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Real Estate > Chapter 1 - Real Property and the Law > Flashcards

Chapter 1 - Real Property and the Law Flashcards

1
Q

The phrase “bundle of legal rights” is properly included in

A

the definition of real property

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2
Q

The right to control one’s property includes all of the following EXCEPT

  • the right to invite people onto the property for a political fundraiser
  • the right to exclude the utilities meter
  • the right to erect no trespassing sings
  • the right to enjoy pride of ownership
A

the right to exclude the utilities meter reader

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3
Q

According to law, a trade fixture is

A

personality

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4
Q

A couple is interested in a house that fits most of their needs, but it is located in a busy downtown area where they are not sure they want to live. The couple’s concern about the property’s location is called

  • streets
  • a sanitary sewer system
  • trade fixtures
  • the foundation
A

area of preference

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5
Q

The word IMPROVEMENT refers to all the following except

A

trade fixtures

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6
Q

Real property can become personal property by

A

severance

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7
Q

All of the following are physical characteristics of land EXCEPT

  • indestructibility
  • uniqueness
  • immobility
  • scarcity
A

scarcity

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8
Q

A broker showed an owner-occupied property that had window screens, venetian blinds, and a wall bed. The broker secured a buyer whose offer was accepted by the owner, and the transaction was placed in escrow. Before the close of escrow, the seller may remove…

A

NONE of the identified items.

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9
Q

Which of the following is considered personal property?

  • Patio Furnace
  • wood-burning fireplace
  • bathtubs
  • awnings
A

Patio Furnace

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10
Q

Land is considered

A

-indestructible

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11
Q

A rancher owns a parcel of land on which oil was discovered. If the rancher has not previously conveyed the oil rights, who owns the oil?

A

-the rancher

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12
Q

Certain items on the premises that were installed by the tenant and are related to the tenant’s business are called

A

trade fixtures

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13
Q

Personal property includes all of the following EXCEPT

  • chattles
  • trade fixtures
  • emblements
  • fixtures
A

fixtures

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14
Q

Fixtures are

A

real property

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15
Q

After the construction of a building over a railroad right-of-way, the trains can

A

operate as usual

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16
Q

All of the following are economic characteristics of land EXCEPT

  • Scarcity
  • Permanence of Investment
  • Uniqueness
  • Area of Preferance
A

uniqueness

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17
Q

Generally, personal property can be distinguished from real property by its

A

Mobility

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18
Q

An important characteristic of land is that it may be modified or improved at any given time. Depending on its type, an improvement may increase the value of real estate greatly. All of the following would be considered improvements to land EXCEPT

  • sewers
  • crops
  • buildings
  • roads
A

Crops

19
Q

A landlord leases store space to a tenant for a restaurant. The tenant installs ovens, booths, counters, and other equipment. When do these items become real property?

A

When the lease expires

20
Q

The geographic location of any parcel of land can

A

never be changed

21
Q

All of the following are tests for determining a fixture EXCEPT

  • intent of the parties
  • size of the item
  • method of attachment of the item
  • adaptation of the item to the real estate
A

size of the item

22
Q

The owner of a house wants to fence the yard for her dog. When the fence is erected, the fencing materials are converted to real estate by

A

annexation

23
Q

The physical characteristics of land include which of the following

  • uniqueness
  • scarcity
  • permanence of investment
  • adaptation
A

uniqueness

24
Q

The rights of ownership of real property include all of the following EXCEPT

  • disposition
  • exclusivity
  • control
  • compatibility
A

compatibility

25
Q

Which of the following has the greatest impact on the value of a property?

  • Area of Preference
  • Permanence of Investment
  • Scarcity
  • Uniqueness
A

Area of Preferance

26
Q

Which phrase BEST defines real estate?

  • Land and air above it
  • Land and all the things permanently attached by nature
  • Land and all things permanently affixed to it
  • Land and all the mineral rights in the land
A

Land and all things permanently affixed to it

27
Q

The term Nonhomogeneity refers to

A

uniqueness

28
Q

The bundle of legal rights is included in the definition of

  • land
  • real estate
  • real property
  • trade fixtures
A

real property

29
Q

The bundle of legal rights includes all of the following rights EXCEPT

  • posses the property
  • enjoy the property within the framework of the law
  • sell or otherwise convey the property
  • use the property for any purpose, legal or otherwise
A

use the property for any purpose, legal or otherwise.

30
Q

Which of the following is a physical characteristic of real estate?

  • Location or area preference
  • Permanence of investment
  • Scarcity
  • Indestructibility
A

Indestructibility

31
Q

Which of the following would NOT be a consideration when determining whether an item is real property?

  • Cost of the item when purchased
  • Method of its attachment to other real property
  • Intended use of the item by its owner
  • Manner in which the item is actually used with other real property
A

Cost of the item when purchased.

32
Q

Which of the following is NOT an economic characteristic of real estate?

  • Indestructibility
  • Permanence of Investment
  • Location or area preference
  • Scarcity
A

Indestructibility

33
Q

The tenant of a single-family home installs an awning over the building’s front windows to keep the sun away from some delicate hanging plants. Which of the following is TRUE?

  • The tenant must remove the awning before the rental period is over
  • Because of its nature, the awning is considered personal property
  • The awning is considered a fixture
  • Because of the nature of the property, the awning is considered a trade fixture
A

-the awning is considered a fixture

34
Q

Which entity is generally responsible for creating the requirements for a real estate license?

A

Individual State Law

35
Q

The buyers have asked their real estate agent to help them them determine the correct way to take title to their new home. In this situation, the real estate agent should…

A

Suggest that the buyers consult an attorney

36
Q

What is the purpose of real estate license laws?

A

To protect the public from fraud, dishonesty and incompetence.

37
Q

Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the…

A

Coal Notice

38
Q

While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dinning room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?

  • Ceiling fans are normally considered to be real estate.
  • The ceiling fan belongs to the seller.
  • Ceiling fans are considered trade fixtures.
  • Ceiling fans are considered personal property.
A

Ceiling fans are normally considered to be real estate.

39
Q

A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?

A

-Subsurface Rights

40
Q

A homeowner is building an enclosed front porch on his home. A truckload of lumber that the homeowner purchased has been left in the driveway for use in building the porch. At this point, the lumber is considered…

A

Personal Property

41
Q

Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is

A

a fixture or personal property

42
Q

Which if the following is required in Pennsylvania real estate transactions?

  • Mine Subsidence Statement
  • Hazardous Structural Damage Statement
  • Coal Mining Notice
  • Notice of Mine Subsidence Activity
A
  • Coal Mining Notice
43
Q

What is the process that often produces sink-holes or troughs in some Pennsylvania regions?

A

Mine subsidence

Real Estate (22 decks)

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