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Real Estate > Chapter 2 Review Questions > Flashcards

Chapter 2 Review Questions Flashcards

1
Q 
Personal property attached to real property is prevented from becoming real property by which of the following?
A. Value
B.An appurtenance
C. A security agreement
D. Mineral rights
A

B an appurtenance

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2
Q 
Which of the following is a right in the property of another that results from ownership in a particular parcel of real estate?
A. Easement in gross
B. Appurtenant easement
C. License
D. Condemnation
A

B. Appurtenant easement

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3
Q

At the end of a lease, trade fixtures remaining after the lease term are considered abandoned by the tenant and become real property of the landlord through the process of ______

A

Accession

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4
Q

Items installed by a commercial tenant that are removable upon termination of tenancy. Ex: a merchant rents a store and installs shelves to operate business

A

Trade fixtures

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5
Q

Provides the lender to retain a security interest in a chattel until the lender is paid in full. Uses security agreements and financing statements.

A

The uniform commercial code UCC

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6
Q

Which of the following is/ are correct?
A. An easement provides a nonpossessory interest in land
B. The land on which an easement exists in the dominant tenement
C. The land that benefits from an easement is the serving tenement
D. All of the above

A

A. An easement provides a nonpossessory interest in land

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7
Q 
Easements may be created in all of the following ways except:
A. Condemnation
B. Dedication
C. Prescription
D. Assessment
A

D. Assessment

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8
Q

An easement is terminated:
A. When the purpose for which the easement was created ceases to exist.
B. When the adjoining dominant and serving tenements are combined into one tract of land.
C. By abandonment of the easement by the dominant owner
D. All of the above

A

D. All of the above

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9
Q 
If a property Owner gives a specific person permission to cross his property this is an:
A. Easement in Gross
B. Easement appurtenant
C. Lease
D. Encroachment
A

A. Easement in Gross

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10
Q 
The creation of an easement by condemnation results from the exercise of which of the following?
A. Prescription 
B. Eminent domain 
C. Dedication
D. Implication
A

B. Eminent domain

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11
Q 
A fee simple determinable is an example of 
I. A nonfreehold estate
II. defensible estate 
C. Both I and II
D. Neither I or II
A

B. II only

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12
Q 
If a widow inherits an estate by will granting her the right of use and possession of a parcel of land for the rest of her life, with the provision that the estate will go to her children in fee simple upon her death, she has received
A.an inheritable freehold estate
B. A life estate with remainder
C. A life estate pur after vie
D. None of the above.
A

B. A life estate with remainder

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13
Q 
The highest and best use form of estate in real property is which of the following?
A. Appurtenant easement 
B. Defensible fee
C. life estate in reversion
D. Fee simple absolute
A

D. Fee simple absolute

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14
Q

Estate for years, estate from year to year, estates at will and estates by sufferance:
A. Are leasehold estates
B. Create a legal relationship between the parties of landlords and tenant
C. Are non freehold estates
D. All of the above

A

D. All of the above

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15
Q

When the title to real property is held in the name of one person only:
I. It is called ownership in severalty
II. If the owner is a married person it is called tenancy by the entirety
A. I only
B. II only
C. Both I and II
D. Neither I nor II

A

A. I only

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16
Q 
Which of the following types of ownership requires unity of interest, title, time and possession.
A. Cooperative
B. Tenancy in common
C. Joint tenancy
D. Condominium
A

C. Joint tenancy

17
Q

None of the following includes the right of survivorship in NC except

A

Look up answer

18
Q 
The purchaser of a condominium unit received title to the land on which the condo is situated is a 
A. Tenant by the entirety
B. Tenant in common
C. Joint Tenant
D. Tenancy at sufferance
A

B. Tenant in common

19
Q

The purchaser of a condominium time-share:
A. Takes the title for a specified period of time each calendar year
B. May not convey title to anyone else
C. Has a 30 day right t rescind the purchase contract
D. All of the above.

A

A. Takes the title for a specified period of time each calendar year

20
Q

In the cooperative form of ownership:
A. The owner owns his unit in severalty
B. Each owner has an interest in the common areas
C. The owners own the building as tenants in common
D. None of the above

A

D. None of the above

21
Q

A tenant in common:
A. May sell her interest in the property
B. May pledge the property as security for a mortgaged loan
C. May not bring legal action to partition the property
D. Has the right of survivorship in the property

A

A. May sell her interest in the property

22
Q

Ownership as tenants by the entirety includes which of the following?
A. The right of one owner to convert title to his share of ownership without the participation of the other owner.
B the right of survivorship
C. Ownership of an unequal interest in the property with another.
D. Conversion to ownership as joint tenants if the owners are divorced

A

Look for the answer

23
Q

An encumbrance
A. Has a positive effect on the property
B. Has a negative effect on the property value
C. Is a lien
D None of the above

A

D. None of the above.

24
Q 
All of the following are examples of specific liens EXCEPT:
A. Income tax liens
B. Mortgage Liens
C. Mechanics liens 
D. Real property Tax liens
A

A. Income tax liens.

25
Q

Which of the following statements regarding judgement liens is correct?
A. A judgement lien will not attach to property to which title is held by a husband and wife as tenants by the entirety unless both participated in the creation of the debt and are both named as defendants in the judgement.
B. Judgement liens have a priority over the real property tax assessment.
C. Judgement liens have a priority over all liens other than property tax liens.
D. None of the above

A

A. A judgement lien will not attach to property to which title is held by a husband and wife as tenants by the entirety unless both participated in the creation of the debt and are both named as defendants in the judgement.

26
Q 
Liens easements, encroachments, and restrictive covenants are examples of which of the following?
A. Emblements
B. Estovers
C. Estates
D. Encumbrances
A

D. Encumbrances

27
Q 
Which of the following is an estate that automatically renews itself for consecutive periods?
A. Estate at will
B. Life Estate
C. Estate from year to year 
D. Estate for years
A

C. Estate from year to year

28
Q

Time share property in NC requires
I. The developer to have a real estate license
II. Project registration with the commission before marketing
III. All timeshare salespersons to have a real estate license
A.I and II only
B. II and III only
C. I and II only
D. I, II and III

A

B. II and III only

29
Q 
Timeshare property in NC is 
I. Deemed real property
II defined as the right to occupy a property during separated time periods over 5 year or more.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
A

C. Both I and II

30
Q 
An appurtenant easement must
I. Involve a serving and domain state
II. Run with the land
III. Be obtained by condemnation 
A. I only
B. III only
C. I and II
D. I, II, III
A

C. I and II

31
Q 
All of the following involve ownership of real property except:
A. Cooperatives
B. Condominiums
C. Townhouses
D. Time-shares
A

A. Cooperatives

32
Q 
Which of the following are real property?
A. Standing Timber
B. Underground minerals
C. Readily moveable items
D. Naturally growing vegetation
A

A B D

33
Q 
The items included as real estate are
A. Trees
B. Fences
C. A built in microwave
D. All of the above
A

D. All of the above.

Real Estate (9 decks)

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