Real Property And The Law

Question 1

Scarcity means

Answer 1

Finite supply of land

Question 2

Lumber left in a driveway is considered

Answer 2

Personal property

Question 3

Document by which the owner of real estate transfers title to the property to someone else is called

Answer 3

A deed

Question 4

How to determine whether an item is a fixture?

Answer 4

Whether or not it was intended to be permanent by the person who installed it.

Question 5

The term Nonhomogeneity refers to

Answer 5

Uniqueness

Question 6

A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up

Answer 6

Subsurface rights

Question 7

Land created through an increase from deposits of soil by water action is called

Answer 7

Accretion

Question 8

An item of real property becomes personal property by

Answer 8

Severance

Question 9

Water rights are created by

Answer 9

Common law or statute

Question 10

Sewer lines and utilities were added alongside of two streets built. These items are called

Answer 10

Improvements

Question 11

Land development cost and labor contribute to the economic characteristics of

Answer 11

Permanence of investment

Question 12

Bundle of legal rights is the definition of

Answer 12

Real property

Question 13

Growing trees, fences, and buildings are all considered

Answer 13

Real estate

Question 14

Owners of littoral rights enjoy

Answer 14

Unrestricted use of available waters

Question 15

Specific areas of law that are important to the real estate professional include

Answer 15

Law of contracts
General property law
Law of agency
Specific state real estate license law

Question 16

Parking spaces in multi-unit buildings, water rights, and similar things of value that convey with property are classified as

Answer 16

Appurtenances

Question 17

Rights or privileges associated with the property, although not necessarily part of the property

Answer 17

Appurtenances

Question 18

Common law rights granted to owners of land along the course of a river

Answer 18

Riparian rights

Question 19

Manufacture housing is a term used for factory-built homes as of

Answer 19

1976

Question 20

The right to ownership of real property and the evidence of ownership provided by a written document called a deed

Answer 20

Title

Question 21

Water use, aside from domestic use, is controlled by the state, rather than landowner adjacent to the water; to use water landowner must demonstrate a beneficial use of the water such as for irrigation of crops.

Answer 21

Doctrine of Prior Appropriation

Question 22

Economic characteristics of land include

Answer 22

Scarcity
Improvements
Permanence of investment
Area preference (situs)

Question 23

Legal test to determine fixture

Answer 23

MARIA

Method of annexation, adaptability
Relationship
Intent
Agreement