Real Estate Chapter 1&2
A township contains 36 sections that are numbered consecutively 1 through 36. The last section in the township is located in the: a) southeast corner b) southwest corner c) northeast corner d) northwest corner
a) southeast corner
Which of the following is NOT a fixture test? a) Method of attachment b) Intent of the person who attached the item c) Size of the item d) Adaption of the item
c) Size of the item
A test that a court might apply to determine whether an item is a fixture or personal property is: a) age b) expense c) size d) use
d) use
A real estate agent lists Harold's home, which he owns as a life estate. Harold's children hold the remainder interest. Which of the following is true? a) Anyone who buys Harold's life estate receives only the interest held by Harold b) Harold's children need to sign the listing agreement c) The buyer will automatically receive a fee simple absolute interest d) Since a life estate cannot be sold, the listing in invalid
a) Anyone who buys Harold's life estate receives only the interest held by Harold
Which of the following benefits tenant farmers? a) Doctrine of emblements b) Rule of capture c) Overlying rights d) Method of attachment test
a) Doctrine of emblements
Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will receive? a) Fee simple estate b) Life estate c) Remainder interest d) Reversionary interest
a) Fee simple estate
A landowner's rights regarding water in a stream flowing through her land are called: a) riparian rights b) littoral rights c) appropriative rights d) easements rights
a) Riparian Rights
The best description of the boundary lines for a property located in a subdivision would be found on: a) a plat map b) the deed c) the mortgage d) the purchase and sale agreement
a) a plat map
A property owner has riparian rights. This suggests that her property is next to: a) a river or stream b) a road or street c) agricultural property d) oil or mineral deposits
a) a river or a stream
A commercial tenant leases retail space for $1500 per month. A few months later, the owner of the complex adds new counters, and increases the rent to $1750 per month. At the end of the lease term, the commercial tenant: a) cannot take the counter with her, because the owner installed them. b) can take the counters with her if she reimburses the owner for the fair market value of the counter. c)can take the counters with he if she reimburses the owner for any damage caused by removal. d) can take the counters with her without any charge.
a) cannot take the counters with her, because the owner installed them
A tenant farmer had a heart attack, and decided to terminate his lease and retire. However, his last crop was still growing in the field and he wanted the right to come back and harvest it when it was ripe. The crops are considered to be: a) emblements, which belong to the tenant farmer b) fixtures, which belong to the property owner c) real property, which belongs to the property owner d) trade fixtures, which belong to the farmer
a) emblements, which belong to the tenant farmer
Jones and Adams signed an agreement for the use and possession of real estate, for a period of 120 days. This is a/an: a) estate for years b) estate at sufferance c) periodic tenancy d) estate at will
a) estate for years
The property description in a deed reads: "Starting at the old stone well, then going south 120 feet, west 400 feet, north 80 feet, and east 210 feet." The description is: a) invalid, because it doesn't return to the point of beginning b) invalid, because it uses a point of beginning that is man-made c) valid, because it returns to the point of beginning d) valid, because all descriptions must start with a man-made point of beginning
a) invalid, because it doesn't return to the point of beginning
A real estate investment trust is required to: a) invest at least 75% of its assets in real estate b) have at least 150 participating investors c) make sure all investors accept liability for the trust's acts d) be incorporated in the state in which it does business
a) invest at least 75% of its assets in real estate
A tenant has agreed to build out the space to meet the needs of her business. She is paying for all the expenses. Any "chattel fixtures" she adds to the property during this process belong to the: a) tenant, as long as she removes them from the property on or before the expiration of the lease, and she repairs any damage caused by their removal b) tenant, because she paid for them c) landlord when the lease expires because they have been physically attached to the property d) landlord, as soon as they are added to the premises
a) tenant, as long as she removes them from the property on or before the expiration of the lease, and she repairs any damage caused by their removal
Rights to oil and gas are determined by: a) the rule of capture b) offset wells c) the Bureau of Land Management d) the Department of the Interior
a) the rule of capture
A parcel that measures 1/4 of a mile by 1/4 of a mile is: a) 1/4 of a section b) 1/8 of a section c) 1/16 of a section d) 1/36 of a section
c) 1/16 of a section
One side of a section (in a government survey) is how many feet long? a) 100 b) 2,640 c) 5,280 d) 43,560
c) 5,280
A section of a township contains the following number of acres: a) 360 b) 580 c) 640 d) 560
c) 640
You have just purchased a prime parcel of oceanfront property. You probably have what type of water rights? a) Reliction rights b) Riparian rights c) Littoral rights d) Avulsion rights
c) Littoral rights
Teresa gives her little brother, Mark, a life estate pur autre vie. Which of the following is true? a) Teresa is the life tenant b) Mark is both the life tenant and the measuring life c) Mark is the life tenant, but the measuring life is someone else d) Mark will have title to the property for as long as he lives
c) Mark is the life tenant, but the measuring life is someone else
The owner of a small store leased a retail space and installed his own shelving by bolting it to the walls. At the end of his lease, he wanted to take the shelving with him to his new location. Which of the following is true? a) The shelves are fixtures, and must be removed by the tenant b) The shelves are fixtures, and must remain as part of the building c) The shelves are trade fixtures, and may be removed by the tenant d) The shelves are trade fixtures, and must remain as part of the building
c) The shelves are fixtures, and may be removed by the tenant
Which of the following is an example of an emblement? a) An orange grove b) An apple orchard c) A field of corn d) A vineyard
c) a field of corn
A, B, and C own property as joint tenants. C dies and B sells her interest in the property to D. The property is now owned: a) as joint tenants by A, D, and C's widow E, his sole heir b) by A and D as joint tenants c) by A and D as tenants in common d) None of the above
c) by A and D as tenants in common
In a condominium: a) individual units are owned in severalty, while common elements are owned in joint tenancy b) individual units are owned in joint tenancy, while common elements are owned in severalty c) individual units are owned in severalty, while common elements are owned in tenancy in common d) the entire building is owned in tenancy in common, with residents owning shares
c) individual units are owned in severalty, while common elements are owned in tenancy in common
Real Property is equivalent to: a) land b) personal property c) land, attachments, and appurtenances d) land and water
c) land, attachments, and appurtenances
The distance between the east and west boundary lines a township is :a) one mile b) two miles c) six miles d) ten miles
c) six miles
Baker sold a property to Lane, but reserved a life estate for himself and remained in possession. Later Baker sells his life estate to Clark and surrenders possession to Clark. Lane then demands immediate possession as a fee owner. Which of the following is true? a) Lane is entitled to possession b) Clark should sue Baker for return of the purchase price c) Baker is liable for damages d) Clark can retain possession during Baker's lifetime
d) Clark can retain possession during Baker's lifetime
Cobb owns a property in fee simple; he deeds it to Smith for the life of Jones. Which of the following is true? a) Jones holds a life estate; Smith holds an estate in reversion b) Smith holds a life estate; Cobb holds an estate in remainder c) Smith holds a fee simple estate; Jones holds a life estate d) Smith holds a life estate; Cobb holds an estate in reversion
d) Smith holds a life estate; Cobb holds an estate in reversion
Asher and Blake own real property together. Asher has a one-third interest and Blake has a two-thirds interest. How do they hold title? a) Community property b) Tenancy at will c) Joint tenancy d) Tenancy in common.
d) Tenancy in common
Unless otherwise stated, a property buyer should receive: a) air rights and mineral rights b) air rights and surface rights c) mineral rights and subsurface rights d) air rights, surface rights, and subsurface rights
d) air rights, surface rights, and subsurface rights
A fee simple title in real estate is of indefinite duration, and can be: a) freely transferred b) encumbered c) inherited d) all of the above
d) all of the above
Whether land borders on a lake or stream is irrelevant under the system of: a) riparian rights b) capture rights c) littoral rights
d) appropriative rights
The four unities of title, time, interest, and possession are necessary for a: a) tenancy in common b) partnership c) mortgage d) joint tenancy
d) joint tenancy
Ted's property is damaged by sinkdholes caused by old coal mining tunnels beneath his land. The rights implicated in this situation: a) riparian rights b) subjacent support rights c) proximate support rights d) lateral support rights
d) lateral support rights
Chin, a home seller, is talking to his real estate agent. He mentions that he rents the backup generator; it doesn't belong to him. The generator would be considered: a) a fixture b) a natural attachment c) a trade fixture d) personal property
d) personal property
If a court were deciding what type of property house keys were, it would likely decide that they were: a) personal property, because they are so small and light b) real property, because all sales contracts stipulate that they transfer to the buyer c) personal property, because they are not attached to the property in a permanent way d) real property, because they are "adapted" to the real property
d) real property, because they are "adapted" to the real property
A real estate agent takes a listing for a mobile home. He may do this if: a) the mobile home contains a minimum of 1,500 square feet b) he holds a real estate securities license c) the listing agreement is clearly identified as a personal property listing d) the listing includes the land on which the mobile home rests
d) the listing includes the land on which the mobile home rests
Articles installed in or on realty by tenants for use in a business are called: a) personalty b) trade fixtures c) emblements d) easements
b) trade fixtures
Which of the following is most likely to be considered part of the real property? a) Piano b) Dining room table c) Mirror d) Kitchen sink
D) Kitchen Sink
An example of a freehold inheritable estate is a/an: a) life estate (not pur autre vie) b) leasehold estate c) estate at will d) fee simple defeasible estate
D) fee simple defeasible estate
Which of the following is incorrect? Joint tenants always have: a) equal rights to possession of the property b) the right to will good title to heirs c) the right of survivorship d) equal interests in the property
b) the right to will good title to heirs
Josephine, a real estate agent, is showing a house to a buyer. The buyer loves the house, but wants certain appliances and pieces of furniture to stay with the house. Josephine should advise the buyer: a) to make an offer that includes the appliances and furniture (which would be reflected in a higher purchase price) b) that the furniture and the appliances are fixtures and will automatically transfer to the buyer along with the house c) that it's illegal to say anything about the appliances and furniture in an offer for real property d) to refuse to make an offer unless the seller agrees to throw in the appliances and furniture for free
a) to make an offer that includes the appliances and furniture ( which would be reflected in a higher purchase price)
A parcel occupies the NW 1/4 of the SE 1/4, and the S 1/2 of the SW 1/4 of NE 1/4 of Section 4. How many acres is this parcel? a) 40 b) 60 c) 80 d) 100
b) 60
All of the following statements about a corporation are true; except: a) A corporation has a potentially perpetual existence b) Each shareholder is individually liable for the corporation's acts c) Corporations are subject to double taxation d) A corporation can enter into contracts in essentially the same way as an individual person
b) Each shareholder is liable for the corporation's acts
Lewis was given real property for the term of his natural life. Which of the following statements is incorrect? a) Lewis has a freehold estate b) Lewis has a fee simple estate c) Lewis is the life tenant d) If Lewis leases the property to someone else, the lease will terminate if Lewis dies during its term
b) Lewis has a fee simple estate
A buyer and seller were inspecting a property, prior to the buyer making an offer. The property was occupied by a tenant at the time of inspection. The seller told the buyer discovers in the sale. However, the buyer discovers upon possession that the garden furniture belonged to the tenant, not the seller. Is the buyer entitled to the garden furniture? a) No, because the garden furniture was the tenants's real property b) No, because the seller didn't have the right to include the tenant's personal property in the deal c) Yes, because garden furniture is a fixture included with the sale of real property d) Yes, because the buyer relied on the seller's represenatation
b) No, because the seller didn't have the right to include the tenant's personal property in the deal
Johnston, a life tenant, decides to cut down all the trees on the property and sell them for timber. Mendez, the remainderman, can stop Johnston's actions because: a) a life tenant is never permitted to cut down any trees on the property for any reason. b) a life tenant cannot commit waste. c) Mendez's interest is superior to Johnston's since it is a possessory estate. d) None of the above; Mendez has no legal grounds for stopping Johnston.
b) a life tenant cannot commit waste
A right that goes with or pertains to real property is called :a) an attachment b) an appurtenance c) personal property d) a fixture b) an appurtenance
b) an appurtenance
A unit in a cooperative is owned: a) in severalty by its resident b) by the corporation that owns the building, in which the resident owns shares c) in tenancy in common among all residents of the building d) in partnership among all residents of the building
b) by the corporation that owns the building, in which the resident owns shares
Minerals become personal property when they are :a) surveyed b) extracted from the land c) taken to a refinery d) claimed
b) extracted from the land
A conveyance of title with the condition that the land shall not be used for the sale of intoxicating beverages creates a: a) less-than-freehold estate b) qualified fee c) life estate d) reservation
b) qualified fee
Mineral rights associated with real property are always: a) conveyed along with the surface rights to the property b) separable and divisible c) sold separately from the property d) an interest in personal property
b) separable and divisible
The most important consideration in determining whether an article is a fixture is: a) physical attachment b) the annexor's intention c) adaption of the article to the realty d) intended use of article
b) the annexor's intention
