Personal Property

Question 1

Which of the following is true about legal aspects of Real Estate Law:
A Personal property can never become real property
B Personal property can never be financed
C Personal property can become real property
D Real property only includes personal property

Answer 1

Personal property can become real property

Question 2

A real estate broker may have difficulty with personal property because its ownership rights and identification may be difficult to determine. This is because personal property can:
A Be alienated
B Be hypothecated
C Become real property
D All of the above

Answer 2

All of the above

Question 3

personal property is easily distinguished from real property by its:
A Lower values
B General uses
C Variety
D Mobility

Answer 3

Mobility

Question 4

Mortgages and trust deed are considered to be:
A Chattel real
B An estate
C Personal property exclusively
D All of the above

Answer 4

Personal property exclusively

Question 5

Which of the following statements is false:
A When an owner of land tears down a fence, such material is real property
B Fixtures become a lien in connection with the mortgage
C Trade fixtures that are installed by a tenant belong to the tenant
D Plumbing fixtures which are installed in an apartment building are fixtures

Answer 5

When an owner of land tears down a fence, such material is real property

Question 6

Personal property can never:
A Become real property
B Be hypothecated
C Be alienated
D None of the above

Answer 6

None of the above

Question 7

Less-than-freehold estate (leasehold) is owned by the:
A Freeholder
B Lessor
C Owner
D Lessee

Answer 7

Lessee

Question 8

Which of the following is regarded as a personal propert:
A All buildings erected on a parcel
B A stand of virgin timber
C Leasehold estates in real property
D Rights to the unextracted minerals

Answer 8

Leasehold estates in real property

Question 9

Which of the following is considered personal property:
A An easement
B Mineral rights
C An existing mortgage
D Trees growing in a forest

Answer 9

An existing mortgage

Question 10

The following are classified as real property, except:
A Appurtenant easements
B Watercourses
C Unextracted minerals
D Leasehold estates in residential properties

Answer 10

Leasehold estates in residential properties