Chapter one

a mile is ____ feet. an acre is _____ square feet an informal reference would consist of ____ numbers and ____ names

5280 43560 street place

a legal land description must a be sufficient to identify the property b carry measurements to the nearest inch c show the area of the land being described d contain informal reference

a

all of the following are considered to be physical characteristics of land EXCEPT a situs b immobility c heterogeneity d. industructibility

a

fructus industriales is another term for a. emblements b easements c appurtenances d. trade fixtures

a

the accumulation of soil on an owners property caused by the movement of water is know as? a. accretion b. riparian c. assemblage d. annexation

a

the characteristics that distinguish person property from real property is a mobility b scarcity c durability d flexability

a

when the action of water causes moves soil away from a property that is referred to as? a. erosion b. accretion c. heterogeneity d. assemblage

a

which contains enough different measurements to provide the most accurate physical description of an irregular shaped parcel of land a metes and bounds b rectangular survey c subdivision lot and block d government survey

a

Which of the following best describes a parcel of land? a. the surface of the earth including control of all minerals and substances beneath b.the surface of the earth extending down to the center and upward to the sky c. the earths surface closely marked by certain boundaries d. the surface of the earth extending down a reasonable distance and up into the air a reasonable distance

b

a real estate license of some kind would be required by each of the following individuals EXCEPT? a. an individual who locates tenants for a property in return for a fee from the landlord b. a homeowner selling his or her personal residence c. an individual who only works with buyers looking to purchase a residence and who is compensated only by those buyers d.an individual who negotiates options to purchase properties for clients in return for a fee

b

all of the following are true about trade fixtures EXCEPT a. they are articles of personal property b if affixed to leased premises they belong to the landlord c they are necessary parts of a tenants trade or business d. they do not usually include replacement fixtures

b

all of the following items are personal property EXCEPT? a. trade fixtures b. a privacy fence c. patio furniture d. portable dishwasher

b

an adequate metes and bounds description will have all the following EXCEPT a definite point of beginning b four sides c closure d linear measurements and compass directions

b

an associate broker who sells a house for a client is paid commission by the? a. employing client only b. broker only c. customer d. either by the client or the broker

b

real property is changed into personal property by a the right of appropriation b severance c law of capture d fructus naturales

b

the actual amount of money paid for a particular parcel of real estate is said to be that property? a value b price c market value d settlement value

b

two real estate developers are working on similar but competing commercial developments. both projects are finished at approximately the same time and are of similar quality and purpose. which of the following would most likely characterize the reasons that one succeeds while the other fails? a. supply and demand b. situs c. plottage value d. nonhomogeneity

b

which of the following best describes a parcel of land? a. the surface of the earth including control of all minerals and substances beneath b. the surface of the earth extending down to the center and upward to infinity c the earths surface closely marked by certain boundaries d the surface of the earth extending up into a reasonable distance and up into the air a reasonable distance

b

a real estate developer who plans to build a large industrial park must buy property from three different owners before he can proceed with the development plans. this would be considered? a. the development stage of planning b. plottage value c. assemblage d. contiguous combination

c

all property other than real property is know as? a. fixtures b. appurtenances c. chattel d. easements

c

all property other than real property is/are a fixtures b appurtenances c chattel d easements

c

economic controls on the economic in general are enacted by a the federal government only b state government only c both federal and state governments d neither federal nor state government

c

in determining whether an item is a fixture, which of the following would NOT be considered? a. method of attachment b. adaptation to the real estate c. value of the item d. legal interest of the annexing party

c

land located in a rural area of an eastern state would most likely be described by a government rectangular survey b lot block and subdivision c metes and bounds d reference to other documents

c

which of the following is NOT an improvement of land? a. manner of attachment b. an agreement between the parties c. time of attachment d.manner of adaptation

c

a bill of sale would be used instead of a deed for all EXCEPT which of the following a. boat b. car c. motorcycle d. real estate

d

all of the following are appurtenances EXCEPT a riparian rights b a garage c an apple orchard d trade fixtures

d

all of the following are considered to be economic characteristics of land EXCEPT? a. assemblage b. scarcity c. production d. improvements

d

one acre contains a 5280 square feet b 435960 feet squared c 108.708 feet d 43560 square feet

d

the purpose of a state real estate regulatory board is to protect? a the real estate industry b. home sellers c. home buyers d the general public

d

which of the following is not recognized as personal property? a. lease b mortgage that secures personal property c cattle and horses d replacement fixtures

d

which of the following terms does not refer to a land description method adopted because of western expansion? a government survey system b geodetic survey system c rectangular survey method d subdivision plat method

d

the free enterprise system is an _____ system that operates to _____ and ____ goods and ____ by the free application of the four factors of production ______ _____ _________ and _______ activity and ability

economic produce distribute services land labor capital investment entrepreneurial

t/f? an assessors parcel number is an adequate legal description

false

t/f? an increase in value resulting from plottage is know as assemblage value.

false

t/f? combining two or more contiguous parcels of real estate into a single parcel is know as plottage

false

t/f? in an ideal market the forces of supply and demand are always chaotic

false

t/f? land cannot be legally described by referring to other publicly recorded documents

false

t/f? littoral rights is a term referring to all water rights

false

t/f? our free enterprise system is free from government economic controls

false

t/f? personal property is immovable

false

t/f? realtors determine the price of land

false

t/f? surface rights consist of only the right to control occupy and use the surface area of a parcel of real estate?

false

t/f? the real estate market is just like the market for any other commodity

false

t/f? there will always be plenty of land for everyone who wants to buy some.

false

t/f? trade fixtures may not be removed from leased premises once they are affixed

false

growing crops are know as ______ they are ______ property even before harvest. a landlord cannot _______ a lease without giving the farmer the right to ______ the land and _____ his crops

fructus industriales, personal, terminate, re-enter, harvest

the economic characteristics of land are

scarcity area preference permanency of improvements production assemblage

real property consists of?

surface rights subsurface rights air rights water rights improvement miner rights fixtures appurtenances interest benefit ownership rights

t/f? a bill of sale is to personal property as a deed is to real property

true

t/f? a datum is used to describe both air and subsurface rights

true

t/f? an informal reference is adequate for use in a rental agreement

true

t/f? because investments in real estate tend to be long-term the real estate market is slow to respond to changes in demand

true

t/f? both the parcel of land beneath the air lot and the elevation of the air lot are described for air lots

true

t/f? fixtures are always real property

true

t/f? in order to enhance the value of a piece of property a reasonable relationship must exist between a particular parcel of real estate and the character of the improvement

true

t/f? price is the amount paid for a parcel of real estate in an actual transaction

true

t/f? stocks bonds notes and mortgages are personal property

true

t/f? the government survey method is used in the majority of states in the united states

true

t/f? trade fixtures do not include replacement fixtures

true

t/f? under the prior appropriation system of water rights someone may be able to divert water for his or her own use even if it is not fair to other owners?

true

t/f? when pricing is allowed to react to the principles of supply and demand the free enterprise system determines what will be produced?

true