Oklahoma Basic Real Estate Course Part I

Question 1

Which of the following is included in surface rights?

1 Air rights
2 Subsurface rights
3 Surface water rights
4 Mineral rights

Answer 1

3 Surface water rights are included in surface rights.

Question 2

What is the primary criterion for determining whether an item is real or personal property?

1 Cost of the item in relation to the cost of the main item of property
2 Permanent attachment to land or structures
3 Size of the item
4 Documentation of how the item was acquired

Answer 2

2 Permanent attachment to land or structures

Question 3

A commercial tenant installed some ice cream coolers to sell ice cream. Which of the following statements best describes what happens to the cases upon the expiration of the lease?

1 The tenant would be able to take the cases only if the tenant paid the owner for the fair market value of the cases.
2 The tenant would be able to take the cases prior to the expiration of the lease since they were trade fixtures, and they were installed by the tenant.
3 The landlord would be able to keep the cases as once the cases were installed, they become real property.
4 The owner would be able to keep the cases as they would be considered emblements.

Answer 3

2 The tenant would be able to take the cases prior to the expiration of the lease since they were trade fixtures, and they were installed by the tenant.

Question 4

All property in the United States is owned under the
1 alluvial system.
2 effluvial system.
3 allodial system.
4 afeudal system.

Answer 4

3 allodial system.

Question 5

What is characteristic of the allodial system of ownership?
1 The government owns the land.
2 Individuals own land directly.
3 All land ownership is absolute and without limitations.
4 Individuals have only temporary use of land.

Answer 5

2 Individuals own land directly.

Question 6

A farmer sold a farm. Several months later he was able to go back and harvest the corn crop. The crops are called what?
1 Trade fixtures
2 Emblements
3 Fructus naturales
4 Fixtures

Answer 6

2 Emblements

Question 7

Even though it is attached to a structure, an item may be considered personal property rather than real property if

1 the owner originally intended to remove it after a period of time.
2 it can be removed without altering the appearance of the structure.
3 it is unnecessary to the physical integrity of the structure.
4 the owner installed it at some time after acquiring the real property.

Answer 7

1 the owner originally intended to remove it after a period of time.

Question 8

Who owns the land under a navigable river?

1 Owners of properties that abut the river
2 No one
3 The state
4 The municipality, if the area is incorporated

Answer 8

3 The state

Question 9

A lease is an example of a(n)

1 transfer of a portion of the bundle of rights.
2 encroachment on the bundle of rights.
3 transfer of the complete bundle of rights.
4 transfer of surface rights.

Answer 9

1 transfer of a portion of the bundle of rights.

Question 10

The “bundle of rights” refers to a set of rights

1 enjoyed by the owner of a property.
2 that is inseparable from a parcel of real estate.
3 guaranteed to citizens by the Declaration of Independence.
4 specified in a deed or land contract.

Answer 10

1 enjoyed by the owner of a property.

Question 11

Which of the following is NOT an economic characteristic of land?

1 Transferability
2 Immobility
3 Demand for the area
4 Utility of the land

Answer 11

2 Immobility

Question 12

Which of the following is true of littoral rights?

1 They revert to the state when the property is sold.
2 They cannot be transferred.
3 They are a personal right belonging to an individual owner, not attaching to the real property.
4 They transfer with the property when the property is sold.

Answer 12

4 They transfer with the property when the property is sold.

Question 13

The right to encumber a property means that the owner can
1 build fences and roadblocks.
2 use the property as collateral for debt.
3 lease the property.
4 assign the bundle of rights to another.

Answer 13

2 use the property as collateral for debt.

Question 14

The right to build a structure on top of an existing structure is an example of
1 the right to encumber.
2 surface rights.
3 the right to improve.
4 air rights.

Answer 14

4 air rights.

Question 15

What is the primary consequence if a property use violates a zoning ordinance?
1 The property taxes increase.
2 The improvements must be removed.
3 The title becomes unmarketable.
4 The owner forfeits title.

Answer 15

3 The title becomes unmarketable.

Question 16

Which of the following is true of littoral rights?

1 They revert to the state when the property is sold.
2 They cannot be transferred.
3 They are a personal right belonging to an individual owner, not attaching to the real property.
4 They transfer with the property when the property is sold.

Answer 16

4 They transfer with the property when the property is sold.

Question 17

Which would NOT be considered real property?

1 House
2 Mineral rights
3 Air rights
4 Trade fixtures

Answer 17

4 Trade fixtures

Question 18

Which of the following is a role of the federal government in land use regulation?

1 Establishment of broad standards of usage
2 Establishment of real estate license laws
3 Definition of how property may be held
4 Levying of real estate taxes

Answer 18

3 Definition of how property may be held