RE Exam Flashcards
Which would not be considered real property
a) house
b) mineral rights
c) air rights
d) trade fixtures
D. Trade Fixtures
Mrs. Smith’s complete total of real and personal property owned at the time of death is called his?
a) estate
b) will
c) probate
d) all of the above
A. Estate
Which is not a characteristic of land?
a) immobility
b) scarcity
c) Indestructibility
d) uniqueness
b) scarcity
The physical land that, above and below the earth’s surface with all appurtenances, including any structures, any and every interest in land whether corporal or incorporeal, freehold or non-freehold is called:
a) real property
b) real estate
c) land
d) appurtenance
a) real property
Which of the following would be considered the correct and proper definition of real property?
a) land and appurtenances, including anything of a stationary or permanent nature such as trees, rocks, structures, and minerals.
b) items located within the dwelling such as appliances, furniture, and any accessories
c) the natural items associate with real estate such as trees, soil, and rocks
d) all of the above
a) land and appurtenances, including anything of a stationary or permanent nature such as trees, rocks, structures, and minerals.
Which system of real estate is based on the free and full ownership rights in the land by individuals is called?
a) allodial system
b) Fuedal system
a. allodial system
The allodial system of real estate is based on what real property law
a) Canada
b) Great Britain
c) the United States
d) the U.K.
C) United States
The right, privileges, and improvements that belong to you and pass with the transfer of property that are not necessarily part of the actual property are called:
a) allodial system rights
b) real property rights
c) appurtenances
C) appurtenances
The phrase “bundle of legal rights” is properly included in:
a) the definition of real property
b) leases for less than one year
c) a legal description
d) the definition of real property
a) the definition of real property
Real Estate is highly dependent on the local environment because of its:
a) immobility
b) homogeneity
c) durability
d) high capital value
a) immobility
Land is considered to be
a) immune to the forces of supply and demand
b) subordinate to real property rights
c) a wasting asset
d) indestructible
d) indestructible
The point at which supply and demand are balanced is known as
a) highest and best use
b) conformity
c) equilibrium
d) balance
c) equilibrium
All of the following would affect demand except
a) population
b) fiscal policy
c) demographic
d) wage levels
c) demographic
When a bill of sale is used to transfer ownership of a specific property
a) when it is an easement
b) when it is real property
c) when it is personal property
d) fixtures
C) when it is personal property
Under the bundle of legal rights, which of the following could an owner of real estate legally do?
a) sell the property
b) lease the property
c) take a mortgage out against the property
d) all of the above
d) all of the above
An ancient system of land ownership, where under old English common law the government or king held title to all lands is called:
The Feudal System
The surface of the earth extending to the center and upward to the sky, including all natural things thereon such as trees, crops, plus minerals below the surface and air rights above would be classified as
a) personal property
b) real property
c) land
d) land and appurtenances
c) land
Carter is interested in a house that fits most of her needs but is located in a busy downtown area where she is not sure she wants to live. Her concern about the property’s location is called:
a) locality
b) highest and best use
c) permanence of investment
d) area preference
d) area preference
Which of the following definitions would be classified under the definition of personal property?
a) a two-car garage attached to the dwelling
b) the front door of the residence
c) a refrigerator
d) a flagpole in front of the house
c) a refrigerator
The term land refers to all of the following except:
a) trees
b) minerals in the earth
c) air above the earth to infinity
d) a log home
d) a long home
An ownership concept describing all the legal rights that attach to the ownership of real property, including the right to sale, lease, encumber, use, enjoy, exclude and devise by will is called
a) bundle of legal rights
b) real property
c) feudal system
d) allodial system
a) bundle of rights
Which is not an economic characteristic of land?
a) immobility
b) ability to improve
c) scarcity
d) location
a) immobility
Which of the following is not considered to be a physical characteristic of land
a) situs
b) immobility
c) indestructibility
d) heterogeneity
a) situs
Which of the following is not considered corporeal property
a) a lease payment
b) a building
c) a fixture
d) crops growing in a field
a) a lease payment
An item of real property may become personal property through
a) fixture
b) severance
c) improvement
d) annexation
b) severance
Whenever an item of personality has been affixed to the real estate so that it now is part of the real estate is best described as a:
a) fixture
b) chattel
c) trade fixture
d) severance
a) fixture
Bricks for a fireplace that have not yet been installed are called:
a) severance
b) emblements
c) fixtures
d) personal property
d) personal property
When a commercial tenant installs special frozen food cases for their business, you would refer to the food cases as?
a) trade fixtures
b) attachments and part of the real estate
c) emblements
d) fixtures
a) trade fixtures
Which is true about personal property?
a) it is attached to the land
b) it is considered appurtenant to the land
c) it requires a bill of sale for transfer
d) it is immovable
c) it requires a bill of sale for transfer
Which of the following is a fixture?
a) a pond
b) a fence around a pasture
c) a tractor
d) a pasture
b) a fence around a pasture
A commercial tenant’s lease is about to expire. The tenant wanted to remove some shelving that he had installed. Can he do this?
Yes, if he removes them before the lease expires.
An artist had a stained glass window in the hallway. Upon selling the property the artist wanted to take the window. Can he do this?
Yes, as long as he got an agreement from the other party.
Personal property would include all of the following except:
a) fixtures
b) emblements
c) fructus industrailes
d) trade fixtures
a) fixtures
Which type of property can become real estate through the method of attachment?
a) emblements
b) severance
c) fixtures
d) deeds
c) fixtures
Man-Made additions to real estate are best described as?
a) chattel
b) trade fixtures
c) improvements
d) emblements
c) improvements
Which is not a test to determine whether something is a fixture or personal property?
a) the intentions of the parties
b) the adaptation of the article
c) the method of annexation
d) the homogeneity of the article
d) the homogeneity of the article
Of the following, which would you say most accurately defines personal property?
a) a fixture
b) an improvement
c) a chattel
d) real estate
c) a chattel
The word improvement would equate to all of the following except:
a) a patio or deck
b) well on the property
c) a trade fixture
d) roads
c) a trade fixture
Which best describes a fixture?
a) it is considered to be personal property
b) it is usually removed upon the sale of property
c) it was at one time personal property
d) it is no longer considered to be real property
c) it was at one time personal property
Which is the best definition of a trade fixture vs. a non-trade fixture?
a) trade fixtures can be removed, where non-trade fixtures cannot
b) non-trade fixtures can be removed, where trade fixtures cannot
c) non-trade fixtures are installed, where trade fixtures are not
d) trade fixtures are installed, where non-trade fixtures are not
a) trade fixtures can be removed, where non-trade fixtures cannot
Bob owns a parcel of real estate. Bob dies and leaves his property to Susie. Susie now owns the best type of estate one could inherit. What type of estate does Susie own?
Fee simple estate
A fee simple estate is:
a) a pur autre vie
b) a freehold estate
c) a life estate
d) a non freehold estate
b) a freehold estate
A method of holding title to a parcel of property wherein the mortgagor does not actually own the property but instead has a long-term lease with the property would be?
a) a long-term lease
b) a fee simple estate
c) a leasehold estate
c) a freehold-estate
c) a leasehold estate
How would you best describe a fee simple estate
a) the ownership for one’s lifetime
b) a life estate
c) an estate pur autre vie
d) ownership that is complete and only subject to zoning, taxation, eminent domain, and other government forces
d) ownership that is complete and only subject to zoning, taxation, eminent domain, and other government forces
A life-tenant is the person who?
a) the person who created the life-estate
b) the person who receives the estate when the life-estate is over?
c) may someday own the real estate
d) owns the real estate?
d) owns the real estate
If an estate is said to have an indefinite duration, it would be called
a) estate for years
b) less-than-freehold estate
c) estate at will
d) freehold estate
d) freehold estate
The most all-inclusive type of real property is a
a) conditional fee estate
b) fee simple estate
c) reversionary interest
d) life estate
b) fee simple estate
Mr. Falk dies, and his wife, Susan is now left with several financial obligations to repay. Under the homestead exemption, can Susan neglect paying the lending institution where her home is financed?
no
Carson owned fee simple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. He had his attorney prepare a deed that conveyed the ownership of the lot to the hospital “so long as it is used for medical purposes”. After the completion of the gift, the hospital will own a(n)
a) life estate
b) fee simple determinable
c) periodic tenancy
d) tenancy for years
b) fee simple determinable
How would you best describe curtesy rights?
a) a spouse who receives a certain portion of his or her spouse’s interest in an estate prior to marriage
b) the property acquired equally when a husband and wife marry
c) the property acquired by a husband after his wife’s death
d) the property acquired by a wife after her husband’s death
c) the property acquired by a husband after his wife’s death
If owner Carr was going to leave you a parcel of real estate, what would be the best type of estate to inherit from Carr?
a) a non-freehold estate
b) a life estate
c) a freehold estate
d) a non-freehold estate
c) a freehold estate
Which one of the following would not be considered ownership of real property?
a) an easement
b) fee simple ownership of mineral rights
c) a lease for six months
d) a life-estate
c) a lease for six months
The highest possible type of ownership a person could have in a parcel of real estate is called?
Fee Simiple
A woman-owned a life estate with her son as the remainderman. If she desired to sell, which would be true?
a) it is illegal to sell a life estate
b) all parties who have any interest in the land must sign the listing agreement
c) the buyer would receive the same interest the seller had
d) her son would lose his interest if she sold it before she died
c) the buyer would receive the same interest the seller had
A life estate pur autre view is one which
a) the duration of the life estate is based upon the duration of the life of someone other than the life tenant
b) the life-tenant may occupy the property
c) the life-tenant may not occupy the property
d) the remainderman has died
a) the duration of the life estate is based upon the duration of the life of someone other than the life tenant
A statutory right that a family has in its residence is called
a) survivorship
b) courtesy
c) homestead
d) entirety
c) homestead
Which best describes a freehold estate:
a) it has a definite ending date
b) it is rarely inherited
c) it is a life estate or greater
d) it is an estate of less than a lifetime
c) it is a life estate or greater
An owner of a life estate died and the land passed to the remainderman. What interest would the remainderman receive?
a) estate in reversion
b) estate in fee simple
c) life estate
d) estate at will
b) estate in fee simple
The property acquired by a wife after her husband dies is called?
Dower Rights
Jim and Mary are married. They recently purchase their first home? How will the property most likely be vested?
a) tenants by the entirety
b) tenants in common
c) joint tenants
d) a life estate
a) tenants by the entirety
Which is not true about a joint tenancy?
a) it must be created through an intentional act
b) it must be created through the same instrument
c) all owners should receive the same title
d) different amounts of interest may be given to the individual
d) different amounts of interest may be given to the individual
Mary Smith holds title to a parcel of property in severalty. What type of ownership interest would Mary have?
a) remainderman
b) community property
c) sole ownership
d) a life estate
c) sole ownership
Which is NOT true of a joint tenancy?
a) all owners must take possession at the same time
b) it is a form of co-ownership
c) it offers the right of survivorship
d) it can only be used for husbands and wifes
d) it can only be used for husbands and wifes
There are several people who wanted to take a title to a property as joint tenants, and not as tenants in common. Which of the following would not happen?
a) the grantees would receive title at the same time
b) the grantees would receive an undivided interest
c) upon death the interest would pass to their heirs
d) the grantees would receive an equal title
c) upon death the interest would pass to their heirs
Smith, Falk, and Carr purchased the property with the understanding that if one of them passed away, their interest would forward to their heirs upon death. How did Smith, Falk, and Carr take title to the real estate?
a) a life estate
b) tenancy by the entirety
c) joint tenancy
d) tenancy in common
d) tenancy in common
Baird and Carr own property together with an undivided interest (not necessarily equal) without the right of survivorship. What type of ownership do Baird and Carr have?
a) tenancy in common
b) joint tenancy
c) community property
d) a life estate
a) tenancy in common
XYZ partnership wants to purchase a parcel of real estate. What type of ownership could XYZ acquire in the property.
a) tenants by the entirety
b) ownership in partners
c) ownership in severalty
d) Joint tenants with right of survivorship
d) Joint tenants with right of survivorship
ABC Reality, Inc. took title to a new office building. ABC took title as:
a) severalty
b) tenants in common
c) a life estate
d) joint tenants
a) severalty
Which of the following would be considered community property?
a) a gift of property to the wife during marriage
b) income earned by one spouse during marriage
c) income earned by either party prior to marriage
d) property inherited by the husband during marriage
b) income earned by one spouse during marriage
Carr, Flak, and Smith own a property as joint tenants and not as tenants in common. Smith petitions to sell his shares to Dole. Which best describes this situation?
a) Dole now owns his share in severalty with Carr and Falk
b) Dole now owns his shares as a tenant in common while Carr and Falk continue to own their share as join tenants
C) dole now owns his share with Carr and Falk as a joint tenant
d) Dole is now considered a remainderman
b) Dole now owns his shares as a tenant in common while Carr and Falk continue to own their share as join tenants
A partition suit is used for which of the following?
a) to allow the construction of party walls
b) determination of party fences
c) to force a division of property without all owners’ consent
d) to charge a tenancy by the entireties to some other form of ownership
c) to force a division of property without all owners’ consent
Carr, Lange, and Dole owned property as tenants in common. Carr wanted to sell the entire property where Lange and Dole did not. Which could Carr do?
a) become a slight partner with Lange and Dole
b) force Lange and Dole to buy his interest
c) file suit to partition the sale of the property
d) rent his interest to Lange and Carr
c) file suit to partition the sale of the property
Jim and Mary are married and recently purchased their first home. Jim inherits another parcel of property from his parents after their death. In Jim and Mary’s state, the newly acquired property by Jim is considered his property, and Mary does not have any claim to the property. What type of property is this referred to in their state?
a) separate property
b) Jim is a remainderman
c) community property
c) community property
Baird and Carr bought a store building and took title as joint tenants. Carr died testate. Baird now owns the store
a) as joint tenants with Carr’s heirs
b) as a joint tenant with survivorship rights
c) in severalty
d) as a tenant in common with Carr’s heirs
c) in severalty
Which best describes ownership in severalty?
a) ownership of several properties by one person
b) ownership of several properties by two or more persons
c) ownership of a property by a single person
d) ownership of a property by two or more persons
c) ownership of a property by a single person
