vaned real estate - unit 1 : real property + ownership quiz

True or false, a benchmark is a reference point or marker placed by a surveyor and used to establish elevations and altitudes?

-true

True or false, a land description that identifies a parcel using a lot number within a specific block which lies within a specific track is known as lot and block?

-true

True or false, in a vertical land description, the datum is a point, line, or surface from which a vertical height or depth is measured?

-true

Which of the following are methods of describing the location of a parcel of land?

1. Metes and bounds 2. Rectangular survey system 3. Recorded plat 4. Assessor's parcel number CORRECT ANSWER -- All of the above are correct

Determining what is a fixture and what is not a fixture is important when ________ .

1. Property taxes are calculated 2. Real estate is mortgaged 3. A tenant attaches an object to a rented building 4. Hazard insurance is purchased CORRECT ANSWER 5. All of the above

Determining what is a fixture and what is not a fixture is important when __________.

1. Property taxes are calculated 2. Real estate is mortgaged 3. A tenant attaches an object to a rented building 4. Hazard insurance is purchasedCORRECT ANSWER 5. All of the above

Mr. and Mrs. Marvin live in a community property state. Which of the following would most likely be considered their community property?

1. Property that is inherited by either spouse 2. Property conveyed as a gift to either spouse CORRECT ANSWER 3. Property purchased after they were married 4. Property owned by either spouse prior to their marriage

The term "real estate" includes _________.

1. The right to use land 2. Anything affixed to land with the intent of being permanent 3. Rights to the air above the land 4. Rights to subsurface minerals CORRECT ANSWER 5. All of the above

In remodeling their home, the Wades put the items described below in the home. Once in place, all would be fixtures EXCEPT _________.

CORRECT ANSWER 1. An oriental throw rug in the front entry hall 2. The built-in kitchen range 3. The built-in dishwasher. 4. Custom fitted wall-to-wall carpet installed over plywood sub-flooring

Which of the following land description methods identifies a parcel of land by specifying its shape and boundaries?

CORRECT ANSWER 1. Metes and bounds 2. Government survey 3. Recorded plat 4. Assessor's parcel number 5. All of the above

A business entity owned by stockholders who possess shares of stock as evidence of their ownership is a .

S and C corporation

If any unity of joint tenancy is broken, the law will regard the estate as .

a tenancy in common

John and Karen divorce and automatically become tenants in common. What was their previous ownership type?

tenancy by the entirety

Joe Green and his wife Mary own a residence as joint tenants. True or false, when Joe dies, Mary will own the property as a tenant in severalty?

true

John, Tom, and Bill are brothers who own 50 acres of vacant land as tenants-in- common. True or false, if Tom dies, the remaining brothers will hold title as tenants-in-common with whomever inherits Tom's estate?

true

True or false, the concept of "undivided interest" means an individual can own a specified percent of a property, but the exact location or part of the property is not defined?

true

Scott, Garrett, and Rose own a parcel and are in disagreement about how to proceed. Rose decides to sell her share to Neal. Which of the following is likely TRUE?

The type of ownership was and continues to be a Tenancy in Common.

as a part of the transaction, your buyer requests that the seller include the 3- wheeler and a golf cart with the sale. As a part of the request, the buyer also includes the parking shed they are currently housed in as well. The shed sits on a cement slab, but it is not affixed with tie-downs. Which of the following is NOT correct, given these terms?

-1. The two vehicles can be transferred with a bill of sale. 2. The shed is an improvement. 3. The shed is an attachment.CORRECT ANSWER 4. All three items will be transferred via a bill of sale.

_______ describes the rights, privileges, and improvements that go with a transfer of the land even though they may not be part of the land.

-Appurtenant

Which of the following land description methods identifies a parcel of land by specifying its shape and boundaries?

-Metes and bounds

movable property, also known as chattels, is ___________.

-Personal property

The term "point of beginning" refers to _________.

-The first corner of the parcel to be surveyed

The most important test of whether an item is a fixture or not is _____________ .

-attachment

your next door neighbor states that you can remove some of his wonderful garden dirt to be used in your garden. the garden dirt _________

-becomes personal property when you put it in the wheelbarrow and becomes real property when you dump it into your garden

A _________ is a document used to transfer personal property.

-bill of sale

_________ is an example of adaptation.

-custom window shades

Which of the following are NOT classified as real property?

-emblements

A monument (landmark), is always a large artificial or stable structure, and not rocks, trees or streams, that are recorded by surveyors to locate property.

-false

True or false, the physical street address is the best way to describe where property is located?

-false

Pat and Paige own property together and neither may sell without consent of the other. This is an example of .

-tenancy by the entirety

A parcel that consists of 36 one-square-mile units is called a _________.

-township

Teddy and Everett buy a property from Dawn, and each receives one-half (1/2) undivided interest. Teddy buys his on March 17, and Everett buys his on March 18. Why are they NOT joint tenants?

In order to be joint tenants, they must acquire their interest at the same time.

A married person can hold as separate property

Property bought by that person before marriage, and property inherited by that person after marriage.

The term "land" includes _______.

Surface rights 2. Subsurface rights 3. Air rights CORRECT ANSWER 4. All of the choices above are included in the term "land".

Community property laws are based on________

The idea that spouses are equal partners in the marriage

Joint tenants must acquire their interests in jointly held property

at the same time, from the same source, and in the same instrument

Able, Baker, and Charles are going to purchase an investment property as co- owners and will take title as joint tenants. Which of the following statements is INCORRECT?

each will receive a separate deed for his share

James and Julie Smith own property as tenancy by the entirety. True or false, when Julie dies, she can leave her share to children from a previous marriage?

false

Corporations cannot be part of a joint tenancy—this is due to the fact that in theory, a corporation never dies.

joint tenancy

Surviving joint tenants absorb the deceased members interest in which type of ownership?

joint tenancy

Which must be specifically stated in the deed to be in effect?

joint tenancy