Property Ownership Test (Chapter 1)
Land moves by:
-Accretion -Erosion
Which item is personal property?
-Apartment lease -Business reputation
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?
-Condominium instruments -POS
Physical Characteristics of Land
-Heterogeneity -Indestructibility -Immobility
How can be appurtenant easement be terminated?
-If the easement is released by the dominant estate -If the necessity no longer exists
Industrial property includes all of the following uses
-Mines -Warehouses -Vacant lots
A condominium could be which of the following descriptions?
-Multi-story building -Townhouse community -Industrial office park -All of the above
Which real property right automatically conveys?
-Surface rights -Subsurface rights -Control -Answer: all of the above
A legal land description must:
Be sufficient to identify the property
Smith and Brown own abutting property that borders a river. Over the years, soil from Smith's riverbank is washed onto Brown's riverbank. Who owns the soil that was washed from Smith's riverbank to Brown's?
Brown
Real property can be changed into personal property:
By severance
The rights of a condominium owner are defined by the:
Bylaws and condominium declaration
A metes and bounds survey will most likely identify
Certain encumbrances
A person has fee simple ownership of a unit in a multi-story building. She is a also required to pay property taxes on that unit. Which type of common interest ownership could the owner have?
Condominium ownership
If a man is considered a "proprietary tenant," he is most likely owns interest in which of the following types of property?
Cooperative apartment
Which of the following items is not an improvement of land?
Corn crop
A property owner may:
Dispose of property, but not destroy it
If a husband and wife 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
Which of the following items would be disclosed by a metes and bounds survey?
Encroachments
What would most likely to be included in the sale of real property?
Enjoyment
A person who rents a property from June 1st to June 30th of the same year most likely has a(n):
Estate for years
Farmer Pete leases land to grow wheat. In April, Farmer Pete plants his crop, expecting to harvest in October. However, just before harvest time, his landlord successfully evicts him for nonpayment of rent. In October, Farmer Pete attempts to harvest his wheat. The wheat belongs to:
Farmer Pete, because it is personal property.
In relation to lien priority, which of the following statements is INCORRECT?
Federal income tax liens have priority over all other liens
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
The owner of a fee simple absolute estate leaves a will, which only specifies that he will leave a life estate to one party and a remainder estate to another. Upon the death of the life tenant, the remainderman could have a
Fee simple estate
An adequate metes and bounds description must have all of the following inclusions, EXCEPT:
Four sides
Which of the following is most likely to transfer with real property?
Fructus naturales
Jon purchased a 640 acre tract of land. Which method of legal property description would work best for Jon?
Geodetic
Large blocks of land are located in a rural area of a Midwestern state. This would most likely be described by:
Government rectangular survey
A land description that reads "T4S, R3E" is most likely based on the:
Government survey method
The land characteristic that is most likely the basis for a specific performance lawsuit is;
Heterogeneity
Jones, Smith, and Williams own property as joint tenants. Which of the following statements must be true?
If Jones and Smith die, Williams will own the property in severalty
Harry Homeowner takes pride in his property and keeps it well maintained (inside and outside the home). However, Harry's neighbors are not so conscientious. What concept best explains why Harry's home is losing value?
Immobility
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
Mary purchased the right to use an apartment for 2 weeks every year. This is an example of:
Interval ownership
A condominium association can most likely perform all of the following actions, EXCEPT:
Interview prospective buyers
A building supplier delivers bricks to a job site on July 1st for the construction of a patio. The contractor finished the patio on July 30th and was paid. The contractor files bankruptcy on September 1st. On September 5th, the building supply company filed a mechanics lien against the owner of the property. What is the effective date of the lien?
July 1st
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
Sam dies and leaves a valid will. Sam leaves the family farm to his children after the death of his wife, Jane. Several years after Sam's death, Jane sells her interest to Larry. Which of the following statements is true?
Larry has a life estate pur autre vie
Which legal instrument could convey a tenancy for years?
Lease
Which phrase best explains why two physically similar parcels of real estate might have very different economic values?
Location, Location, Location
The land description that uses a recorded subdivision plat is the:
Lot and block system
Three people own a piece of property as tenants-in-common. Two of the owners want to sell the property, but the third party does not. The two owners that want to sell:
May file suit for partition
Fred bought a new boat and a hired a contractor to build a dock on his lakefront property. Fred did not pay the contractor. In an attempt to get paid, the contractor may file a:
Mechanics lien against the property
An appurtenant easement may be terminated by:
Merger of the dominant and servient estates
Bobby the Buyer purchases a lot for his dream house. Since he is careful to respect the property boundaries, Bobby inspects an old description of his lot from the city archives. In part, the description states: "Starting from the Tulip Tree on the northwest corner of the Smith Farm, proceed directly due west to the banks of Jeremy's Run. Proceed south to the two Oak trees on the Jeremy Farm. Proceed east to the two large boulders. Finally, proceed north back to the Tulip Tree." This method of land description is:
Metes and bounds
What would most accurately describe an irregularly-shaped parcel of land?
Metes and bounds
Which type of legal description will 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
Lionel rents an apartment under a three-year lease. After the six months, the landlord sells the building. Lionel:
Need not do anything
Land is insurable primarily because of its:
None of the above -Uniqueness -Indestructibility -Improvement
What is the best description of ownership in severalty?
One person owns several pieces of real property
The right of one party to possess and use real property exclusive of the other is:
Ownership
Several people hold property as tenants-in-common. One of the tenants dies. His interest in the property will:
Pass to his heirs or devisees, if any
The unity that exists in both a tenancy in common and a joint tenancy is:
Possession
A cooperative owner has exclusive use of her unit by reason of:
Property lease
Which of the following items is most likely to be severed?
Rail fence
Tommy the Tenant takes over a tattoo parlor from an existing tenant. The parlor came with a comfortable dentist chair, which was perfect for people to sit on while getting their tattoo. One day, the chair breaks. Tommy installs a new dentist chair that he picked up at a flea market. The new chair is:
Real property, regardless of when it is removed
Which method of legally property description relies on range lines?
Rectangular
If the property title is set to pass to someone other than the grantor upon termination of an estate, the interest held by the person who will receive the property is:
Remainder
Mr. and Mrs. Jones sold their home to a church, but retained the right to occupy the property as long as they lived. The interest of the church is that of a:
Remainder estate
Jean transfers a fee simple interest in property to her daughter, Lisa, but reserves a life estate for herself. During Jean's lifetimes, Lisa holds a:
Remainder interest
Which of the following circumstances would diminish a fee simple estate?
Rental of the property
A landlord's right to re-enter or regain possession of the premises upon expiration of a lease is known as:
Reversion
Residential property may be composed of:
Single-family homes and cooperatives
All of the following terms are physical characteristics of land except:
Situs
All of the following choices are considered as legal descriptions of real property EXCEPT:
Street address
Former personal property that automatically conveys:
is a fixture
Which of the following situations is an example of a tenancy at sufferance?
A farmer who refuses to cede possession upon lease expiration in order to harvest his crops
Agnes decides to impose a restrictive covenant (a negative covenant or deed restriction) that will apply to any future owners of the property she currently possesses. Agnes must have:
A fee simple estate
A couple is buying a house with an oddly shaped living room. The seller built a custom-made bookcase to specifically fit into the room. Absent an agreement, the bookcase is most likely:
A fixture
What statement about encumbrances is correct?
A lease is an example of an encumbrance
Which of the following choices is NOT a freehold estate?
A lease that does not require rent payments
Zorba owns property and gladly allows his friend, Young, to use it. To best protect Zorba's interest, he should give Young
A license
A datum is most likely to be:
A point on the surface of a parcel
Property taxes on cooperative units are assessed in the form of:
A single tax bill, prorated among individual units
A lease that contains no mention of an occupancy period is most likely to be:
A tenancy at sufferance
The force of water on land is known as:
Accretion
The most predictable element of severance is
Agreement
To have any legal affect, plats drawn from the lot, block, and subdivision method must:
All of the above -Include a plat -Be pre-approved by the country or city before recordation -Be recorded
Which is not a valid method to describe real property?
All of the above are valid methods -Metes and bounds -Street address -Government method of survey
The right or privilege that one has to use the property of another is:
All of the above: -A license -A lease -An easement
Which of the following properties may be classified as commercial?
All of the above: -Apartment buildings -Vacant lots -Parking lots
Mr. Foster owns an automobile, a boat, a house, and a farm. He defaults on the mortgage covering his house. If a judgement lien is entered, which of the following properties could be subject to the judgement lien?
All of the above: -Car -Boat -Home
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
Which of the following items is not personal property?
An easement
Jones owns two tracts of land. One tract has lakefront property. Jones sells the other tract to Smith and gives him the right to cross his property in order to reach the lake. Without the right to cross Jones' property, there is no other way for Smith to reach the lake. Smith's right could be:
An easement in gross
Which definition is described as a trespass on an improvement?
An encroachment
Three people inherit unequal shares of a single piece of property. How could they hold ownership?
As tenants-in-common
What is NOT considered to be a legal description of property
Taxpayer federal iD number
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
A person enters into a lease agreement for 1 year. At the end of a year, the lease expires, but the tenant does not vacate the property. The tenant would be considered a:
Tenant at sufferance, because the tenant is breaking the law
Of the terms listed below, which do NOT fit together?
Testate --- Escheat
What is NOT true about metes and bounds?
The distances shown in the deed will prevail over the actual distances measured
Mary has a life estate and her daughter has been named as the remainderman. Mary leases the property to Susan for 5 years. One year later, Mary dies. Mary's daughter serves notice to Susan to vacate the property. Which of the following statements is correct?
The lease was valid only during Mary's lifetime because it was one of the sticks in the bundle
A tenant and landlord enter into a six month lease on July 1, 2016, to expire on December 31, 2016. Which of the following statements is correct?
The lease will terminate on December 31, 2016
When a metes and bounds survey is used to describe property, the word "metes" refers to:
The length in inches, feet, or yards of a property line
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
Zorba leases a restaurant. He installs ovens, booths and counters. Which of the following is true?
The ovens, booths, and counters can be removed by Zorba at any time before Zorba's lease expires
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.
Dave had a bad year. In February, he defaulted on his mortgage. In March, a carpenter built a deck on Dave's house. In April, that carpenter secured a mechanic's lien for work and materials since Dave wasn't able to pay his bill. In June, a judge signed a judgement lien against Dave and all of his real and personal property. Finally, Dave realized that he forgot to pay his property taxes, which should have been due in August. Which of the following liens has priority after a court-ordered foreclosure of Dave's home?
The real estate tax lien
A husband and wife own property as tenants by the entirety. The husband dies, leaving all his property to their son. Which of the following statements is true?
The wife owns the property in severalty
Real property does not include:
Trade fixtures
What distinguishes an easement in gross from an appurtenant easement?
Whether the benefit runs with the land
A joint tenant wants to sell his interest without consent from the other joint tenants. Can he do this?
Yes, because each joint tenant may sell independently of the others?
Once created and properly recorded, may be a subdivision plat be altered?
Yes, so long as new plats are created and recorded which reflect the changes to the original plat
Six months after Brady bought his home, he installed custom-made storm windows and doors. If Brady subsequently transfers title to someone else, will the storm windows and doors automatically transfer as well?
Yes, unless the parties agree that they will be removed before the sale has advanced
