Unit 2 Quiz Flashcards

Unit 2 Quiz Flashcards A homeowner planted a rose bush on the property and plans to remove it when the house is sold. This provision is necessary because the rose bush ordinarily is considered to be real estate The new owner of a condominium received the right to use a parking space in the multi-unit building. This right is an example of an appurtenance The developer added sewer lines and utilities and built two streets. What are these items called ?Improvements The Law of the Sea identifies a country's territorial waters The most important economic characteristic of land islocation A seller asked a real estate professional to draw up several documents relating to seller financing. Under these circumstances, the real estate professional should refer the seller to an attorney A right or privilege tied to real property, although not necessarily part of the property, is called an appurtenance Method of annexation, adaption, and agreement of the parties are the legal tests for determining whether an item is real property or personal property After suffering through a tornado and then flooding from the river, the buildings were gone. The land was still there. This is an example of indestructibility Another word for uniqueness isnonhomogeneity Land, mineral, and air rights in the land are included in the definition of real property Growing trees, fences, and buildings are all consideredreal estate Which of these is an example of an economic characteristic of land scarcity To determine whether an item is a fixture, the MOST important test is whatever the person who installed it intended for it to be permanent Owners with littoral rights enjoyunrestricted use of available waters, but they own the land adjacent to the water only as far as the average high-water mark A tenant farmer built a chicken coop and a tool shed.These buildings belong to the tenant An important characteristic of personal property is that it ismovable Bundle of rights1) Possession2) Control3) Enjoyment4) Exclusion5) Disposition A buyer particularly liked the ornate brass lighting fixtures in a house and immediately made an offer, which the seller accepted. On moving day, the buyer discovered that the

seller had replaced all the ornate brass lighting fixtures with plain steel ones. Which of these is MOST likely a correct assumption ?

Buyer: "Lighting fixtures are normally considered to be real

property"

A farmer has posted a number of "No Trespassing" and "No Hunting" signs on the property. Which "stick" in the bundle of rights gives the farmer this authority?Exclusion