chapter 1 quiz Flashcards
which of the following best describes a parcel of land?
the surface of the earth extending down to the center and upward to infinity.
in determining whether an item is a fixture, which of the following would be considered?
Method of attachment
Adaptation to the real estate
and Legal interest of the annexing party
the characteristic that distinguishes personal property from real property is:
mobility
when used in a deed or other real estate document, a legal description describes only the land because:
a legal description will identify the property in such a way that it cannot be mistaken for any other parcel and can be found at a later date in spite of changes that might occur
buildings and other improvements are considered to be part of the real estate. (appurtenance)
an item that was personal property but has been attached to and become part of the real property is known as:
a fixture
**(if fixture not removed from property it becomes the next owners property through accession)
crops planted and harvested each year are:
personal property
emblements
and fructus industrales.
the most distinctive physical characteristic of land is:
immobility (can’t be moved)
which of the following are real property?
oil below the earth’s surface
a concrete driveway
air rights
NOT cut timber (personal property)
the Law of Capture refers to the:
process of removing oil an d gas from the land
the sum of all factors that affect value is called:
situs (location!)
ownership of personal property is transferred by:
bill of sale.
a landowners right to use water from a bordering stream or river is called:
Riparian right
if Smith builds a fence on Jones’ land by mistake, in good faith, and thinking the fence is on Smith’s land, then:
Jones may require Smith to remove the fence and/or pay for damages.
the fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land, describes the economic characteristic of:
scarcity
all of the following are true about a trade fixture EXCEPT:
it may be removed only after the lease expires.
- it is personal property.
- it is a chattel real.
- it belongs to the property owner if not removed in a timely manner
Dawson sold his 500 acres farm to Harris, but reserved the right to drill for oil. Later, when Dawson arrives with oil drilling equipment, he is denied the right of access to the land. which party has correctly interpreted the agreement?
Dawson, because he has an implied right of entry.
a township contains how many square miles?
36
which of the following statement about air rights is true?
the owner can sell the air rights and still retain the surface and subsurface rights.
a custom-made storm window would most likely be considered a fixture because of:
its adaptation to the building to which it is attached.
the method of land description which identifies a parcel by specifying its boundary lines along with the terminal points and the bearing of each side is known as:
metes and bounds
which of the following is NOT an acceptable method of legally describing a parcel of real estate?
street addresses, county and state
a base point from which height or depth can be measured to describe air rights or subsurface rights is:
datum
approximately how many acres are there in a farm that measures 470 feet along the road and 556 feet in depth?
6.
470 x 556= 261,320
261,320/43,560
=5.9 so 6
*43,560 sqft are in an acre
if Mr. Shern’s lot has 65 front ft and contains 7,150 sqft, how deep is it?
110ft.
7,150÷65=110
real estate investors are not generally interested in how long building will last, but in how long they will be profitable. this characteristic is called:
economic life.
