quiz ch 1 Flashcards
Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the
A) subsistence support. B) subsidence notice. C) coal support. D) coal notice.
D)
coal notice.
The tenant of a single-family home installs an awning over the building’s front windows to keep the sun away from some delicate hanging plants. Which of the following is TRUE?
A)
Because of its nature, the awning is considered personal property.
B)
The tenant must remove the awning before the rental period is over.
C)
The awning is considered a fixture.
D)
Because of the nature of the property, the awning is considered a trade fixture.
C)
The awning is considered a fixture.
What economic characteristic refers to people’s preference for a specific area?
A) Permanence of investment B) Improvements C) Situs D) Scarcity
C)
Situs
Which of the following is considered to have the greatest impact on the value of a property?
A) Scarcity B) Uniqueness C) Permanence of investment D) Area preference
D)
Area preference
The term real estate includes natural components of the land as well as
A) all of the rights conveyed by ownership. B) any trade fixtures. C) permanent man-made improvements. D) patents.
C)
permanent man-made improvements.
The rights, privileges, and improvements that belong to the land and are conveyed when ownership transfers are
A) attachments. B) improvements. C) restrictions. D) appurtenances.
D)
appurtenances.
The term nonhomogeneity refers to
A) indestructibility. B) uniqueness. C) scarcity. D) immobility.
B)
uniqueness.
Real property can be converted into personal property through
A) conversion. B) severance. C) inference. D) accession.
B)
severance.
The answer is severance. It is possible to change an item of real estate to personal property by severance. A growing tree is real estate until the owner cuts it down, at which point the lumber becomes personal property.
In Pennsylvania, a newly manufactured home is considered
A) worthy of a deed. B) a fixture. C) personal property. D) real property.
C)
personal property.
The answer is personal property. In Pennsylvania, newly manufactured homes are defined as motor vehicles that may subsequently be considered real estate if the home is permanently attached to a foundation and the owner cancels the registration with the Pennsylvania Bureau of Motor Vehicles.
Which of the following is considered to have the greatest impact on the value of a property?
A) Permanence of investment B) Uniqueness C) Area preference D) Scarcity
C)
Area preference
The answer is area preference. Area preference, or situs, refers not only to geography but also to people’s preference for a specific area; it is the unique quality of these preferences that results in the different price points for similar properties. Location is often considered the single most important economic characteristic of land.
The bundle of legal rights is included in the definition of
A) trade fixtures. B) real estate. C) land. D) real property.
D)
real property.
What economic characteristic refers to people’s preference for a specific area?
A) Scarcity B) Permanence of investment C) Situs D) Improvements
C)
Situs
The buyers have asked their real estate agent to help them determine the correct way to take title to their new home. In this situation, the real estate agent should
A) refer the buyers to their accountant. B) suggest that the buyers consult an attorney. C) tell the buyers that it does not really matter how they take title. D) do the research and offer alternatives.
B)
suggest that the buyers consult an attorney.
The answer is suggest that the buyers consult an attorney. Only attorneys are trained and licensed to prepare documents defining or transferring rights in property and to give advice on matters of law. Licensees should suggest that the buyers consult legal counsel.
Who, if anyone, is permitted to obtain aviation easements over land surrounding airports?
A) No one is permitted to interfere with air rights that extend indefinitely into space B) Local government authorities C) Federal aviation authority D) Individual airlines
B)
Local government authorities
The answer is local government authorities. Pennsylvania law permits local government authorities to obtain aviation easements (air rights) over land surrounding airports to prevent interference with takeoffs and landings.
