of article

• the annexor's intention

Which of the following is most likely to be considered part of the real property?a) Pianob) Dining room tablec) Mirrord) Kitchen sink

• Kitchen Sink

A tenant farmer had a heart attack, and decided to terminate his lease and retire. However, his last crop was still growing in the field and he wanted the right to come back and harvest it when it was ripe. The crops are

considered to be:a) emblements, which belong to the

tenant farmerb) fixtures, which belong to the property ownerc) real property, which belongs to the property ownerd) trade fixtures, which belong to the farmer

• emblements, which belong to the tenant farmer

A real estate investment trust is required to:a) invest at

least 75% of its assets in real estateb) have at least 150 participating investorsc) make sure all investors accept

liability for the trust's actsd) be incorporated in the state in which it does business

• invest at least 75% of its assets in real estate

A section of a township contains the following number of

acres:a) 360b) 580c) 640d) 560

• 640