(Ch. 4) Estate And Interests In Real Property Flashcards
An example of personal property is:
(A) a household furnishing.
(B) a gas range
(C) a built-in dishwasher
(D) a disposal
(A)
B, C, and D are realty
Which of the following does NOT apply to real property?
Chattel mortgage
Fee Simple
Fixture
Appurtenances
(A)
A chattel mortgage (now called security agreement) is used to finance the purchase of personal property.
Which of the following is personal property?
Mineral Rights
Water rights.
A Beneficiary’s rights under a trust involving real property.
Trees
A Beneficiary’s rights under a trust involving real property.
Generally, things or objects of a temporary or easily movable nature:
A) Fixtures
B) Included.
C) Personalty
D) Appurtenances
C
Personalty is movable
An example of a fixture is a:
A) Portable Dishwater
B) Dining room China cabinet
C) ceiling fan in a bedroom.
D.) Sink in the beauty salon.
C
This sink would be a trade fixture
When the contract for the sale of real property includes the sale of certain removable items, such as refrigerators and furniture, upon delivery of the deed the seller should also deliver:
Bill of Sale conveys title to personal property
Which of the following is NOT an appurtenance?
A) A Barn.
B) An orchard.
C) A Fence.
D) A Trade Fixture
D
A Trade Fixture (barber chair, hair washing sinks, etc) is personalty
Which of the following is a factor in determining whether an article of property is a fixture?
A) The value of the article.
B) it’s size
C) It’s weight
D) The method of annexation.
D
The method of annexation is important, but not key. Main test is “Intention”
Property is:
A) Real if it is tangible
B) personal if a fixture
C) personal if not real
D) All of the above
C
all property that is not real property is personal property and vice versa
Which of the following is (are) personal property?
A) Fixtures
B) Mortgages
C) Air Rights
D) Water Rights
B
The mortgage pledges the realty as security for the debt, but the mortgage itself is personal property
Property classed as real property:
A) Must always remain real property.
B) May, under certain circumstances, become personal property.
C) Is never, under any circumstances, exempt from taxes
D) May not be owned by aliens
B
For example, a tree when cut down
Regarding Property:
A) A trade fixture is real property
B) personal property is anything that is not real property
C.) A fixture is personalty
D) Chattels are realty
B
all property that is not real property is personal property and vice versa
Which of the following types of property is normally NOT real property?
A) Appurtenances
B) Furniture
C) Fixture
D) Shrubs
B
A, C, and D are real property
Which of the following statements is true?
A) A bill of sale is used to transfer title to a fixture.
B) Refrigerators are not usually considered fixtures in private homes.
C) A chattel mortgage is used to finance the purchase of land.
D) Chattels automatically pass with a sale of land
B
A refrigerator is personalty, A fixture is realty
Which of the following terms is out of place? A) Real Estate. B) Real Property. C) Realtor®. D) Realty.
C
The term Realtor is a registered word which may only be used by the members of the state and local boards affiliated with the National Association of Realtors
Trees, shrubs, brushes, etc. which grow naturally and do not require annual planting are:
A.) Emblements
B) personalty
C) realty.
D) intangible.
C
Emblements are crops and thus personal property
The rights of possession, control, disposition and enjoyment which accompany ownership are called:
A) Corporeal Ownership
B) Incorporeal Ownership
C) Bundle Of Rights
D) Survivorship
C
These rights are received in addition to the physical property
A riparian owner is one who owns land bounding on:
A) Municipal Property
B) A waterway.
C) A National Forest
D) unsurveyed public lands
B
Riparian rights are water rights
Real Estate includes all of these EXCEPT:
A) A Garage.
B) Stone piled on a property
C) an in-ground swimming pool
D) A screened patio or porch
B
Personal property is usually moveable
The legal rights attached to real property are referred to as the:
Bundle Of Rights
Rights of possession, use, enjoyment and disposition
Land includes all of the following EXCEPT:
A) Surface Rights
B) Subsurface Rights
C) Air Above The Surface
D) Structures
D
Land does not include Man Made items
When a New Jersey farmer sells his property:
A) The mineral rights will automatically pass to the buyer unless they are specifically reserved by seller.
B) The air rights must be specifically described in the deed for the buyer to get title thereto.
C) He must record the deed.
D) He must report the sale to the Farmers
A
The buyer receives sub-surface rights unless specifically reserved by seller
The boundary of your property line can be changed by:
A) Accretion.
B) Amortization.
C) Avulsion.
D) Acceleration.
A
When avulsion occurs, the property line doesn’t change
Crops which grow on land and require annual planting and cultivation are:
A) Personalty
B) Realty
C) Real Property
D) Improvements
A
Perennial plantings are realty
Which of the following NOT apart of the owner’s “Bundle Of Rights”?
A) The right to evict a tenant for cause.
B) The right to pass title by will.
C) The right to absolute control of the property.
D) The right to dispose of the property.
C
Government at all levels places limitations on the use of property
When the course of a stream is suddenly changed by natural forces, it is called:
Avulsion is sudden; accretion gradual.
When title is gained because a portion of a water course permanently dries up, exposing land, it is called:
Reliction is the opposite of submergence
Air rights may:
A) be sold or leased
B) be leased only.
C) be sold only
D) not be retained by the seller when the land is sold
A
Air rights may be sold, leased or retained
Which of the following is NOT a type of life estate?
(A) Legal
(B) Conventional
(C) Indefeasible
(D) Pur autre vie.
C
Such as fee simple absolute as opposed to a conditional fee
The duration of a life estate is:
(A) a fixed term.
(B) potentially infinite.
(C) a life or the lives of one or more persons
(D) not to exceed 99 years
(C)
Not a fixed term but measured by the life of a person or persons.
An owner of a life estate can do ALL BUT ONE of the following:
(A) Sell her interest.
(B) Mortgage her interest.
(C) Devise her interest.
(D) Lease her interest.
(C)
Devise is to transfer by will.
A widow who is willed the use of the family home for the rest of her natural life, with provision that title shall go to the children upon her death, holds
(A) a fee simple estate.
(B) a leasehold.
(C) an easement.
(D) a life estate
(D)
Widow has a life estate; children, a remainder
Which of the following is correct regarding a life estate?
(A) It must be measured by the life of the grantee only.
(B) Because it is based on life, the holder may not encumber it.
(C) It may be created by will or deed
(D) It requires that the holder make principal payments on any encumbrances.
(C)
A, B and D are false statements
- An estate for years may also be called a:
(A) joint tenancy
(B) leasehold.
(C) periodic estate.
(D) freehold estate.
(B)
An estate for years is a lease for a definite period of time, even if less than a year.
An ownership interest in real property is known as:
(A) an estate.
(B) a dower.
(C) a curtesy
(D) a possession
(A)
An estate defines the nature, degree, extent and duration of a person’s ownership in land
The return of land to the grantor or his heirs when the grant is over is:
(A) remainder.
(B) reversion.
(C) kickback.
(D) status quo.
(B)
A remainder vests with a third party upon termination of prior interest
An estate in land vested in a grantee “until he marries” is properly classifiable as:
(A) an estate in equity.
(B) a defeasible fee.
(C) a less-than-freehold estate.
(D) a life estate.
(B)
Inasmuch as it will be defeated if he marries
Another term for items that are not real property is:
(A) chattels.
(B) personal proper
(C) personal
(D) All of the above.
(D)
All property that is not realty is personalty.
A life estate is conveyed to A for the life of X. A dies. Title:
(A) reverts back to the grantor.
(B) passes on to X.
(C) goes to A’s heirs until the death of X.
(D) None of the above.
(C)
goes to A’s heirs until the death of X
A conveyance of a life estate where the fee at the end of the life estate goes to other than the grantor is a life with a
(A) remainder
(B) reversion.
(C) reservation
(D) restriction.
(A)
With remainder, upon death of grantee, property goes to designated third party.
Magna grants a life estate to Carter with the stipulation that the property will go back Magna when Carter dies. In this case, Magna
(A) a remainder.
(B) a right of reentry.
(C) a life estate.
(D) a reversion.
(D)
With reversion, upon death of grantee, property returns to grantor.
Jones holds a fee estate in which of the following acts result in his being left with a less-than-freehold estate?
(A) assigning a right of way to a utility company
(B) deciding to lease the long-term lease.
(C) selling the mineral and oil rights to another party
(D) None of the above.
(D)
The type of estate is not affected
A life estate is an estate in real property. It
(A) can only come into being by grant.
(B) can exist with another estate the same property at the same time.
(C) is not a freehold estate.
(D) is always limited to the life of the grantee.
(B)
For Example, Brown may own 40 acres of land in fee simple and deed a life estate in 20 of those acres to Smith
If Alan deeded 40 acres of land to Bill for the life of Ceil, which of the following statements would be true?
(A) Bill holds a life estate; Alan, an estate in remainder.
(B) Bill holds a life estate; Alan, an estate in reversion.
(c) Bill holds a fee simple estate; Ceil, a life estate.
(D) Ceil holds a life estate; Bill, an estate in reversion
(B)
A, C and D are false statements
If Charlotte Roose owns property in fee simple she can do all of the following with the property EXCEPT:
(A) mortgage it.
(B) lease it.
(C) sell it.
(D) condemn it.
(D)
Only government may condemn property.
Faith conveys a house to Hope for life, then to charity. Hope’s heirs have:
(A) no estate or interest.
(B) the same interest Hope had.
(C) a reversion.
(D) a remainder.
(A)
A life estate is not an inheritable estate.
Full and complete ownership of land as recognized today exists
(A) a life estate.
(B) an estate in remainder.
(C) a fee simple estate
(D) an estate in reversion.
(C)
Fee simple is the highest degree of ownership
An example of a freehold estate is:
(A) a life estate.
(B) a periodic estate
(C) an estate at will
(D) an estate for years.
(A)
B, C and D are leasehold estates
