Chapter 3 - Real Estate and its Appraisal Flashcards
1
Q
- The property of a person who dies leaving no heirs passes to the state by the right of
a. acquisition.
b. escheat.
c. condemnation.
d. eminent domain
A
b. escheat.
2
Q
- Condemnation of private property for public use is called the right of
a. seizure.
b. escheat.
c. eminent domain.
d. acquisition
A
c. eminent domain.
3
Q
- Anything that is NOT real property is
a. real estate.
b. a fixture.
c. an appurtenance.
d. personal property.
A
d. personal property.
4
Q
- An appraisal may include
a. a property description.
b. an opinion of property condition.
c. an opinion of market value.
d. all of these.
A
d. all of these.
5
Q
- Real property includes
a. land.
b. fixtures and appurtenances to land.
c. anything immovable by law, with certain exceptions.
d. all of these.
A
d. all of these.
6
Q
- Tenancy by the entirety is a form of
a. marital property ownership.
b. tenancy in common.
c. business property ownership.
d. ownership in severalty.
A
a. marital property ownership.
7
Q
- A landlord has
a. a fee simple qualified.
b. a fee simple defeasible.
c. an estate of tenancy.
d. a leased fee estate.
A
d. a leased fee estate.
8
Q
- The four unities required for a joint tenancy are
a. tenancy, location, title, and possession.
b. time, title, interest, and possession.
c. possession, ownership, use, and enjoyment.
d. title, time, location, and possession.
A
b. time, title, interest, and possession.
9
Q
- An individually owned parcel includes a share of common areas in
a. a PUD.
b. a condominium.
c. a stock cooperative.
d. a life estate.
A
a. a PUD.
10
Q
- A type of real estate featuring ownership of airspace, as well as an interest in common in the entire parcel, is
a. a PUD.
b. a condominium.
c. a stock cooperative.
d. a life estate.
A
b. a condominium.
11
Q
- Your children will be MOST likely to inherit Greenacre from you if you have
a. a life estate.
b. a defeasible fee.
c. a remainder.
d. a special limitation.
A
c. a remainder.
12
Q
- A life estate is
a. a present, possessory interest.
b. a future interest.
c. an estate of tenancy.
d. a fee simple defeasible.
A
a. a present, possessory interest.
13
Q
- Property acquired by a spouse during marriage by gift or inheritance is
a. marital property.
b. community property.
c. separate property.
d. jointly owned property.
A
c. separate property.
14
Q
- What are the considerations in determining whether something attached to real property is a fixture?
A
Whether something attached to real property is a fixture may be determined by considering the intention of the person who placed the item on the land. the method of attachment, the adaptability of the thing for the lands ordinary use, the agreement of the parties, and the relationship of the parties.
15
Q
- A township is divided into
a. 160 sections.
b. 36 sections.
c. 4 ranges.
d. 36 meridians.
A
b. 36 sections.
