Ken Elwood
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From Real Estate Dynamics book

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Ken Elwood
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Chap 1 -Property

Chap 1 -Property

Question 1 of 25

1

Which of the following best describes a parcel of land?

Select one of the following:

  • The surface of the earth includes all things permanently attached
    and the control of all minerals and substances beneath.

  • The surface of the earth extending down to the center and upward to
    infinity.

  • The earth's surface clearly marked by certain boundaries.

  • The surface of the earth extending down a reasonable distance and
    up into the air a reasonable distance.

Explanation

Question 2 of 25

1

In determining whether an item is a fixture, which of the following
would not be considered?

Select one of the following:

  • Method of attachment.

  • Adaptation to the real estate.

  • Value of the item.

  • Legal interest of the annexing party.

Explanation

Question 3 of 25

1

The characteristic that distinguishes personal property from real
property is:

Select one of the following:

  • mobility.

  • scarcity.

  • durability.

  • flexibility.

Explanation

Question 4 of 25

1

When used in a deed or other real estate document, a legal
description describes only the land because:

Select one of the following:

  • a bill of sale is used to convey title to the buildings and other
    improvements.

  • artificial attachments, such as buildings, cannot be adequately
    surveyed.

  • buildings and other improvements are considered to be part of the
    real estate.

  • a street address is used to identify the buildings and improvements.

Explanation

Question 5 of 25

1

An item that was personal property but has been attached to and
become part of the real property is known as:

Select one of the following:

  • a trade fixture .

  • an emblement.

  • fructus industriales.

  • a fixture.

Explanation

Question 6 of 25

1

Crops planted and harvested each year are:

Select one of the following:

  • personal property.

  • emblements.

  • fructus industriales.

  • all of these above and below.

Explanation

Question 7 of 25

1

The most distinctive physical characteristic of land is:

Select one of the following:

  • homogeneity.

  • immobility.

  • situs.

  • improvements.

Explanation

Question 8 of 25

1

All of the following are real property EXCEPT:

Select one of the following:

  • oil below the earth's surface.

  • a concrete driveway.

  • cut timber.

  • air rights.

Explanation

Question 9 of 25

1

The law of capture refers to the:

Select one of the following:

  • process of removing oil and gas from the land.

  • government's right of eminent domain.

  • landowner's right to keep trade fixtures if not removed.

  • responsibility of lateral support while removing solid minerals.

Explanation

Question 10 of 25

1

The sum of all factors that affect value is called:

Select one of the following:

  • location.

  • accession.

  • situs.

  • scarcity.

Explanation

Question 11 of 25

1

Ownership of personal property is transferred by:

Select one of the following:

  • deed.

  • chattel deed.

  • bill of sale.

  • sales agreement.

Explanation

Question 12 of 25

1

A landowners right to use water from a bordering stream or river is
called:

Select one of the following:

  • Littoral right.

  • Right of prior appropriation.

  • Riparian right.

  • Correlative right.

Explanation

Question 13 of 25

1

If Smith builds a fence on Jones' land by mistake, in good faith, and
thinking the fence is on Smith's land, then:

Select one of the following:

  • (A) - Jones automatically acquires ownership of the fence by accession.

  • (B) - Jones may sell the fence and keep the proceeds.

  • Jones may require Smith to remove the fence and/or pay damages.

  • both (A) and (B) .

Explanation

Question 14 of 25

1

The fact that an acre of land in a rural area cannot fulfill as
many needs as an acre of urban land describes the economic
characteristic of:

Select one of the following:

  • scarcity.

  • situs.

  • improvements.

  • location.

Explanation

Question 15 of 25

1

All of the following are true about a trade fixture EXCEPT:

Select one of the following:

  • it is personal property.

  • it is chattel real.

  • it may be removed only after the lease expires.

  • it belongs to the property owner if not removed in a timely manner.

Explanation

Question 16 of 25

1

Dawson sold his 500 acre farm to Harris, but reserved the right to
drill for oil. Later, when Dawson arrives with oil drilling equipment,
he is denied the right of access to the land. Which party has
correctly interpreted the agreement?

Select one of the following:

  • Dawson, because he has an implied right of entry.

  • Harris, because the agreement was silent as to t he right of entry.

  • Dawson, but he must pay Harris a reasonable fee for the right of
    access and reimburse him for any damages caused by the drilling
    operation.

  • Harris, but he may be liable if his denial was unreasonable.

Explanation

Question 17 of 25

1

A township contains how many square miles?

Select one of the following:

  • 6

  • 16

  • 640

  • 36

Explanation

Question 18 of 25

1

Which of the following statement about air rights is true?

Select one of the following:

  • Air rights can be leased but not sold unless the entire parcel is being
    sold.

  • The owner can sell the air rights and still retain the surface and
    subsurface rights .

  • Government controls such as zoning have no effect on air rights.

  • Structures are rarely erected on air lots.

Explanation

Question 19 of 25

1

A custom-made storm window would most likely be considered a
fixture because of:

Select one of the following:

  • its adaptation to the building to which it is attached.

  • the method of attachment.

  • the annexing party's intent to make it permanent.

  • the annexing party's interest in the real property.

Explanation

Question 20 of 25

1

The method of land description which identifies a parcel by
specifying its boundary lines along with the terminal points and the
bearing of each side is known as:

Select one of the following:

  • lot, block, and tract.

  • recorded plat.

  • government survey.

  • metes and bounds.

Explanation

Question 21 of 25

1

Which of the following is NOT an acceptable method of legally
describing a parcel of real estate?

Select one of the following:

  • Street addresses, county, and state.

  • Metes and bounds.

  • Rectangular surveys.

  • Recorded plats.

Explanation

Question 22 of 25

1

A base point from which height or depth can be measured to
describe air rights or subsurface rights is a:

Select one of the following:

  • topographic.

  • bench mark.

  • point of beginning.

  • datum.

Explanation

Question 23 of 25

1

Approximately how many acres are there in a farm that measures
470 feet along the road and 556 feet in depth?

Select one of the following:

  • 261

  • 6

  • 50

  • 320

Explanation

Question 24 of 25

1

If Mr. Shern's lot has 65 front feet and contains 7,150 square feet,
how deep is it?

Select one of the following:

  • 110 ft.

  • 100 ft.

  • 65 ft

  • 464,750 ft

Explanation

Question 25 of 25

1

Real estate investors are not generally interested in how long
buildings will last, but in how long they will be profitable. This
characteristic is called:

Select one of the following:

  • life expectancy.

  • profit margin.

  • net return.

  • economic life.

Explanation

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