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