Ryan Fryer
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300 Real Estate Quiz on Chapter 1, created by Ryan Fryer on 14/09/2015.

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Ryan Fryer
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Chapter 1

Question 1 of 20

1

Which phrase best defines real estate?

Select one of the following:

  • land and the air above it

  • Land and all things permanently attached by nature

  • Land and all things permanently affixed to it

  • land and the mineral rights in the land

Explanation

Question 2 of 20

1

The term nonhomogeneity refers to

Select one of the following:

  • scarcity

  • immobility

  • uniqueness

  • indestructibility

Explanation

Question 3 of 20

1

The bundle of legal rights is included in the definition of

Select one of the following:

  • land

  • real estate

  • real property

  • trade fixture

Explanation

Question 4 of 20

1

The bundle of legal rights includes all of the following rights except

Select one of the following:

  • possess the property

  • enjoy the property within the framework of the law

  • sell or otherwise convey the property

  • use the property for any purpose

Explanation

Question 5 of 20

1

All of the following would be considered real estate except

Select one of the following:

  • fences

  • buildings

  • growing trees

  • farm equipment

Explanation

Question 6 of 20

1

Which of the following would not be a consideration when determining whether an item is real property?

Select one of the following:

  • Cost of the item when purchased

  • Method of its attachment to other real property

  • Intended use of the item by its owner

  • Manner in which the item is actually used with other real property

Explanation

Question 7 of 20

1

Which of the following is a physical characteristic of real estate

Select one of the following:

  • Indestructibility

  • Permanence of investment

  • Location or area preference

  • Scarcity

Explanation

Question 8 of 20

1

Real property can be converted into personal property through

Select one of the following:

  • severence

  • accession

  • conversion

  • inference

Explanation

Question 9 of 20

1

The tenant of a single family home installs an awning over the buildings front windows to keep the sun away from some delicate hanging plans. Which of the following is true?

Select one of the following:

  • The tenant must remove the awning before the rental period is over

  • Because of its nature, the awning is considered personal property

  • The awning is considered a fixture

  • Because of the nature of the property, the awning is considered a trade fixture

Explanation

Question 10 of 20

1

A property owner sells the rights to minerals located in the ground to an exploration company. After selling the mineral rights, the owner no longer owns which of the following?

Select one of the following:

  • Air rights

  • Surface rights

  • Subsurface rights

  • Air and subsurface rights

Explanation

Question 11 of 20

1

The terms real estate includes natural components of the land as well as

Select one of the following:

  • permanent man-made improvements

  • patents

  • all of the rights conveyed by ownership

  • any trade fixtures

Explanation

Question 12 of 20

1

The term real estate includes natural components of the land as well as

Select one of the following:

  • permanent man-made improvements

  • patents

  • all of the rights conveyed by ownership

  • any trade fixtures

Explanation

Question 13 of 20

1

Which term refers to anything that can be owned?

Select one of the following:

  • Chattel

  • Property

  • Underlying Ownership

  • Residuals

Explanation

Question 14 of 20

1

The rights, privileges, and improvements that belong to the land and are conveyed when ownership transfers are

Select one of the following:

  • attachments

  • appurtenances

  • restrictions

  • improvements

Explanation

Question 15 of 20

1

Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the

Select one of the following:

  • coal notice

  • subsidence notice

  • coal support

  • subsistence support

Explanation

Question 16 of 20

1

While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is true?

Select one of the following:

  • Ceiling fans are normally considered to be real estate

  • The ceiling fan belongs to the seller

  • Ceiling fans are considered trade fixtures

  • Ceiling fans are considered personal proptery

Explanation

Question 17 of 20

1

A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?

Select one of the following:

  • Air rights

  • Surface rights

  • Subsurface rights

  • Occupancy rights

Explanation

Question 18 of 20

1

A homeowner is building an enclosed front porch on his home. A truckload of lumber that the homeowner has purchases has been left in the driveway for use in building the porch. At this point, the lumber is considered

Select one of the following:

  • real property because it will be permanently affixed to the existing structure

  • personal property

  • a chattel that is real property

  • a trade or chattel fixture

Explanation

Question 19 of 20

1

Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is

Select one of the following:

  • a trade fixture or personal property

  • real property or real estate

  • a fixture or personal property

  • an improvement

Explanation

Question 20 of 20

1

A buyer is interested in a house that fits most of her needs, but is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called

Select one of the following:

  • physical deterioration

  • area preference

  • permanence of investment

  • immobility

Explanation

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