PROPERTY - Chapter 1

Question 1

Question

Which of the following best describes a parcel of land?

Answer

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.

Question 2

Question

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

Answer

Method of attachment.
Adaptation to the real estate.
Value of the item.
Legal interest of the annexing party.

Question 3

Question

The characteristic that distinguishes personal property from real property is:

Answer

mobility.
scarcity.
durability.
flexibility.

Question 4

Question

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

Answer

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.

Question 5

Question

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

Answer

a trade fixture
an emblement
fructus industriales
a fixture

Question 6

Question

Crops planted and harvested each year are:

Answer

personal property
emblements
fructus industriales
all of the above

Question 7

Question

The most distinctive physical characteristic of land is:

Answer

homogeneity
immobility
situs
improvements

Question 8

Question

All of the following are real property EXCEPT:

Answer

oil below the earth's surface
a concrete driveway
cut timber
air rights

Question 9

Question

The law of capture refers to the:

Answer

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

Question 10

Question

The sum of all factors that affect value is called:

Answer

location
accession
situs
scarcity

Question 11

Question

Ownership of personal property is transferred by:

Answer

deed
chattel deed
bill of sale
sales agreement

Question 12

Question

A landowner's right to use water from a bordering stream or river is called:

Answer

Littoral right
Right of prior appropriation
Riparian right
Correlative right

Question 13

Question

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

Answer

Jones automatically acquires ownership of the fence by accession
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)

Question 14

Question

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:

Answer

scarcity
situs
improvements
location

Question 15

Question

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

Answer

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

Question 16

Question

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?

Answer

Dawson, because he had an implied right of entry
Harris, because the agreement was silent as to the 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

Question 17

Question

A township contains how many square miles?

Answer

Question 18

Question

Which of the following statement about air rights is true?

Answer

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

Question 19

Question

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

Answer

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

Question 20

Question

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:

Answer

lot, block, and tract
recorded plat
government survey
metes and bounds

Question 21

Question

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

Answer

Street addresses, county, and state
Metes and bounds
Rectangular surveys
Recorded plats

Question 22

Question

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

Answer

topographic
benchmark
point of beginning
datum

Question 23

Question

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

Answer

Question 24

Question

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

Answer

110 ft
100 ft
65 ft
464,750 ft

Question 25

Question

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:

Answer

life expectancy
profit margin
net return
economic life

Next up

PROPERTY - Chapter 1

Description

Resource summary

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Question 15

Question 16

Question 17

Question 18

Question 19

Question 20

Question 21

Question 22

Question 23

Question 24

Question 25

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	Created by cfran51821 over 7 years ago