Real Estate Principles Chpt. 1 Quiz Flashcards

Real Estate Principles (Chpt. 1 Quiz) Flashcards

Emblements are usually:a. Growing crops.b. Cultivated

annually.c. On leased land by tenant farmers.d. All of the above.

d. All of the above.(Emblements: are planted growing crops

that are cultivated annually by a tenant farmer on leased land.Unlike landscaping, these crops belong to the tenant even after the expiration of the lease).(* If previously contacted for sale, the "fruit" of a commercial orchard may be personal property, but the trees upon which it grows are real property).(pg 8) A farm 6 miles square has how many townships?a. 1b. 6c.36d. 72

• 1(*One TOWNSHIP (standard) is six miles square (36

square miles).(pg. 17)

A township contains:a. One square mile.b. Six square

miles.c. 36 square miles.d. 106 square miles.

• 36 square miles***One TOWNSHIP (standard) is six

miles square (36 square miles(pg. 17)

Property is defined as:a. the right or interest that a person

has in the thing owned.b. freehold estates.c. only personal property.d. things that buyers and sellers own.

• the right or interest that a person has in the thing

owned.(pg. 5)

A loan secured by personal property usually consists of:a.

a financing statement of trust deed.b. a promissory note and a trust deed.c. FHA or VA insurance.d. a security agreement.

• a security agreement.**An instrument used to secure a

loan on personal property is called a "security agreement."(pg. 8) Approximately how many acres are there in a lot 1/2 mile by 1/2 mile?a. 80b. 160c. 320d. 5,280

• 160

Which system may be used for legal description purposes?a. U.S. Government surveyb. Metes and boundsc. Lot, block, and tractd. All of the above

• All of the above**The following three methods are

accepted as means of property identification:1. Metes and

Bounds (Surveyor's Maps - Irregular Parcels)2. Sections and Townships (U.S. Government Survey - Rural)3. Lots, Blocks, and Tracts (Recorded Subdivision - Cities)(pg. 10)

A commercial acre is:a. an acre of land used only for

agricultural purposes.b. an acre of land where an industrial building is situated.c. an acre of land where retail buildings are situated.d. an acre less the amount of land dedicated for public improvements (sidewalks, alley, etc.)

• an acre less the amount of land dedicated for public

improvements (sidewalks, alley, etc.)**One COMMERCIAL ACRE is an acre minus any required public dedications.(pg. 17) How many sections are in a township?a. 640b. 36c. 320d.6

• 36(Each township is divided into 36 sections. A

SECTION is one square mile of land consisting of 640 acres. There are 36 sections in a township).(pg. 13) The rights and interests that a person has in the thing

owned is the definition of:a. Wealth.b. Property.c. Debt.d.

None of the above.

b. Property.** Property: is defined as the "rights and

interests that a person has in the thing owned."(pg. 5)

Real property is best described as:a. Movable.b. Anything

of value.c. Things we own.d. Immovable.

• Immovable.**Real Property is "immovable" by law.(pg. 5)

Trade fixtures are:a. Removable.b. Forms of business

furniture.c. Personal property.d. All of the above.

d. All of the above.**TRADE FIXTURES: are personal

property used in the normal course of business, such as shelving or refrigeration units. A tenant may remove any

trade fixture he or she installed provided the real property is left in the same condition as he or she found it. In this sense, trade fixtures are an exception to the rules of personal property).(pg. 9 & 10)

One acre equals:a. 43,560 square feet.b. 4,840 square

yards.c. Neither a nor b.d. Either a or b.

• Either a or b.**One ACRE is 43,560 square feet; 4,840

square yards.(pg. 17) Which of the following would normally be considered real property?a. Trade fixtures.b. Chattel reals.c. Vegetation.d.Deeds of trust.

• Vegetation.** Under California law established crops and

trees are a part of the land.Natural growth (vegetation attached by roots) is real property as are cultivated crops (like unpicked fruit or corn) until they are severed, mortgaged, or sold.(pg. 8) Which of the following is the smallest?a. Two sectionsb.Ten percent of a townshipc. 4 square milesd. 4 miles square

• Two sections(One Section = 1 mile square, contains 640

acres.10% of a township = 3.6 miles(One TOWNSHIP = is six miles (36 sq. miles)(pg. 17) Which method of land description is the oldest and least reliable?a. Metes and boundsb. U.S. Government surveyc.Lot, Block, and tractd. None of the above

a. Metes and Bounds**Metes and Bounds: is the oldest

and least reliable method of identifying (describing) property by its boundaries, distances, and angles from a given starting point.(pg. 10)

A "bill of sale" transfers title to:a. Real property.b. Heirs.c.

Immovable items.d. Personal property.

• Personal property.**The ownership of personal property

is transferred with a "bill of sale".(pg. 8)

"Potable water" refers to:a. well water of the property.b.

water suitable for irrigation.c. water suitable for drinking.d.water suitable for cooking.

• water suitable for drinking.**Potable water refers to water

that is suitable for drinking.(pg. 7) The ownership of personal property is transferred by using

a:a. grand deed.b. financing statement.c. trust deed.d. bill

of sale

• bill of sale**The ownership of personal property is

transferred with a "bill of sale".(pg. 8) Which of the following is NOT a method of creating real property?a. Bolt it downb. Cement it downc. Plug it ind. Nail it down

c. Plug it in**(Remember MARIA)Method of Attachment:If

an item can be removed by simply being unplugged, it is probably personal property.(pg 9)

A township contains:a. one square mile only.b. a six-mile

by six-mile square of land.c. 36 square milesd. both b and c

• both b and c**One TOWNSHIP (standard) is six miles

square (36 square miles).(pg. 17) Which of the following is NOT a test for a fixture?a.Adaptabilityb. Agreementc. Cost and size of the itemd.Intention

• Cost and size of the itemM 1. Method of attachmentA 2.

AdaptabilityR 3. Relationship of the partiesI 4. IntentionA 5.Agreement(*Remember MARIA when trying to determine if an item is a fixture.)***Cost, size, and time installed are NOT tests in determine if something is a fixture (real property).(pg. 8 & 9) Ranges are 6-mile increments measured (and described)

from the north-south meridian running:a. East.b. East and

west.c. West.d. North and south.

• North and south.**The north-south lines (running parallel

to the principal meridian)are referred to as RANGE LINES.(pg. 11)

Appurtenant means the ownership of the item:a. Is

personal.b. Is movable.c. Is a crop.d. Runs with the land.

• Runs with the land.(*Ex. MUTUAL WATER COMPANIES

are organized by water users in a given district to supply ample water at a reasonable rate. They are usually corporations in which the owner of each parcel of land are given a share of stock. The stock is appurtenant to the land; that is , each share of stock is attached to the land and cannot be sold separately.*Ex. Easements that allow the use of someone else's land, such as a driveway to enter your land, also go with the land being sold if it is the

only way to access the land).(pg. 7) A section consists of how many acres?a. 460b. 320c. 640d.230

• 640Section = 640 acres1/2 Section = 320 acres1/4

Section = 160 acres(pg. 13) Which of the following is NOT a test to determine whether an item is a fixture?a. Relationship of the parties.b. Method of attachment.c. Value of the item.d. Intent of the parties.

c. Value of the item.(*Fixtures: are items of personal

property that are attached to, or incorporated into, the land in such a manner as to become real property. The courts

use these 5 tests to determine if an item is a fixture:M 1.

Method of attachmentA 2. AdaptabilityR 3. Relationship of