Unit 2: Real Property and the Law - Multiple Choice Flashcards

Unit 2: Real Property and the Law - Multiple Choice Flashcards

A man particularly liked the ornate brass lighting fixtures in a woman's house and immediately made an offer, which the woman accepted. On moving day, the man discovered that the woman had replaced all the ornate brass lighting fixtures with plain ones. Which of these is MOST likely a

correct assumption?a. Woman: "As long as I replaced them

with something of comparable value, I can take them with

me."b. Man: "Lighting fixtures are normally considered to

be real property."c. Woman: "The lighting fixtures were

personal property when I bought them at the store, so

they're personal property forever."d. Woman: "The lighting

fixtures belong to me because I installed them."

b. Man: "Lighting fixtures are normally considered to be

real property." A property owner's land is located along the banks of a river. This owner's water rights are calleda. littoral rights.b.prior appropriation rights.c. riparian rights.d. hereditaments.

• riparian rights.

The most important economic characteristic of land isa.permanence.b. location.c. uniqueness.d. possession.

• location.

After suffering through a tornado and then flooding from the river, the buildings were gone. The land was still there. This is an example ofa. uniqueness.b. scarcity.c. location.d.indestructability.

• indestructability.

Methods of annexation, adaptation, and agreement are the legal tests for determining whether an item isa. a chattel or an emblement.b. real property or personal property.c. land or real estate.d. fructus naturales or fructus industriales.

• real property or personal property.

All of these are included in the bundle of rights EXCEPTa.possession.b. control.c. exclusion.d. expansion.

• expansion.

According to law, a trade fixture is usually treated asa. a fixture.b. an easement.c. personalty.d. a license.

• personalty.

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

• Exclusion

Real estate generally includes all of the following EXCEPTa. trees.b. air rights.c. annual crops.d. mineral rights.

• annual crops.

Land, mineral, and air rights in the land are included in the definition ofa. attachments.b. real property.c. subsurface rights.d. improvements.

• real property.

Owners with littoral rights enjoya. unrestricted use of available waters, but they own the land adjacent to the

water only up to the average high-water mark.b. the right of disposition.c. unrestricted use of the surface of the earth.d.unrestricted rights to the use of fixtures.

• unrestricted use of available waters, but they own the

land adjacent to the water only up to the average

high-water mark.The term nonhomogeneity refers toa. scarcity.b.immobility.c. uniqueness.d. indestructability.

• uniqueness.

Which of these is an example of an economic characteristic of land?a. Immobilityb. Indestructabilityc. Uniquenessd.Scarcity

• Scarcity

A new owner received the right to use a parking space in the multi-unit building where she purchased a condiminium.This right is an example ofa. an improvement.b. a fixture.c.an appurtenance.d. a chattel.

• an appurtenance.

A tenant farmer built a chicken coop and a tool shed.These buildings belong to thea. tenant.b. owner of real estate.c. owner, but the owner must reimburse the tenant.d. tenant, but the tenant must pay additional rent for them.

• tenant.

A property owner's bundle of legal rights entitles the owner to do all of the following EXCEPTa. sell the property to a neighbor.b. exclude utility meter readers.c. erect No Trespassing signs.d. enjoy profits from its ownership.

• exclude utility meter readers.

Another word for uniqueness isa. scarcity.b.nonhomogeneity.c. fructus industrials.d. immobility.

• nonhomogeneity.

Another term for personal property isa. realty.b. fixtures.c.chattels.d. fructus naturales.

• chattels.

Growing trees, fences, and buildings are all considereda.chattels.b. land.c. fixtures.d. real estate.

• real estate.

The developer added sewer lines and utilities and built two streets. What are these items called?a. Fixturesb.Additionsc. Improvementsd. Permanence of investment

• Improvements

A seller asked a real estate professional to draw up several documents relating to seller financing. Under thes circumstances, the real estate professional shoulda. ask the broker for assistance.b. draw up the documents.c.ignore the instructions.d. refer the seller to an attorney.

• refer the seller to an attorney.

A right or privilege tied to real property, although not necessarily part of the property, is calleda. an emblement.b. a trade fixture.c. an appurtenance.d. a deed.

• an appurtenance.