Legal Aspects of Real Estate: Q2/Chp 3-4

Question 1

1) The right to possess and use property includes the right to:
a. occupy the property.
b. sell the property.
c. lease the property.
d. All of the above.

Answer 1

d. All of the above.

Question 2

2) Real estate is characterized as:
a. movable.
b. immovable.
c. personalty.
d. None of the above

Answer 2

b. immovable.

Question 3

3) The first component of real estate is land, which includes:
a. soil.
b. rocks.
b. reasonable airspace above the earth.
d. All of the above.

Answer 3

d. All of the above.

Question 4

4) A fixture is:
a. personal property which has become permanently attached to real estate.
b. real estate which has been condemned.
c. personal property which is no longer associated with real estate.
d. real estate which has been abandoned.

Answer 4

a. personal property which has become permanently attached to real estate.

Question 5

5) The ownership interests in real estate include:
a. fee estates.
b. life estates.
c. leasehold estates.
d. All of the above

Answer 5

d. All of the above

Question 6

6) A person who holds a __________ interest in real estate has the right to possess and control their property indefinitely.
a. leasehold
b. life estate
c. fee estate
d. profit a prendre

Answer 6

c. fee estate

Question 7

7) A(n) __________ is an interest in a parcel of real estate lasting the lifetime of a named individual, called a controlling life.
a. periodic tenancy
b. drilling right
c. controlled interest
d. life estate

Answer 7

d. life estate

Question 8

8) A leasehold estate conveys to a tenant the right to __________ a fee owner’s real estate.
a. possess
b. sell
c. destroy
d. All of the above.

Answer 8

a. possess

Question 9

9) In a __________, a landlord and tenant agree to successive rental periods of the same length, such as in a month-to-month tenancy.
a. periodic tenancy
b. tenancy-at-will
c. tenancy-at-sufferance
d. life tenancy.

Answer 9

a. periodic tenancy

Question 10

10) A(n) ________ grants its holder a nonexclusive personal privilege to use property.
a. easement
b. license
c. covenant
d. partition

Answer 10

b. license