Chapter 1

The planet Jupiter is not property because

-No one owns it

Who are the primary regulatory entities of the real estate business?

-State gov'ts

How many classifications of property does our legal system recognize? a) 1 b) 2 c) 3 d) 4

2

States have the power to levy real estate taxes but generally pass this power to....

LOCAL GOV'T

Plants and crops that grow naturally, without requiring anyone's labor or machinery, are considered...

REAL PROPERTY

A township is a square with how many miles on each side? a) 2 b) 6 c) 4 d) 3

b) 6

What term describes a personal property item that has been converted to real property by attachment to real estate? a) feature b) fixture c) component d) fitment

b) fixture

What type of survey is a boundary survey with the additional location of all the interior improvements? a) topographic survey b) location survey c) site planning survey d) Construction Survey

b) location survey

What did the federal government develop to simplify and standardize property descriptions as a replacement for the cumbersome and often inaccurate metes and bounds method? a) lot and block method b) rectangular survey system c) recorded plat method d) public survey system

b) rectangular survey system

Who establishes protective usage restrictions and guidelines for dealing with hazardous materials and other environmental concerns? a) HUD b)Environmental Protection Agency c) FTC d) Consumer Protection Commission

b)Environmental Protection Agency

What describes real estate and the bundle of rights associated with owning the real estate? a) personal estate b) community property c) personal property d) Real Property

d) Real Property

What gives property owners the legal right to keep others off the property and to prosecute trespassers? a) right to encumber b) right to transfer c) littoral rights d) right to exclude

d) right to exclude

What type of survey includes a topographic survey of a parcel of land which will be divided into two or more smaller tracts, lots or estate divisions? a) location survey b) construction survey c) site survey d) subdivision survey

d) subdivision survey

The metes and bounds description always identifies an enclosed area by starting at an origination point called a) point of beginning b) base point c) commencement source d) conception

a) point of beginning

Renter Mary opened an ice cream shop and moved in three reach-in freezer boxes. These boxes would be classified as a) trade fixtures b) real property c) fixed property d) assigned property

a) trade fixtures

Lenders typically require a survey that is dated within how many months of the closing date? a) 12 months b) 6 months c) 18 months d) 24 months

b) 6 months

What type of survey is very detailed and often required by lending institutions and is strictly geared towards companies purchasing commercial properties? a) location survey b) ALTA/ACSM Survey c) Construction Survey d) GPS Survey

b) ALTA/ACSM Survey

Which public land survey system describes property lines based on local markers and bounds that were drawn by people and usually based on topography? a) Plat method b) Metes and bounds c) Rectangular System d) Government survey system

b) Metes and bounds

What describes the right to own and use water found in lakes, streams, rivers, and the ocean? a) Surface rights b) Water rights c) Natural Rights d) Adjoinment right

b) Water rights

What type of survey locates and verifies all property corners and boundaries, shows the location of all improvements in relation to the property lines, includes an area of the overall property and shows any existing encroachments? a) Location survey b) Construction Survey c) Boundary Survey d) Site Planning Survey

c) Boundary Survey

What legal position requires that property owners obtain permits for use of water? a) doctrine of agriculture b) Water Allocation Amendment c) Doctrine of Prior Appropriation d) Water Boundaries Declaration

c) Doctrine of Prior Appropriation

What established the start of a public land survey system in the U.S.? a) Survey Act of 1778 b) Public Land Trust Act of 1786 c) Land Ordinance of 1785 d) Land Survey Act of 1777

c) Land Ordinance of 1785

What accurately locates and identifies boundaries of a subject parcel to a degree acceptable by courts of law in the state where the property is located? a) Stake Survey b) Deed c) Legal Description d) Title Search

c) Legal Description

What refers to the right to have one's property supported from beneath the surface? a) lateral support b) easement rights c) Subjacent Support d) Absolute Rights

c) Subjacent Support

The east-west area between two parallels is called a) Range b) Meridian c) Tier d) Township

c) Tier

Property rights that are said "to run with the land" and includes things such as air rights, surface rights and subsurface rights are called a) fixtures b) emblements c) appurtenances d) chattels

c) appurtenances

What describes an east-west line that controls descriptions for an entire state or more? a) principle meridian b) perpendicular line c) base line d) skew line

c) base line

What type of survey, also called a drive-by survey, is designed to show the location of the house and other large structures on the property, as well as the orientation of those structures in relation to each other? a) cadastral land survey b) topographic survey c) house location survey d) subdivision survey

c) house location survey

If a tenant installs a fixture in order to conduct business, the fixture may be considered a trade fixture, which is the tenant's a) real property b) tangible property c) personal property d) public property

c) personal property

The lot and block system is also called a) Gov't Survey Method b) metes and bounds c) recorded plat method d) rectangular survey system

c) recorded plat method

What rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth? a) Estate rights b) ownership rights c) subsurface rights d) agriculture rights

c) subsurface rights

What do surveyors use to identify local elevation markers to provide reference elevations for nearby properties? a) estimates b) deviations c) indexes d) Benchmarks

d) Benchmarks

What system uses physical features of the local geography, along with directions and distances, to define and describe the boundaries of a parcel of land? a) Lot and block method b) Rectangular Survey System c) Record Plat Method d) Metes and bounds

d) Metes and bounds

What type of survey is often used in conjunction with a Location Survey in order to prepare a Site Design Map, a Subdivision Map, or an Erosion Control Plan? a) Construction Survey b) ATC Survey c) Plat Survey d) Topographic Survey

d) Topographic Survey

What is described as the collective body of law deriving from custom and generally accepted practice in society? a) civil law b) administrative law c) personal law d) common law

d) common law

What are standard elevation reference points called? a) dotrums b) datrums c) site points d) datums

d) datums

What type of minerals are oil and gas? a) non-organic minerals b) solid minerals c) reserved minerals d) non-solid minerals

d) non-solid minerals

The north-south area between consecutive meridians is called a a) lot b) tier c) section d) range

d) range