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Chap 1 -Property

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From Real Estate Dynamics book
Ken Elwood
Quiz by Ken Elwood, updated more than 1 year ago
Ken Elwood
Created by Ken Elwood over 7 years ago
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Resource summary

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 these above and below.

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 landowners 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
  • (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) .

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 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.

Question 17

Question
A township contains how many square miles?
Answer
  • 6
  • 16
  • 640
  • 36

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.
  • bench mark.
  • 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
  • 261
  • 6
  • 50
  • 320

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.
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