Practice Flashcards
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures
Accession
Rights to use the space above earth
Air rights
Method of converting personal property into real property
Annexation
anything, tangible or intangible, associated with the property, is connected to the property although not necessarily a direct part of it.
Appurtenance
Legal document that transfers personal property
Bill of sale
the legal rights of ownership that attach to ownership of a parcel of real estate
Bundle of Legal Rights
Another term for items of personal property such as: chairs, tables, clothes, money, bonds, and bank accounts. Also includes trade fixtures.
Chattels
Written instrument that when executed and delivered conveys title to or an interest in real estate
Deed
Crops that require annual cultivation and are considered as personal property.
Emblements
Item of personal property that has been converted to real property by being permanently affixed to the realty
Fixture
Geographic location of any given parcel of land can never be changed. It is always fixed.
Immobility
any artificial addition to land that may make property more/less better-looking, more useful, or more/less valuable.
improvement
the earth’s surface extending downward to the center of the earth and upward to infinity. Includes what is on the surface and underlying soil.
land
___ includes objects that are naturally attached to earth’s surface, and subsurface
Land
Dwellings that are built off site and trucked to a building lot where they are installed or assembled.
Manufactured housing
___ includes modular, panelized, precut, and mobile homes.
Manufactured housing
___ usually refers to factory-built housing constructed before 1976
mobile homes
property that is movable and not affixed to or associated with the land.
personal property
___ includes all property except real property
personal property
Land at, above, and below the earth’s surface, plus all things permanently attached to it.
Real Estate
___ includes natural land along with all human made improvements.
Real Estate
Illinois state law enacted to protect the public from fraud, dishonesty, and incompetence in the purchase and sale of real estate.
Real Estate License Act of 2000
also known as “the Act”
Real Estate License Act of 2000
The interests, benefits, and rights that are automatically included in the ownership of land and real estate.
Real Property
___ includes land, real estate, and a bundle of legal rights.
Real Property
___ includes the surface, subsurface, airspace, any improvements, and the bundle of legal rights.
Real Property
What 5 rights do real property owners have according to the bundle of legal rights?
Right of control
Right of disposition
Right of enjoyment
Right of exclusion
Right of possession
The right of ___ allows the owner to transfer the property as one sees fit
Disposition
The right of ___ allows the owner to utilize the property to the full extent allowed by law and without interference
Enjoyment
Which right allows owners to not welcome certain individuals and parties on their property, with the exception of those who have the right to access the property?
Right of exclusion
If a property owner does not want a utility meter reader entering their property, do they have the legal right to exclude them from entry?
No
The right of ___ grants owners the right to hold the property.
Possession
Changing an item of real estate to real property by detaching it from the land
Severance
Cutting down a tree would be an example of ___
Severance
___ is a term that refers to people’s preferences for given areas
Situs
Because of ___, the unique quality of preferences results in different values for similar units.
situs
minerals and substances that lie far below earth’s surface
Subsurface
___ Rights are the right to the natural resources lying below the earth’s surface
Subsurface
___ Rights are the right to use the surface of the earth
Surface
An article of personal property installed by a tenant on a commercial property under the terms of a lease and removable by the tenant before the lease expires.
Trade fixture
___ is a physical characteristic that means that no 2 parcels of land are ever exactly the same. Characteristics of each property will always differ from those of every other.
Uniqueness
Water is included in the definition of ___.
Land
Air space is included in the definition of ___.
Land
Trees and other plants that are permanently attached to the ground are included in the definition of ___.
Land
___ includes land plus permanent human made additions & improvements
Real estate
Includes appurtenance, real estate, and the bundle of legal rights
Real Property
___ is defined as the earth’s surface extending downward to the center of the earth and upward to infinity.
Land
___ is a broad term that includes land, real estate, and any rights associated with these.
Real Property
A house built on top of land would be considered to be a(n) ___.
Improvement
If you own a condo on the 23rd floor of a building, you would own the ___ rights of that floor.
Air
The right of ___ gives the property’s owner the authority to decide whether they will sell their property, or transfer ownership to their children according to their will
Disposition
Betty does not want her sister visiting her property. Her right of ___ permits her to tell her sister that she is not welcome to visit her.
Exclusion
If you are the owner of a residential property, does your Right of Control permits you to operate a McDonalds franchise on the property if you wish to do so? Why or why not?
No, because residential property is not commercial property.
___ refers to a geographic location of land.
Situs
A growing tree is considered as real estate until the owner cuts it down, this is because of ___.
Severance
Chattels are another term for ___.
Personal Property
___ are annually cultivated crops that are considered as personal property.
emblements
___ Rights are the rights to use the space above the earth’s surface.
Air
___ are personal property that has become real property.
Fixtures
A house key is…
A fixture
___ includes a bundle of legal rights
Real Property
An article owned by a tenant and attached to a rented space of a building or used in conducting a business is a(n) ___.
Trade fixture
Property that is not movable and is affixed to or associated with the land
Real property
The practice of real estate in Illinois is governed by the…
Real Estate License Act of 2000
Laws passed by Congress are not among the sources of law affecting real property. True or false?
False
Real estate licensees are obligated to be familiar with the real estate laws and licensing requirements in the states in which they practice. True or false?
True
A homeowner is building a new enclosed front porch on his home. A truckload of lumber has been left on his driveway for use to build the porch. At this point, the lumber would be considered as what type of property?
Personal property
Scarcity, improvements, and location best describe the ___ characteristics of real estate.
Economic
What are the 3 economic characteristics in real estate?
Scarcity
Improvements
Location
A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. The real estate characteristic associated with her concern is…
Area preference
Intent of the parties, method of attachment, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is…
A fixture or personal property
The buyer and seller of a home are debating whether a certain item is real or personal property. The buyer says it is real property and should convey with the house; the seller says it is personal property and would not convey without a separate bill of sale. In determining whether an item is real or personal property, which of the following would a court NOT consider?
a) Any relevant agreement of the parties in their contract of sale
b) Whether the item is clearly adapted to the real estate
c) Whether its removal would cause severe damage to the real estate
d) The cost of the item when purchased
The cost of the item when purchased
According to the law, a trade fixture is usually treated as ___.
Personal property
An owner decides to sell her house and takes the antique front door with her when she moves. In the absence of any provision in the contract, is the owner allowed to remove the door? Why or why not?
No, because the door is a fixture
An owner decides to sell her house and takes the antique front door with her when she moves. In the absence of any provision in the contract, she is not allowed to do this because this act of ___.
Severence
Parking spaces in multiunit buildings are classified as ___.
Appurtenances
Water rights are classified as ___.
Appurtenances
A person buys a parcel of natural forest. The person then immediately cuts down all the trees and constructs a large shed out of old sheets of rusted steel for storing turpentine, varnish, and industrial waste products. The owners action constitutes ___ of the property
improvement
Installed lighting units are normally considered as real estate ___.
fixtures
A man inherited a farm from his uncle. As a new owner, the first thing he did with the vacant property was to remove all the topsoil, which he sold to a landscaping company. He then removed a thick layer of limestone and sold it to a construction company. Finally, he dug 40 feet into the bedrock and sold it for gravel. When the farm owner died, he left the farm to his daughter. Which of these statements is true?
a) The man’s estate must restore the land to its original condition
b) The daughter inherits a large hole in the ground, but it is still a farm, down to the center of the earth
c) The daughter owns the gravel, limestone, and topsoil, no matter where it is
d) The daughter inherits nothing because the farm no longer exists
The daughter inherits a large hole in the ground, but it is still a farm, down to the center of the earth
Patio furniture would be considered as ___.
Personal property
When an owner of real estate sells the property to someone else, which of the “sticks” in the bundle of legal rights is she using?
Disposition
___ includes land and all things that are permanently attached.
Real estate
___ is property that is movable.
Personal property
A bookstore owner rents space in a commercial building. The bookstore has large tables fastened to the walls where customers are encouraged to sit and read. Shelves create aisles from the front of the store to the back. The shelves are bolted to both the ceiling and floor. The shelves and tables are considered as…
Trade fixtures
When must trade fixtures be removed from a leased property?
Before the lease expires
Who is responsible for damages caused by removal of a trade fixture upon expiration of the property’s lease?
The tenant
Which is an example of appurtenance?
a) Trade fixture
b) Personal property
c) Water rights
d) Fixture
Water rights
___ is considered the most important characteristic of land.
Location
annexation is…
changing personal property into real property
A deed is conveyed to transfer ownership of ___.
Real property
A bill of sale is conveyed to transfer the ownership of ___.
Personal property
When is the standard date for possession of farmland in Illinois to be transferred following a sale?
March 1
If a landlord wishes to break the lease with a tenant for farmland in Illinois, notification must be given by what date?
November 1
What is severence?
Turning an item of real property into personal property
Picking an apple off of an apple tree would be an act of ___.
severance
What are the 3 physical characteristics of real estate?
Uniqueness
Immobility
Indestructibility
Bob is a landowner who sells the rights to any oil and gas found beneath his farm to an oil company. Later, he sells the remaining interests (the surface, air, and limited subsurface rights to John, reserving the rights to any coal that may be found in the land. John sells the remaining land to Mike but retains the farmhouse, stable, and pasture. After these sales, who owns all of the coal?
Bob
Bob is a landowner who sells the rights to any oil and gas found beneath his farm to an oil company. Later, he sells the remaining interests (the surface, air, and limited subsurface rights to John, reserving the rights to any coal that may be found in the land. John sells the remaining land to Mike but retains the farmhouse, stable, and pasture. After these sales, who owns the oil and gas?
The oil company
Bob is a landowner who sells the rights to any oil and gas found beneath his farm to an oil company. Later, he sells the remaining interests (the surface, air, and limited subsurface rights to John, reserving the rights to any coal that may be found in the land. John sells the remaining land to Mike but retains the farmhouse, stable, and pasture. After these sales, who owns the farmhouse, stable, and pasture?
John
Bob is a landowner who sells the rights to any oil and gas found beneath his farm to an oil company. Later, he sells the remaining interests (the surface, air, and limited subsurface rights to John, reserving the rights to any coal that may be found in the land. John sells the remaining land to Mike but retains the farmhouse, stable, and pasture. After these sales, who would own the rights to any remaining real estate?
Mike
___ is real estate plus a bundle of legal rights.
Real Property
Land has no ___.
improvements
What 3 things are included in real property?
Land
Improvements
Bundle of legal rights
Real estate includes ___ and ___.
Land and improvements
Boulders that are naturally attached to the surface are included in the definition of ___.
Land
minerals and substances beneath earth’s surface and are included in the definition of land
Subsurface
3 components of land
Surface
Subsurface
Airspace
Because of ___ of property, a person who contracts to buy unit 305 of a new condominium building cannot have unit 307 substituted at closing, even though the two units appear to be identical.
Uniqueness
Lanes in a bowling alley are ___.
Trade fixtures
Cabinets in a kitchen are ___.
Fixtures
An central air conditioner would be considered as…
A fixture
Shelves in a pantry are…
Fixtures
A window is…
A fixture
A television is…
Personal property
A bank account is…
A) A chattel
B) Real property
C) A fixture
D) A trade fixture
A chattel
Money is…
A) A chattel
B) Real property
C) A fixture
D) A trade fixture
A chattel
A chicken coop on a farm that is being leased to a tenant is…
A) A chattel
B) Real property
C) A fixture
D) A trade fixture
A trade fixture
Corn is
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
Personal property
A tree is…
A) Personal property
B) Real estate
C) A fixture
D) A trade fixture
Real estate
An in ground swimming pool is…
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
Real property
A deck constructed out of wood that has been permanently attached to a home is…
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
A fixture
The door to a closet is…
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
A fixture
Money bonds are considered as…
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
Personal property
If manufactured housing has not been permanently attached to the land, what would it generally be considered as?
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
Personal property
Manufactured housing is considered as ___ after it is permanently affixed to the land.
Real property
Grass is considered as ___.
Real estate
Emblements are considered as…
A) Personal property
B) Real property
C) A fixture
D) A trade fixture
Personal property
As long as emblements are growing, they will stay with ___ unless other provisions are made in sales contract.
Real property
In Illinois, when possession of farmland is transferred on March 1, how much of the current year’s tax bill is the buyer responsible for paying?
Full payment
In Illinois, if ownership of farmland is transferred on March 1, how much benefit of the new crop does the buyer receive that tax year?
Full benefit
In Illinois, if sale of farmland is closed at a time of year before annual crops are harvested, the sales contract should indicate…
whether the growing crops are included in the sales price
In Illinois, if a farm’s owner wishes to break a lease with a tenant, notification must be given by a specific date in order to produce the least interference with the cycle of spring planting and fall harvesting. When is this date?
November 1
Sarah picked an apple from a tree in her back yard. The tree remains intact. What type of property is the apple?
Personal property
An individual flower becomes personal property once it has been picked from a bush by the act of ___.
severance
A land owner buys cement, stones, and sand then mixes them into concrete and constructs a sidewalk across their land. The sidewalk is considered as ___.
Real property
A land owner buys cement, stones, and sand then mixes them into concrete and constructs a sidewalk across their land. This is an example of which process?
Annexation
A(n) ____ refers to any item that has been added as a permanent part of a building
Fixture
By law, fixtures are considered to be part of ____ after they have been permanently attached to the land or building.
Real property
The elevator equipment used to operate the elevators are an example of…
A fixture
Plumbing is an example of…
A fixture
A building’s heating system would be an example of…
A fixture
What are the 3 A’s in the legal tests of a fixture?
Attachment
Adaptation
Agreement
Which legal test of a fixture would raise the question of how permanent an item is, and can the item be removed without causing damage to the surrounding property?
Attachment
Which legal test of a fixture would raise this question: is the item being used as real property or personal property?
Adaptation
Which legal test of a fixture would raise this question: Have the parties agreed in writing on whether the item is real or personal property, and what is said in the contract?
Agreement
When is it important for owner to clarify which fixtures will be sold with the real estate?
At the beginning of the sales process
A ___ between the buyer and seller should list articles included in the sale if any doubt exists as to whether they are personal property or fixtures.
Contract
Chattel fixture is a term used to describe a ___.
Trade fixture
Who usually owns and installs a trade fixture?
A tenant
Fixtures are considered permanent part of building, but trade fixtures are ___.
Removable
Shelves in a store are…
A trade fixture
A grill inside of a restaurant considered as…
A trade fixture
A bar inside of a restaurant is…
A trade fixture
A tool shed owned by a tenant at a farm is…
A trade fixture
If trade fixture is not removed, it becomes the real property of the landlord due to ___.
Accession
Chris uses stones to build a deck in his back yard. This is an example of ___.
Annexation or attachment
Crystal removed the cabinets from her kitchen. The cabinets are now considered as her personal property due to the act of ___
Severance
A pizza parlor leased space in a small shopping center, and the restaurateur bolted a large iron oven to the floor of the unit. When the pizza parlor goes out of business and relocates, the restaurateur will be able to remove the pizza oven if the bolt holes in the floor can be repaired. The oven is a…
trade fixture
A pizza oven was brought into a restaurant in pieces, welded together, and set in concrete. As a result, the restaurateur might not be able to remove the oven without causing structural damage. Because of this, the oven might become a…
Fixture
___ is fixed property.
Real property
A ___ is a certificate of ownership.
Title
A ___ transfers the title of real property.
Deed
What document would transfer the ownership of an air conditioner, refrigerator, and microwave that were included with the purchase of Real Estate?
Bill of Sale
Window blinds are an example of…
a fixture
You are remodeling the exterior of your property and remove the brick accents that were previously installed. The removed bricks are now considered as…
Personal property
___ is the opposite of annexation or attachment
severance
Removing a chandelier from your property is considered to be an act of ___
severance
a special type of personal property that is specific to a tenant’s business is known as a…
trade fixture
Is a display case for baked goods inside of a bakery considered as a trade fixture, personal property, or real property?
Trade fixture
Sandy owns a bakery. She has been renting the building where she operates her business from John, who owns the building. John eventually sells the building to Karen, who inherits Sandy as her tenant. Who is now the owner of the trade fixtures?
Sandy
ABC Appliances has been renting an ice maker as a trade fixture to Mike. Mike is leasing a building from Sarah to operate his restaurant from. Upon termination of Mikes lease, he leaves behind his ice maker. Who now owns the ice maker?
ABC Appliances
Dan is a farmer who planted corn. He sold his farm to Jack on June 23rd. Now that Jack owns the property, who is the owner of the corn that was planted on the property?
Dan
Kevin planted wheat on his farm and then sold the farm to Karen on July 1st. Is Kevin legally allowed to harvest his wheat after selling the property to Karen?
Yes
Which economic characteristic means that supply in given location or of particular quality is generally considered to be limited?
Scarcity
Which economic characteristic means that total available supply of land is not limitless?
Scarcity
Building a(n) ___ on one parcel of land can affect its value and use, as well as that of neighboring tracts and whole communities
improvement
Constructing a new shopping center or selecting a nuclear power site or toxic waste dump can dramatically shift land values in a large area. This is an example of which economic characteristic?
Improvement
A building on a commercial property that was previously used for a hair salon was recently demolished to make way for the construction of Gotham Bank. In the original construction of the hair salon, improvements such as drainage, electricity, water, and sewage systems were installed, all of which still remain after the hair salon was demolished. The drainage, electricity, water, and sewage systems would be an example of which economic characteristic?
Permanence of investment
Location is sometimes called ___.
Situs
While it is true that some subsurfaces of land are removable and topography may shift, geographic location of any given parcel of land can never be changed. This is because of which physical characteristic?
Immobility
The fact that land is ___ does not change the fact that man-made improvements on land depreciate and can become obsolete, which may dramatically reduce the land’s value.
Indestructible
Due to the right of enjoyment, does Bob have the right to smoke crystal meth in the basement of his residential property? Why or why not?
No, because crystal meth is illegal.
Dan recently became the owner of a residential property. He would like to open a barber shop on this property. Because of his right to control, he has the legal right to utilize his property for this purpose. True or false?
False
Betty been the owner of a residential property for 50 years and recently paid off her mortgage. She would like to open a Candy Store on her property. Even though she has the right to control her property, it would still be illegal for her to do this because her property is not ___.
Commercial property
El Chapo recently purchased an industrial property in Chicago. He plans to use this property to open a factory where crystal meth will be manufactured. Because of his right to control his property, is he legally allowed to do this? Why or why not?
No, because manufacturing crystal meth is illegal
Beatrice has been the owner of a residential property in Schaumburg, IL for thirty years. After her retirement, she purchased an additional residential property in Malibu, CA, which is now being used as her permanent residence. She never sold her property in Schaumburg, and therefore continues to have ownership rights to that property. Which legal right allows her to continue holding her property in Schaumburg for as long as she wishes?
Possession
XYZ Moving is a small business that has hired Bob to market their services in Highland Park, IL. Christina has a “No Soliciting” sign on her front door and a “House For Sale” sign on her lawn. After seeing the “House For Sale” sign on Christina’s property, Bob decides to ignore the “no soliciting” sign on her front door because she may be a potential lead and rings her doorbell anyway. After answering the door, Christina kindly reminds him that solicitors are not invited to her property. Which legal right is Christina exercising?
Exclusion
Sam is afraid of law enforcement because he has been operating an illegal business on the dark web. The FBI has obtained a search warrant for Sam’s property due to reasonable suspicion that he might be illegally trading fire arms. Does Sam’s legal right to exclusion and fourth amendment rights allow him to deny the FBI from searching his property?
No
Joseph owned a Real Estate property in Chicago. His adult son, Jesus, owns a Real Estate property in Evanston. And Joseph’s girlfriend, Mary, is the owner of a Real Estate property in Elgin. Joseph and Mary never got married, and they never had any sort of legal contract for their relationship. Therefore, Joseph was the only person who had any ownership rights to his Real Estate up until he passed away in 2020. Joseph’s will states that his all of his property will only be transferred to Mary after he is deceased. Jesus believes this is unfair and attempts to file a lawsuit against Mary, which he ends up losing. Which legal right did Joseph have that allowed him to transfer ownership of his property to Mary instead of his son?
Disposition
What are the three components of real estate?
Land
Real Estate
Real Property
All real estate licensees are trained and licensed to give advice on matters of law. True or false?
False
Which real estate professional is trained and licensed to give advice on matters of law?
Real Estate Attorney
Under which circumstance can a real estate licensee provide their client with legal advice?
if they are also licensed as an attorney
Laws that serve the purpose of protecting the public from fraud, dishonesty, and incompetence in real estate transactions
Real estate license laws
___ are obligated to be familiar with the real estate laws and licensing requirements in the sates in which they practice.
Real estate licensees
Federal environmental laws and regulations are relevant to real estate. True or false?
True
Law of agency is a specific area of law that is important to a real estate practitioner. True or false?
True
Contract Law is a specific area of law that is irrelevant to real estate. True or false?
False
State and local land-use and zoning laws are not important in real estate. True or false?
False
Federal, state, and local tax laws are specific areas of law that are relevant to real estate practitioners. True or false?
True
An owner may transfer surface rights without transferring subsurface rights. True or false?
True
Congress and courts have placed limits on ___ due to air travel.
Air rights
Courts may permit reasonable interference with ___ if it is necessary for an air craft, as long as the owner’s right to use and occupy land is not unduly lessened.
Air rights
Governments & airport authorities often purchase ___ to provide approach patterns for air traffic.
Adjacent air rights
An article installed by a tenant under a commercial lease and removable before the lease expires
Trade fixture
Any property that is not real property
Personal property
Control, possession, exclusion, enjoyment, and disposition are…
the bundle of legal rights
The interests, benefits, and rights automatically included in the ownership of land and real estate
Real property
The right to use the open air space above the surface of a property
Air rights
Ownership rights in the water, minerals, gas, and oils that lie beneath a parcel of land
Subsurface rights
Personal property that is converted into real property by being permanently attached in the real estate
Fixture
Any structure or modification erected or imposed on a site
Improvement
Detaching an item of real estate from the land, changing it into personal property
Severance
Ownership rights that exclude air and mineral rights
Surface rights
Soybeans are considered as…
A) Emblements
B) Trade fixtures
C) Real estate
D) Land
Emblements
A sidewalk in a subdivision is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
A sewer is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
Bushes that surround a residence are… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
Wheat or corn crops on a farm are… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Personal property
A kitchen sink installed in a home is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
Fixture
Booths in a restaurant that were installed by a tenant are… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Personal property
Trade fixture
Curtains installed by a tenant are… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Personal property
Pumps installed by a gas station tenant are… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Personal property
Trade fixture
A water well pump installed by the landowner is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
Fixture
A crystal chandelier hanging from the ceiling is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Fixture
Real property
A house key is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
Fixture
An 80-gallon water heater is… Select as many answers that apply.
A) Real property
B) Personal property
C) Fixture
D) Trade Fixture
Real property
Fixture
Land, real estate, and real property refer to different aspects of ___ rights.
Ownership
Mike sold the rights to all oil, gas, and minerals beneath his land to Nicor gas. Which two land rights does Mike still own?
Surface rights
Air rights
Grass is considered as… Select as many answers that apply.
A) Real estate
B) Personal property
C) Fixture
D) Trade Fixture
Real estate
Mixing cement, stones, and water to create a sidewalk that is part of real estate is called…
Annexation
Who owns trade fixtures?
Business tenants
What symbolizes the legal rights of ownership?
A bundle of sticks
When determining if an item is a fixture, what 3 things need to be considered?
Attachment
Adaptation
Agreement
A property’s air rights extend upward into outer space. True or false?
False
Trade fixtures are typically excluded from a mortgage. True or false?
True
Land rights, mineral rights, and air rights are included in the definition of ___.
Real estate
Trees, fences, and buildings are all considered as…
Real estate
What is the difference between real estate and real property?
Real property includes a bundle of legal rights
A developer added sewer lines, utilities, and built two streets. These items are ___.
Improvements
The new owner of condominium unit 305 has the right to use parking space 1B. The parking space is a(n) ___.
Appurtance
Method of attachment, adaptation of the item, and agreement from the parties are legal tests in determining whether an item is…
real property or personal property
or
A fixture or personal property
A seller asked a real estate professional to draw up several documents relating to seller financing. Under these circumstances, what should the real estate professional do?
Refer the seller to an attorney
A buyer liked the ornate brass lighting fixtures in a seller’s house and immediately made an offer. The seller accepts the offer. On moving day, the buyer discovered that the seller had replaced all the ornate brass lighting fixtures with plain chrome ones. It is likely that the buyer assumed that the lighting fixtures were considered as ___.
Real property
A rural landowner posted a number of “No trespassing” and “:No Hunting” signs on his property. Which stick of the bundle of rights gave him this authority?
Exclusion
A right or privilege tied to real property although not necessarily part of the property is called a(n) ___.
appurtenance
___ the term for factory-built housing after 1976.
Manufactured housing
If the person who installed an item intended for it to be permanent, it is legally considered as ___.
a fixture
A sales contract explicitly excludes some rose bushes from a sale. Why is this provision necessary?
Because the rose bushes were ordinarily considered to be real estate
