unit 2 Real Property & The Law Quiz

fixture

A ________ is personal property that has been so attached to land or a building that, by law, it becomes part of the real property. Examples are heated systems, elevator equipment in high-rise buildings, radiators, kitchen cabinets, light fixtures, and plumbing. fixture improvements trade fixture emblements

Area preference

A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called? physical deterioration. Area preference. permanence of investments. immobility.

Subsurface rights

A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave us which of the following? Air rights. Surface rights Subsurface rights Occupancy rights.

broker

A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental or purchase of a property is known as a(n) sales affiliate broker property manager appraiser

none of the identified items

A licensee showed an owner-occupied property that had window screens, custom venetian blinds, and a wall bed to a buyer whose offer was then accepted by the owner. Before the close of escrow, the seller may remove all of the identified items because they are trade fixtures only the venetian blinds as personal property none of the identified items

The daughter inherits the property as is.

A man inherited a piece of vacant land, removed and sold all the topsoil, limestone, and gravel. At his death, he left the property to his daughter. In what shape does she inherit the property? which is TRUE? The daughter inherits nothing because the property no longer exists. The daughter inherits the property as is. The daughter owns the gravel, limestone, and topsoil, no matter where it is. The man's estate must restore the property to its original condition.

The company's actions constitutes improvement of property

A paint company purchases a large tract of scenic forest land and builds several tin shacks there to store used turpentine and other items. Which statement is true? The company's actions constitutes improvement of property. The chemicals are considered appurtenances. The time shacks are considered trade fixtures. Altering the property in order to store waste is not included in the bundle of legal.

Doctrine of prior appropriation

A property owner wants to use water from a river that runs through the property to irrigate a potato field. To do so, the owner is required by state law to submit an application to the department of water resources describing in detail the plan for beneficial use of the water. If the department arrives the owner's application, it will issue a permit allowing a limited amount of river water to be diverted onto the property. Based on these facts, it can be assumed that this property owner's state relies on which rule of law? Riparian rights Littoral rights Doctrine of prior appropriation Doctrine go highest and best use

exclude utility meter readers

A property owner's bundle of legal rights entitles the owner to do all of the following except? sell the property to a neighbor. exclude utility meter readers erect No Trespassing signs. enjoy profits from its ownership.

riparian rights

A property owner's land is located along the banks of a river. This owner's water rights are called? littoral rights. prior appropriation rights. riparian rights hereditaments

home inspector

A real estate professional who performs a visual survey of a property for a purchaser or an owner is acting as educator appraiser property manager home inspector

trade fixture

A special category of fixtures includes property used in the course of business. An article owned by a tenant, attached to a rented space or building, and used in conducting a business is a ___________, or a chattel fixture. Some examples are hydraulic lifts in an auto repair shop, lanes and pin-setting equipment in a bowling alley, and dining booths in a restaurant. trade fixture area preferance surface rights subsurface rights

Personal Property

A truckload of lumber has been left in the driveway for use in building a porch. The lumber is considered? real property. Personal Property a chattel that is real property. a trade or chattel fixture.

The shelves and tables are trade fixtures and may property be removed by the woman before her lease expires, and the tenant would be responsible for any damage their removal caused to the premises.

A women rents space in a commercial building where she operates a bookstore. In the bookstore, she has installed large reading tables fastened to the walls and bookshelves that create aisles from the front of the store to the back. These shelves are bolted to both the ceiling and the floor. Which of the following BEST characterizes the contents of the bookstore? The shelves and tables are trade fixtures and will transfer when the property owner sells the building. The shelves and tables are trade fixtures and may property be removed by the woman before her lease expires, and the tenant would be responsible for any damage their removal caused to the premises. Because the woman is a tenant, the shelves and tables are fixtures and may not be removed except with the building owner's permission. Because the shelves and tables are attached to the building, they are treated the same as other fixtures.

severance

AN item of real property can become personal property by _________, which is the act of separating it from the land. For example, a growing tree is part of the land until the owner cuts it down, literally severing it from the property. Similarly, an apple becomes personal property once it is picked from a tree. severance real property area preferance real estate

Personalty

According to law, a trade fixture is usually treated as a fixture. an easement. Personalty. a license.

personalty

According to law, a trade fixture is usually treated as a fixture an easement personalty a license

the price of a parcel of real estate

All of the following affect how quickly the forces of supply and demand work EXCEPT the uniqueness of a parcel of real estate the immobility of a parcel of real estate the price of a parcel of real estate the local nature of real estate markets

Developmental

All of the following are categories of the uses of real property EXCEPT residential Developmental agricultural industrial

exclude the utilities meter reader

All of the following are included in the right to control one's property EXCEPT the right to sell the property to a neighbor exclude the utilities meter reader erect "no trespassing" signs enjoy profits from its ownership

scarcity

All of the following are physical characteristics of land EXCEPT indestructibility uniquiness immobility scarcity

fiscal policy

All of the following would affect demand EXCEPT population demographics wage levels fiscal policy

population

All of the following would affect supply EXCEPT population construction costs governmental controls the labor force

Area preferance

Also known as situs ('place"), ___________ is commonly referred to as "location, location, location." This economic characteristic refers not only to geography but also to the preference for a specific area. Area preferance chattel emblements erosion

improvement

An _________ to land can be any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping. accession manufactured housing real estate improvement

appurtenance

An __________ (something that is transferred with or "runs with" the land) is a right or privilege associated with the property, although not necessarily a physical part of it. appurtenance annexation accession accretion

crops

An important characteristic of land is that it may be notified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. All of the following are considered to be improvements EXCEPT sewers crops buildings roads

Chattels

Another term for personal property is realty. fixtures. Chattels. fructose naturales.

riparian rights

Common-law rights granted to owners of land along the course of a river, stream or similar flowing body water are called __________. water rights littoral rights riparian rights air rights

demographics

Detailed information about the age, education, behavior, and other characteristics of members of a population group is called population demographics family lifestyles households

treated as real property

Figures are treated as real property considered to be chattels removable by a tenant before the expiration of the lease removable by a tenant after the expiration of the lease

The cost of the item when is was purchased.

In determining whether an item is real or personal property, a court would not consider which of the following? The cost of the item when is was purchased. Whether its removal would cause severe damage to the real estate to the real estate Whether the item is clearly adapted to the real estate Any relevant agreement of the parties in their contract of sale Any relevant agreement of the parties in their contract of sale.

prior appropriation

In states where water is scarce, ownership and use of water are often determined by the doctrine of __________. Under this doctrine , the right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water. personal property severance situs prior appropriation

annexation

It is also possible to change personal property into real property through the process known as __________. For example, if a landowner buys cement, stones, and sand and mixes them into concrete to construct a sidewalk across the land, the landowner has converted personal property (cement, stones,and sand) into real property (a sidewalk). annexation accession accretion appurtenance

chattel

Items of personal property, also called _______, include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts. bundle of rights subsurface rights surface rights chattel

A fixture or personal property

Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is? A trade fixture or personal property. real property or real estate. A fixture or personal property an improvement.

surface rights

Ownership rights in a parcel of real estate that are limited to the surface of the earth are called ___________. trade fixture area preference subsurance rights surface rights

appurtenances

Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as ______________ covenants. emblements. chattels. appurtenances

Annual Crops

Real estate generally includes all the following Except? trees air rights Annual crops mineral rights

Accretion

The amount of land an individual owns may be affected by the natural action of water. An owner is entitled to all land created through ________-increases in the land resulting from the deposit of soil by the water's actions. Accretion appurtenance emblements accession

annexation

The owner of real estate wanted a dog. He needed to build a fence. When the fense is erected, the materials are converted into real estate by severance annexation immobility indestructibility

the definition of real property

The phrase "bundle of legal rights" is property included in the definition of real property a legal description real estate transactions leases for less than one year

subsurface rights

The rights to the natural resources below the earth's surface are called ____________. subsurface rights trade fixture area preference surface rights

accession

The tenant is responsible for any damage caused by the removal of a trade fixture. Trade fixtures that are not removed become the real property of the landlord. Acquiring property in this way is known as ________ (this is related to the legal principle of constructive annexation) accretion appurtenance emblements accession

sidewalks

The term improvements, when referring to real estate, would include shrubbery trees sidewalks lawns

uniqueness

The term nonhomogeneity refers to scarcity. immobility. uniqueness. indestructibility.

bundle of legal rights

These rights include the -right to possession -Right to control the property within the framework of the law. -Right of enjoyment -Right of exclusion -Right of disposal(to sell, will, transfer or otherwise dispose) improvements real property real estate bundle of legal rights

emblements

Trees and crops generally fall into one of two classes: (1) Trees, perennial shrubbery, and grasses that do not require annual cultivation are known as fructose naturals. These items are considered real estate. (2) Annually cultivated crops such as fruit, vegetables, and grain are known as emblements, or fructose industrials, an are generally considered personal property. fixture prior appropriation severance emblements

nonhomogeneity

Uniqueness, which is also known as ____________, is the concept that no two parcels of property are exactly the same or in the same location. The characteristics of each property, no matter how small, differ from those of every other, and each property has its own geographic coordinates. An individual parcel has no substitute because each is unique. nonhomogeneity personal property manufacturing housing severance

The price tends to fall

When demand for a commodity decreases and supply remains the same, Price tends to rise The price tends to fall price is not affected the market becomes stagnant

property manager

When responsibility for maintaining a client's property and maximizing return on the client's investment, a broker is serving as a(n) rental agent building maintenance specialist property manager investment counselor

price tends to rise

When the supply of a commodity decreases while demand remains the same price tends to rise price tends to drop demand tends to rise demand tends to drop

Severance

Which of the following describes the act by which real property can be converted into personal property? Severance Accession Conversion Attachment

Size of the item

Which of the following is NOT a test to identify a fixture? Intent of the parties Size of the item method of attachment of the item Adaptation of the item to the real estate

Indestructibility

Which of the following is a physical characteristic of land? Indestructibility Improvements Area preference Scarcity

Patio furniture.

Which of the following is considered personal property? Wood-burning fireplace Awnings Bathtub Patio furniture.

Ceiling fans are usually considered real estate.

While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hug over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. which statement is true? Ceiling fans are usually considered real estate. The ceiling fan belongs to the seller. Ceiling fans are considered trade fixtures Ceiling fans are considered personal property.

land

_____ is defined as the earths surface extending downward to the center of the earth and upward to infinityLand includes naturally attached objects, such as trees, as we as bodies of water found on or under it. land real estate real property area preference

erosion

________ is the gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain and flowing water. Erosion is a slow process. avulsion subsurface rights water rights erosion

air rights

_________ can be an important part of real estate, particularly in large cities, where the air over railroad tracks must be purchased or leased to construct office buildings, such as the MetLife Building (formerly the PanAm Building) in chicago. air rights improvements real property situs

avulsion

_________ is the sudden removal of soil by an act of nature. It is an event that causes the loss of land in a much less subtle manner than erosion. An earthquake or a mudslide, for instance, can cause an individual's landholding to become much smaller very quickly. avulsion accession accretion erosion

water rights

__________ are common-law (historical) or statutory rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership. littoral rights riparian rights personal property water rights

real property

__________ is defined as the interests, benefits, and rights that are automatically included in the ownership of real estate. personal property real property real estate area preference

real estate

___________ is defined as land plus all human-made improvements to the land that are permanently attached (annexed) to it. severance real estate situs prior appriopriation

manufacturing housing

___________ is that which is built specifically to the standards of the department of housing and urban development (HUD), although the term mobile home is still commonly used. nonhomogrneity annexation manufacturing housing subsurface rights

personal property

____________, sometimes called personalty, is all the property that ca be owned and that does not fit the definition of real property. real estate real property personal property emblements

situs or area preference

_____________ is commonly referred to as "location, location, location" This economic characteristic refers not only to geography but also to the preference for a specific area. situs or area preference subsurface rights trade fixture surface rights

littoral rights

closely related to riparian rights are the _____________ of owners whose land borders commercially navigable lakes, seas, and oceans. Owners with these rights enjoy unrestricted use of available waters but own the land adjacent to the water only up to the average high-water mark. erosion littoral rights riparian rights avulsion