Exam Unit 2 Flashcards
A property owner’s land is located along the banks of a river. This owner’s water rights are called
riparian rights.
A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is considered
The answer is personal property
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is
fixture or personal property
A paint company purchases a large tract of scenic forest land and builds several tin shacks there to store used turpentine and other items. Which statement is TRUE?
The company’s action constitutes improvement of the property.
A man inherited a piece of vacant land, removed and sold all the topsoil, limestone, and gravel. At his death, he left the property to his daughter. Which is TRUE?
The answer is the daughter inherits the property as is. The daughter inherits exactly what the man owned just before his death: a location on the earth’s surface, everything below it to the center of the earth, and the space above it toward infinity.
A property owner’s bundle of legal rights entitles the owner to do all of the following EXCEPT
The answer is exclude utility meter readers. The right of exclusion generally allows an owner to exclude someone else from entering the property, but this does not include the right to exclude the utility meter reader.
The characteristics of real property fall into which two broad categories?
The answer is economic and physical. Real property possesses seven basic characteristics that define its nature and affect its use. These characteristics fall into two broad categories: economic and physical.
Dry land accounts for only about
The answer is one-quarter of the earth. We usually do not consider land a rare commodity, but only about a quarter of the earth’s surface is dry land; the rest is water. The total supply of land, then, is not limitless.
Which of the following is considered personal property?
The answer is patio furniture. Personal property, such as patio furniture, is movable. A fireplace, bathtubs, and awnings are all attached to the property and considered real property.
According to law, a trade fixture is usually treated as
The answer is personalty. An item used in conducting business is considered a trade fixture and can be removed by the tenant. It is considered personal property (personalty) even though it may be attached to a building.
Real estate brokers and real estate salespeople may NOT act as attorneys unless they
The answer is are also licensed attorneys representing clients in that capacity. Real estate brokers and real estate salespeople may not act as attorneys unless they are also licensed attorneys representing clients in that capacity.
An owner of land is entitled to all land created through an increase in the land resulting from the deposit of soil by the water’s action called
The answer is accretion. An owner of land is entitled to all land created through an increase in the land resulting from the deposit of soil by the water’s action called accretion.
Which of the following is a physical characteristic of land?
The answer is indestructibility. The ability to make improvements, preference for the area, and relative scarcity of similar property are all economic matters. The land’s indestructibility is a physical matter, even though it is subject to both natural and human forces.
While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining 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 usually considered real estate.
Real estate generally includes all the following EXCEPT
annual crops.
