Chapter 1 Attempt 2

Land moves by:

Accretion Erosion C. Both A & B None of the above because land is immobile

Mrs. Franklin is buying property from Mr. Akin. In order to get to her property, it is necessary to cross property owned by Mr. Travis. In the past, Mr. Travis had granted permission to Mr. Akin for this purpose. Mrs. Franklin wants to protect this privilege. What would best serve Mrs. Franklin's interests?

An appurtenant easement

Real property can be changed into personal property:

By severance

A person has fee simple ownership of a unit in a multi-story building. She is also required to pay property taxes on that unit. Which type of common interest ownership could the owner have?

Condominium ownership

A woman owns an apartment building that is losing money. Her accountant tells her that she could make a profit if she sells the apartment units as condominiums. Which document must she record or provide?

Cono Instruments PUD POS D. Both A & C

If a man is considered a "proprietary tenant," he is most likely owns interest in which of the following types of property?

Cooperative apartment

If a married couple own property as tenants-in-common, which of the following statements is true?

Either may dispose of their own interest without approval of the other

What would most likely to be included in the sale of real property?

Enjoyment

The original owner of a condominium unit holds which of the following interests?

Fee simple absolute in the unit

Mrs. Heckler bought a unit in a condominium apartment complex directly from the developer. She most likely received a:

Fee simple absolute interest in her unit

Which property description was used to facilitate western expansion in the US?

Government Survey Rectangular Metes and bounds D. Either A or B

Harry Homeowner takes pride in his property and keeps it well maintained (inside and outside of the home). However, Harry's neighbors are not so conscientious. What concept best explains why Harry's home is losing value?

Immobility

To have any legal affect, plats drawn from the lot, block, and subdivision method must:

Include a plat established by survey Be pre-approved by the county or city before recordation Be Recorded D. All of the Above

A prospective buyer wants the seller to include an ornate flagpole attached to the front porch of the house. What should the agent do to best ensure the flagpole conveys?

Include the flag pole in the offer to purchase

All of the following statements are true about land, except:

Land may be depreciated

How can the extent of an encroachment always be discovered?

Land survey

According to the text, which of the following is the most important element of a deed?

Legally accurate property description

The land description that uses a recorded subdivision plat is the:

Lot and block system

What would most accurately describe an irregularly-shaped parcel of land?

Metes and bounds

Boundary markers of land (natural or man-made) are best known as:

Monuments

A property has three owners. These parties own 10%, 20%, and 70% interest, respectively. What type of ownership do they have?

Tenancy in common

A group intends to buy real property jointly, as follows: Person A contributes $11,000; Person B, $10,000; Person C, $5,000; and Person D, $6,000. Each desires to protect their heirs' share of the property. How could they take title?

Tenancy-in-Common

Of the terms listed below, which do NOT fit together?

Testate --- Escheat

Harry hired a contractor to paint the interior and exterior of his rental property. Harry did not pay, and the contractor filed a mechanics lien. Which of the following statements is true regarding the lien?

The lien only applies to Harry's rental property

A property management contract is between the property manager and:

The owner of the property

One house in a large neighborhood stands out because, compared to the others, it is not well maintained. Which concept best explains this single home's impact on the surrounding community?

The poorly maintained home value may rise due to immobility

Assemblage most often occurs where:

The whole is more valuable than the parts

Sally and James were searching for a new home when their agent came across one they loved! The agent told them that in her research about the home she found a notice of Lis Pendens attached to the property. What is the agent telling them about the property?

There is an action pending and a possible future lien

A form of ownership where possession is divided into fixed, variable, or rotating time periods is known as:

Time Share