Chapter 7 Vocabulary

Question 1

Personal property:

A. The combination of characteristics or qualities that form an individual’s distinctive character.

B. Property that is portable or unattached to the real estate.

C. Features of a property that add value or desirability.

D. Items of personal property that have become permanently attached to leasehold property and are used for the purpose of operating a trade or business.

Answer 1

B. Property that is portable or unattached to the real estate.

Question 2

Fixtures:

A. An article that was once personal property but has been so affixed to real estate that it has become real property.

B. The process of joining two surfaces or edges together along a line by sewing.

C. Features of a property that add value or desirability.

D. Property that is portable or unattached to the real property.

Answer 2

A. An article that was once personal property but has been so affixed to real estate that is has become real property.

Question 3

Common elements:

A. The part of the condominium development that is intended for individual use.

B. Mutual assent or agreement between the parties to a contract regarding the substance of the contract.

C. All real property in a condominium development that is not described as a unit.

D. A feature shared by all members of a group.

Answer 3

C. All real property in a condominium development that is not described as a unit.

Question 4

Taxation:

A. A method of assessing Wisconsin agricultural land for property tax purposes.

B. The right of a government to place a charge on real estate to raise funds to meet the public need.

C. The determination of a property’s value for determining property taxes.

D. A tax on property owners in the area of an improvement, such as new curbs and gutters.

Answer 4

B. The right of a government to place a charge on real estate to raise funds to meet the public need.

Question 5

Freehold estate:

A. An estate of inheritance in land that is conditioned on the occurrence of non-occurrence of an event.

B. An estate in land characterized by an interest in something immobile and of an indefinite duration.

C. Considered personal property for property tax purposes unless permanently attached to the ground, attached to utilities and sits upon land owned by the mobile home owner.

D. Type of sale used when someone is in need of a way to sell items due to downsizing, moving, divorce, bankruptcy or death.

Answer 5

B. An estate in land characterized by an interest in something immobile and of an indefinite duration.

Question 6

Eminent domain:

A. An estate in land characterized by an interesting in something immobile and of an indefinite duration.

B. An estate of inheritance that may be nullified upon the occurrence or non-occurrence of a particular event.

C. Relating to the running of a home or to family relations.

D. A government’s right to take private land for public use.

Answer 6

D. A government’s right to take private land for public use.

Question 7

Bill of sale:

A. A provision in a contract that requires the completion of a certain act or the happening or a particular event before that contract is binding.

B. A document issued by a carrier that details a shipment of merchandise and gives title of that shipment to a specified party.

C. Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property.

D. A legal document used to transfer ownership of personal property.

Answer 7

D. A legal document used to transfer ownership of personal property.

Question 8

Partition suit:

A. A process by which the physical boundaries of a property are measured.

B. A legal process used when a borrower defaults on a debt.

C. A court process that divided co-tenant interests in real property when the parties do not all voluntarily agree to terminate the co-ownership.

D. The process by which money and/or documents are held by a disinterested third party until satisfaction of the terms and conditions of the escrow instructions have been achieved.

Answer 8

C. A court process that divided co-tenant interests in real property when the parties do not voluntarily agree to terminate the co-ownership.

Question 9

Grantee:

A. A party who is receiving an interest in real property.

B. An informal name for grandmother.

C. Any individual who is associated with a firm, other than a broker or a person who is not required to have a license.

D. A person who receives services given on behalf of and for the benefit of a client.

Answer 9

A. A party who is receiving an interest in real property.

Question 10

Mixed Property:

A. A combination of both individual and marital property is treated as marital property.

B. A classification of property under Wisconsin’m marital property law describing property of married people acquired prior to their determination date.

C. Belonging to or relating to the person or thing in question.

D. Two or more persons holding title to real property who are named on the same deed and share an undivided possession of the property.

Answer 10

A. A classification of property ownership recognized in Wisconsin. A combination of both individual and marital property is treated as marital property.

Question 11

Tenant in common:

A. A form of ownership where two or more people hold title on the same property, each person’s interest is held in severalty, and each person retains the right to will away the person’s interest.

B. A written lease in a cooperative apartment building between the owner/corporation and the tenant/stockholder in which the tenant is given the right to occupy a particular unit.

C. A flag denoting a sports championship or other achievement.

D. A form of ownership where two or more people hold title to real property with the same deed and with a right of survivorship.

Answer 11

A. A form of ownership where two or more people hold title on the same property. Each person’s interest is held in severalty, and each person retains the right to will away the person’s interest.

Question 12

Fee simple defeasible estate:

A. Activities or events celebrating a special occasion.

B. An estate with a duration limited to the life of the party holding it or of some other person.

C. An estate of inheritance that may be nullifies upon the occurrence or non-occurrence of a particular event.

D. An estate of inheritance in land that is absolute or without limitation.

Answer 12

C. An estate of inheritance that may be nullified upon the occurrence or non-occurrence of a particular event.

Question 13

Quiet enjoyment:

A. The right of a property owner to the uninterrupted use of the property without disturbance from superior titles.

B. Tending to create noisy disturbances; rough, loud or disorderly.

C. The right to encumber real property.

D. Occurs when a single parcel is granted special privileges that are not extended to other land that is similarly situated.

Answer 13

A. The right of a property owner to the uninterrupted use of the property without disturbance from superior titles.

Question 14

Fee simple absolute:

A. Consisting of main clause and one or more subordinate clauses.

B. A fee or commission paid to an unlicensed person for performing a brokerage activity.

C. The largest estate of ownership that automatically passes upon death to the owner’s heir and devisees, either by will or by descent.

D. The amount owed to a firm as payment for services rendered in connection with a listing contract or buyer agency agreement.

Answer 14

C. The largest estate of ownership that automatically passes upon death to the owner’s heirs and devisees, either by will or by descent. The estate includes the complete bundle of legal rights.

Question 15

Joint tenancy:

A. Two or more persons holding title to real property who are named on the same deed and share an undivided possession of the property.

B. A classification of property describing how condominium owners own common elements.

C. An inclination toward a particular characteristic or type of behavior.

D. A court process that divided co-tenant interests in real property when the parties do not all voluntarily agree to terminate the co-ownership.

Answer 15

A. Two or more persons holding title to real property who are named on the same deed and share an undivided possession of the property. Joint tenants benefit by the right of survivorship.

Question 16

Bundle of rights:

A. The rights of a government to limit private ownership of property for the general welfare of the community.

B. A newborn baby.

C. A legally enforceable promise or set of promises that must be performed, and for which, if a breach occurs, the law provides a remedy.

D. Real property ownership right including the right of quiet enjoyment, possession, disposal, exclusion, control and the right to encumber.

Answer 16

D. Real property ownership right including the right of quiet enjoyment, possession, disposal, exclusion, control and the right to encumber.

Question 17

Individual property:

A. A means of raising money by selling numbered tickets and giving prizes to the holders of numbers drawn at random.

B. The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs.

C. Fee simple unit ownership of real property.

D. Income designated as individual property, appreciation of value from individual property, or gifts and inheritance received during marriage.

Answer 17

D. Income designated as individual property, appreciation of value from individual property, or gifts and inheritance received during marriage.

Question 18

Percentage interest:

A. A charge imposed against a borrower for paying a loan off early.

B. A court process that divides co-tenant interests in real property when the parties do not all voluntarily agree to terminate the co-ownership.

C. Determines the extent of a condominium unit owner’s ownership interest in common elements, responsibilities for common expenses, voting power, and the amount of proceeds in the event that the condominium is terminated.

D. An increase in interest payments.

Answer 18

C. Determines the extent of a condominium units owner’s ownership interest in common elements, responsibilities for common expenses, voting power, and the amount of proceeds in the event that the condominium is terminated.

Question 19

Leasehold:

A. An ownership in land characterized by an unlimited duration.

B. A personal property interest in land acquired under a lease.

C. A property defined as any estate that is “free from hold” of any entity besides the owner.

D. An instrument by which some estate or interest in land is transferred from one person to another, such as a deed, mortgage, lease or contract for sale.

Answer 19

B. A personal property interest in land acquired under a lease.

Question 20

Lessor:

A. A person who helps organizations or groups to work together and provide information to each other.

B. Borrower

C. The seller under an option contract.

D. Property owner who leased property to a tenant.

Answer 20

D. Property owner who leased property to a tenant; a landlord.

Question 21

Severalty:

A. The seller of realty under a land contract.

B. Competitors conspiring together to eliminate competition by agreeing on the prices they will charge consumers.

C. A from of ownership where two or more people hold title on the same property.

D. Sole ownership of real property.

Answer 21

D. Sole ownership of real property.

Question 22

Control:

A. A world event or circumstance that significantly affects investment values and business conditions.

B. The right to use a property within the boundaries of the law.

C. A provision in a contract that requires the completion of a certain act or the happening of a particular event before that contract is binding.

D. An agency relationship created between parties by their actions.

Answer 22

B. The right to use a property within the boundaries of the law.

Question 23

Management and control:

A. Real property ownership right, including the right of quiet enjoyment, possession, disposal, exclusion, control and the right to encumber.

B. Not arranged or planned in a particular way.

C. A recognized interest in the use possession, control and disposition a person has in land.

D. The ability that a married person has under Wisconsin’s marital property laws to control marital property.

Answer 23

D. The ability that a married person has under Wisconsin’s marital property laws to control marital property.

Question 24

Homestead:

A. The home or dwelling of a married person and so much of the land surrounding it as is reasonably necessary for use of the dwelling as a home, but not less than one-fourth acre, if available, and not exceeding 40 acres.

B. Housing where construction began or for which a building permit was issued prior to January 1, 1978.

C. The amount of space required by zoning restriction between the lot line and any improvements on the lot.

D. A residence that is pleasantly comfortable and cozy.

Answer 24

A. The home or dwelling of a married person and so much of the land surrounding it as is reasonably necessary for use of the dwelling as a home, but not less than one-fourth acre, if available, and not exceeding 40 acres.

Question 25

Survivorship marital property:

A. One who is placed in a position of trust and confidence, normally responsible for the money or property of another.

B. Upon the death of a spouse, all property passes to the surviving spouse without going through probate.

C. Each person’s interest is held in severalty, and each person retains the right to will away the person’s interest.

D. Each spouse has an undivided one-half interest in each item of marital property.

Answer 25

B. A classification of property ownership in Wisconsin. Upon the death of a spouse, all property passes to the surviving spouse without going through probate.

Question 26

Probate:

A. A classification of property ownership in Wisconsin.

B. Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent’s estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass.

C. To calculate something according to the specific amount that someone has done.

D. An insurance policy that protects the insured agains loss or defects that may occur in the title.

Answer 26

B. Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent’s estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass.

Question 27

Accession:

A. A way of termination the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their rights to sue.

B. A component of binding acceptance.

C. The act of going downward; falling or sinking; degradation.

D. The right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially.

Answer 27

D. The right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially. For example, the owner of an office building would acquire the abandoned trade fixtures of a tenant as real property by accession.

Question 28

Condominium unit:

A. Common elements of the condominium that are identified in the declaration or plat as reserved for the exclusive use of one or more unit owner.

B. Personal property permanently attached to the ground, attached to utilities and sits upon land owned by the mobil home owner.

C. A separate dwelling in a large house or structure.

D. The part of the condominium development that is intended for individual use.

Answer 28

D. The part of the condominium development that is intended for individual use.

Question 29

Lessee:

A. Homeowner

B. Tenant

C. One who holds an estate in land for the period of the tenant’s own life or the life of another person.

D. Landlord

Answer 29

B. Tenant

Question 30

Trade fixtures (chattel fixtures):

A. A combination of different qualities, things or emotions in which the component elements are individually distinct.

B. The image on a computer monitor, the viewing screen of a television or a motion-picture screen.

C. Items such as bank accounts, stocks, bonds and mutual funds.

D. Items of personal property that have become permanently attached to leasehold property and are used for operating a trade or business.

Answer 30

D. Items or personal property that have become permanently attached to leasehold property and are used for operating a trade or business.

Question 31

Limited common element:

A. A contract that contains all the necessary elements and is enforceable in a court of law.

B. Common elements of the condominium that are identified in the declaration or plat as reserved for the exclusive use of one or more unit owner.

C. An electrically charged atom or group of atoms formed by the loss or gain of one or more electrons.

D. An element found in soil and rock that is thought to increase the likelihood of several types of cancers.

Answer 31

B. Common elements of the condominium that are identified in the declaration or plat as reserved for the exclusive use of one or more unit owner.

Question 32

Predetermination date property:

A. A classification of property under Wisconsin’s marital property law describing property of married people acquired prior to their determination date.

B. The ability that a married person has under Wisconsin’s marital property laws to control marital property.

C. The gradual paying of a debt through systematic payments of principal and interest over a predetermined period.

D. Not seen or understood clearly.

Answer 32

A. A classification of property under Wisconsin’s marital property law describing property of married people acquired prior to their determination date.

Question 33

Life tenant:

A. Two or more persons holding title to real property who are named on the same deed and share an undivided possession of the property.

B. A form of ownership where two or more people hold title on the same propter.

C. The party who is being sued in court.

D. One who holds an estate in land for the period of the tenant’s own life or the life of another person.

Answer 33

D. One who holds an estate in land for the period of the tenant’s own life or the life of another person.

Question 34

Escheat:

A. Acting dishonesty or unfairly in order to gain an advantage.

B. The revision of property to the state or county as provided by state law in cases where a decedent dies intestate and there are no heirs.

C. A lien binding the real estate of one who is in debt to the holder of a judgment, giving the holder a right to foreclose on the land and for the satisfaction of the judgement.

D. A property defect that is known by a seller and is not discoverable by an ordinary inspection of the property by an agent or a buyer.

Answer 34

B. The reversion of property to the state or county as provided by state law in cases where a decedent dies intestate and there are no heirs.

Question 35

Estate in land:

A. An agreement between a buyer and seller of property in which the buyer makes payments towards full ownership.

B. An easement that exists between a landowner and another person that typically ends upon the death of the easement holder or transfer of title.

C. The right held by a property owner to lease, sell or will the property away.

D. A recognized interest in the use possession, control and disposition a person has in land.

Answer 35

D. A recognized interest in the use possession, control and disposition a person has in land.

Question 36

Police power:

A. The power of a government to preserve order and protect the public health and general welfare.

B. The rights of a government to claim ownership of abandoned property.

C. A government’s right to take private land for public use.

D. The right of a government to place a charge on real estate to raise funds to meet the public need.

Answer 36

A. The power of a government to preserve order and protect the public health and general welfare.

Question 37

Disposition:

A. The right held by a property owner to lease, sell or will the property away.

B. An arrangement of people or things or putting something in order.

C. A physical or mental impairment that substantially limits one or more major life activities, a record of having such an impairment, or being regarded as having such an impairment.

D. A recognized interest in the use possession, control and disposition a person has in land.

Answer 37

A. The right held by a property owner to lease, sell or will the property away.

Question 38

Marital property:

A. Whether a person is single, married, divorced, separated or widowed.

B. Each spouse has an undivided one-half interest in each item of marital property.

C. A combination of both individual and marital property is treated as martial property.

D. The ability that a married person has under Wisconsin’s marital property laws to control martial property.

Answer 38

B. A classification of property ownership recognized in Wisconsin. Each spouse has an undivided one-half interest in each item of marital property.

Question 39

Life estate:

A. A contractual or conveyance form that is prepared and approved by the Real Estate Examining Board.

B. A claim or encumbrance that would affect or burden an owner’s title to real estate.

C. An instrument by which some estate or interest in land is transferred from one-person to another, such as a deed, mortgage, lease or contract for sale.

D. An estate with a duration limited to the life of the party holding it or of some other person.

Answer 39

D. An estate with a duration limited to the life of the party holding it or of some other person.

Question 40

Chattel:

A. A band of frequencies used in radio and television transmission, especially as used by a particular station.

B. A legal document used to transfer ownership of personal property.

C. An item of moveable personal property, such as furniture and draperies.

D. The business of bringing buyers and sellers together in the marketplace.

Answer 40

C. An item of moveable personal property, such as furniture and draperies.

Question 41

Possession:

A. The act of occupying a property.

B. The right to encumber.

C. A recognized interest in the use possession, control and disposition a person has in land.

D. A period of temporary economic decline.

Answer 41

A. The act of occupying a property.

Question 42

Grantor:

A. A party who is receiving an interest in real property.

B. A party who is conveying an interest in real property.

C. Lender

D. A party who arranges for or extends credit more than 25 times a year or more than 5 times a year if the transaction is secured by a dwelling.

Answer 42

B. A party who is conveying an interest in real property.