Unit 2 Quiz

All of the following are fixtures that may not be removed from a property without exclusion in the real estate contract EXCEPT A.) Fireplace tools B.) Rose bushes C.) An installed spa D.) Storm doors

A.) Fireplace tools. Fireplace tools are personal property and would need to be included in the contract to convey All other items are fixtures and will convey without being mentioned in the deed.

A fixture is defined as A.) Personal property attached to real property B.) A lien of record C.) Chattel D.) An encumbrance

A.) Personal property attached to real property Fixtures are personal property that are attached to improvements

The sellers wish to keep their prized rose bushes for transplant to their new property. Which statement is the MOST accurate? A.) The rose bushes are fixtures that the sellers must exclude from the purchase contract B.) Landscaping is considered personal property and is not included with the sale. C.) Sellers are not allowed to exclude any fixtures from the sale D.) Ownership of the fixtures is determined by prior appropriation

A.) The rose bushes are fixtures that the sellers must exclude from the purchase contract Fixtures are appurtenances and will transfer to the new owner unless specifically excluded in the sale contract.

The principle of the doctrine of prior appropriation determines A.) Which user's water rights have priority B.) Who owns the fixtures C.) How personal property is distributed D.) Who has the access to water rights

A.) Which user's water rights have priority The doctrine of prior appropriation determines which user's water rights have priority

Which of the following would ordinarily be considered personal property A.) Drapery Rods B.) Freestanding refrigerator C.) Built in bookcase D.) Ceiling Fan

B.) Freestanding refrigerator Personal property is not permanently attached

Real Estate is defined as the land plus appurtenances. Appurtenances include all of the following EXCEPT A.) Improvements B.) Personal property C.) Rights D.) Fixtures

B.) Personal property Appurtenances are everything that is attached to the land: improvements, rights, interests, and fixtures. By definition, personal property is movable and not attached to the land or improvements.

Which of the following is TRUE about mineral rights? A.) They represent an interest in personal property B.) They often are held by a 3rd party C.) They always belong to the state D.) Liquid minerals are considered personal property.

B.) They often are held by a 3rd party In a sale, if the seller retains the mineral rights and sells them separately from the surface rights, the new buyer who now holds the subsurface mineral rights is called the 3rd party

The opposite of erosion is BEST described as A.) Avulsion B.) Irrigation C.) Accretion D.) Mitigation

C.) Accretion Erosion is the gradual wearing away of land by water or wind. Accretion is the gradual accumulation of land by action of water depositing sediment along a shoreline

A tenant installed shelving as part of her business. At the conclusion of the lease, the tenant A.) May remove the shelving only if she reimburses the landlord B.) Must leave the shelving because it is the landlords property. C.) May remove the shelving and is not required to reimburse the landlord. D.) Must leave the shelving but may demand that the landlord reimburse her.

C.) May remove the shelving and is not required to reimburse the landlord. Shelving is an example of a trade fixture. Trade fixtures are the tenant's personal property and may be removed by the tenant at the conclusion of the lease

A seller and buyer have negotiated an offer back and forth. In the original offer, the buyer asked for the seller's installed hot tub, which the seller had excluded from all marketing, the MLS listing and the listing contract. In the final accepted offer, the hot tub is not mentioned. Who will own the hot tub at closing? A.) The seller because the seller gave notice in the marketing and the MLS listing and the listing broker was aware of the exclusion B.) The buyer because the hot tub is automatically transferred with the property C.) The buyer; the seller would be in breach if the hot tub were to be removed D.) The seller because it was excluded in the listing

C.) The buyer; the seller would be in breach if the hot tub were to be removed The hot tub is a fixture and cannot be removed without the seller being in breach because the seller did not specifically exclude it in the purchase contract

All of the following are true about fixtures except A.) Fixtures typically start as personal property B.) If the seller is going to keep a fixture, it must be excluded in the purchase contract C.) Trade fixtures are treated the same as all other fixtures D.) The intention, attachment, adaption, and agreement are all used to define a fixture.

C.) Trade fixtures are treated the same as all other fixtures Trade fixtures are considered personal property and transferred by a bill of sale

The definition of real estate includes A.) Land B.) Improvements C.) Rights D.) All of the above

D.) All of the above Real estate includes land and appurtenances such as improvements, rights, interests, and fixtures.

All of the following apply to water rights EXCEPT A.) Riparian Rights B.) Littoral Rights C.) Avulsion D.) Appurtenant

D.) Appurtenant Appurtenances may or may not apply to water rights depending on state laws

Which of the following would have to be included in a purchase contract if the owner wanted to convey them to a buyer A.) Drapery rods and built in shelving B.) Dishwasher and garbage disposal in the kitchen C.) Rose bushes and grapevines D.) Custom built freestanding bookcase.

D.) Custom built freestanding bookcase. A freestanding, not attached, bookcase is personal property and would need to be included in the sales contract to convey to a buyer

All of the following are considered fixtures EXCEPT A.) Plumbing B.) Wiring C.) Grapevines D.) Draperies

D.) Draperies Draperies are considered personal property They are not attached

Waterfront property ownership rights generally extend to A.) The center of the lake or river B.) The line of prior appropriation C.) The opposite shoreline D.) The average high water mark

D.) The average high water mark While dependent upon state laws, property ownership rights generally end at the average high water mark