Unit 2 - Real Property

Indicate whether each right is included in the "Rights of Ownership" held by a property owner. Right of Control a. Right of Ownership b. Not a right of Ownership

a. Right of Ownership

Indicate whether each factor is an economical or physical characteristic of land. Improvements a. Economic Characteristic b. Physical Characteristic

a. Economic Characteristic

Indicate whether each factor is an economical or physical characteristic of land. Permanence of investment a. Economic Characteristic b. Physical Characteristic

a. Economic Characteristic

Indicate whether each factor is an economical or physical characteristic of land. Scarcity a. Economic Characteristic b. Physical Characteristic

a. Economic Characteristic

Indicate whether each of the following is a legal test of a fixture Adaption to Real Estate a. Legal test b. Not a legal test

a. Legal test

Indicate whether each of the following is a legal test of a fixture Method of Attachment a. Legal test b. Not a legal test

a. Legal test

Indicate whether each right is included in the "Rights of Ownership" held by a property owner. Right of Possession a. Right of Ownership b. Not a right of Ownership

a. Right of Ownership

Indicate whether each right is included in the "Rights of Ownership" held by a property owner. Right of enjoyment a. Right of Ownership b. Not a right of Ownership

a. Right of Ownership

Indicate whether each right is included in the "Rights of Ownership" held by a property owner. Right of Disposition a. Right of ownership b. Not right of ownership

a. Right of ownership

A person buys a parcel of natural forest. The person then immediately cuts down all the trees and constructs a large shed out of the old sheets of rusted steel for storing varnish and industrial waste products. Which of these statements is TRUE about the rusty shed? a. The owner's action constitutes improvement of the property b. The shed is personal property c. If the owner is in the business of storing toxic substances, the shed is a trade fixture d. Altering the property in order to construct a shed is not included in the bundle of legal rights

a. The owner's action constitutes improvement of the property

One difference between real property and personal property is that real property includes a. land and all things permanently attached while personal property includes property that is moveable b. land and the rights and interests inherent in the ownership of the land, while personal property includes only air and mineral rights c. the trees and air rights, while personal property includes the contents of the property d. annual crops, while personal property includes mineral rights and trees

a. land and all things permanently attached while personal property includes property that is moveable

The phrase "bundle of legal rights" is included in a. the definition of real property b. the legal description c. contracts d. the definitions of personal property

a. the definition of real property

An owner decides to sell her house and takes the expensive front door with her when she moves. Assuming the contract doesn't address this issue, is this action by the seller legal? a. Yes, and the act is called accession b. No, the act of severance is not allowed here because the door is a fixture c. No, this is conversion and theft d. Yes, and the act is called separation

b. No, the act of severance is not allowed here because the door is a fixture

Indicate whether each of the following is a legal test of a fixture Type of Construction a. Legal test b. Not a legal test

b. Not a legal test

Indicate whether each of the following is a legal test of a fixture Visibility of Fixture a. Legal test b. Not a legal test

b. Not a legal test

Indicate whether each right is included in the "Rights of Ownership" held by a property owner. Right of Collusion a. Right of Ownership b. Not a right of Ownership

b. Not a right of Ownership

Indicate whether each right is included in the "Rights of Ownership" held by a property owner. Right of Construction a. Right of Ownership b. Not a right of Ownership

b. Not a right of Ownership

Indicate whether each factor is an economical or physical characteristic of land. Immobility a. Economic Characteristic b. Physical Characteristic

b. Physical Characteristic

Indicate whether each factor is an economical or physical characteristic of land. Indestructibility a. Economic Characteristic b. Physical Characteristic

b. Physical Characteristic

Indicate whether each factor is an economical or physical characteristic of land. Uniqueness a. Economic Characteristic b. Physical Characteristic

b. Physical Characteristic

All of these rights are included in the right to control one's property EXCEPT a. sell the property to a neighbor b. exclude utility meter readers c. erect "No Trespassing" signs d. enjoy profits from its ownership

b. exclude utility meter readers

Which of these is considered the MOST important characteristic of land? a. Improvements b. Permanence c. Location d. Structure

c. Location

Intent of the parties, method of attachment, and agreement between the parties are the legal tests for determining whether an item is a. a trade fixture or personal property b. real property or personal property c. a fixture or personal property d. an improvement or fixture

c. a fixture or personal property

When an owner of real estate sells property to someone else, he is exercising which of these legal rights? a. Power of Attorney b. Legal Enjoyment c. Control d. Disposition

d. Disposition

Which of these BEST describes the economic characteristics of real estate? a. Location, uniqueness, and indestructability b. Scarcity, immobility, and improvements c. Attachment, location , and improvements d. Scarcity, improvements, and location

d. Scarcity, improvements, and location

Parking spaces in multiunit buildings, water rights, and other improvements are classified as a. trade fixtures b. emblements c. subsurface rights d. appurtenances

d. appurtenances