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real estate > section 2 rights in real estate > Flashcards

section 2 rights in real estate Flashcards

1
Q

What guarantees the right of private ownership of real estate in the United States?
a. Common law
b. Local statutes
c. The Napoleonic Code
d. The Constitution

A

d. The Constitution

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2
Q

Which of the following is the best definition of real estate?
a. Land and personal property
b. Unimproved land
c. Land and everything permanently attached to it
d. An ownership interest in land and improvements

A

c. Land and everything permanently attached to it

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3
Q

Which of the following is included in the legal concept of land?
a. The surface of the earth and all natural things permanently attached to the earth
b. Only the surface of the earth that is delineated by boundaries
c. The surface of the earth except for lakes and streams
d. Everything above, on and below the surface of the earth

A

a. The surface of the earth and all natural things permanently attached to the earth

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4
Q

What are the three unique physical characteristics of land?
a. Fixed, unchangeable, homogeneous
b. Immobile, indestructible, heterogeneous
c. Three-dimensional, buildable, marketable
d. Natural, measurable, inorganic

A

b. Immobile, indestructible, heterogeneous

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5
Q

The primary distinction between the legal concepts of land and real estate is that
a. real estate includes air above the surface and minerals below the surface.
b. real estate is indestructible.
c. land has no defined boundaries.
d. land does not include man-made structures

A

d. land does not include man-made structures

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6
Q

The primary distinction between the legal concepts of real estate and real property is that
a. real property includes ownership of a bundle of rights.
b. real property includes improvements.
c. real property is physical, not abstract.
d. real estate can be owned.

A

a. real property includes ownership of a bundle of rights.

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7
Q

Which of the following is included in the bundle of rights inherent in ownership?
a. To inherit
b. To tax
c. To transfer
d. To vote

A

c. To transfer

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8
Q

Which of the following is an example of intangible property?
a. Real estate
b. Personal property
c. Artwork
d. Stock

A

d. Stock

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9
Q

The right to use real property is limited by
a. the right of others to use and enjoy their property.
b. the police.
c. taxation and subordination.
d. Title 12 of the U.S. Civil Code.

A

a. the right of others to use and enjoy their property.

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10
Q

Surface rights, air rights and subsurface rights are
a. inviolable.
b. unrelated.
c. separable.
d. not transferable.

A

c. separable.

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11
Q

Which of the following terms refers to the rights of a property that abuts a stream or river?
a. Allodial
b. Alluvial
c. Littoral
d. Riparian

A

d. Riparian

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12
Q

What part of a non-navigable waterway does the owner of an abutting property own?
a. To the low-water mark
b. To the middle of the waterway
c. To the high-water mark
d. None

A

b. To the middle of the waterway

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13
Q

What is the “Doctrine of Prior Appropriation?”
a. A preemptive zoning ordinance
b. The right of government to confiscate land and improvements
c. A doctrine that gives the state control of water use and the water supply
d. A real estate tax applied to owners of water rights

A

c. A doctrine that gives the state control of water use and the water supply

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14
Q

Which of the following is considered real property?
a. A tree growing on a parcel of land
b. A tree that has been cut down and is lying on a parcel of land
c. A tractor used to mow grass on a parcel of land
d. A prefabricated

A

a. A tree growing on a parcel of land

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15
Q

The overriding test of whether an item is a fixture or personal property is
a. how long it has been attached to the real property.
b. its definition as one or the other in a sale or lease contract.
c. how essential it is to the functioning of the property.
d. how it was treated in previous transactions.

A

b. its definition as one or the other in a sale or lease contract.

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16
Q

What is an emblement?
a. A piece of equipment affixed to the earth
b. A limited right to use personal property
c. A sign indicating a property boundary
d. A plant or crop that is considered personal property

A

d. A plant or crop that is considered personal property

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17
Q

An item can be converted from real to personal property and vice versa by means of which processes?
a. Assemblage and plottage
b. Application and dissolution
c. Affixing and severance
d. Personalty and severalty

A

c. Affixing and severance

18
Q

The major sources of real estate law are legislation at federal, state and local level, and
a. court decisions.
b. professional real estate associations.
c. real estate commissions.
d. local practices.

A

a. court decisions.

19
Q

Q
What is the primary thrust of federal involvement in real estate law?
a. Taxation
b. Licensing
c. Broad regulation of usage
d. Zoning

A

c. Broad regulation of usage

20
Q

Which level of government controls zoning laws?
a. State
b. Taxing authorities
c. Federal
d. County and local

A

d. County and local

21
Q

A grocer temporarily installs special fruit and vegetable coolers in a leased grocery store in order to prevent spoilage. The coolers would be considered which of the following?
a. Trade fixtures that are real property
b. Trade fixtures that are personal property
c. Permanent fixtures that are real property
d. Permanent fixtures that are personal property

A

b. Trade fixtures that are personal property

22
Q

Under the doctrine of littoral rights, an owner claims ownership of all of the land underlying a lake where
there are three other abutting property owners. Which of the following is true?
a. The owner’s claim is invalid, because the state owns the underlying land.
b. The owner’s claim is invalid, because the underlying land is shared equally with the other owners.
c. The owner’s claim is invalid, because he may only own underlying land to the middle of the lake.
d. The owner’s claim is valid, because the lake is navigable.

A

a. The owner’s claim is invalid, because the state owns the underlying land.

23
Q

Surface area of earth, all natural things permanently attached to the earth, and everything beneath the surface to earths center and extending up to infinity

A

land

24
Q

Land and any manmade structure permanently attached to it

A

real estate

25
Q

Any man made addition to the land that is permanent and is considered to become part of the land. Building, landscaping, fences, patios ect…

A

improvement

26
Q

A set of property rights associated with ownership of property including the rights to possess, use, transfer, encumber and exclude

A

bundle of rights

27
Q

Real estate plus “bundle of legal rights” associated with ownership of real estate

A

real property

28
Q

All property not classified as real property; all property that is not land or permanently attached to the land, expecting trade fixtures and emblems

A

personal property

29
Q

physical, visible, material
Boat, car, jewelry

A

tangible

30
Q

Abstract, no physical existence in itself other than as evidence of one’s ownership interests
Stock, certificates,

A

intangible

31
Q

Rights and interests to whatever is beneath the surface of one’s parcel of real property. Subsurface rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth, notable subsurface rights are the rights to extract mineral and gas deposits and subsurface water from the water table.

A

subsurface rights

32
Q

the rights to access the surface area of a parcel of real property

A

surface rights

33
Q

The right to use, control and occupy the space above a particular parcel of land.

A

air rights

34
Q

The legal rights to use the water in a river, stream, or other body

A

water rights

35
Q

A set of water rights defined by state law relating to properties abutting navigable bodies of water such as lakes and bays. Generally, a property owner enjoys usage rights but owns land only to the high water marks. (Not moving bodies of water)

A

litteral rights

36
Q

An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.
Non-navigable stream-owner owns the land beneath the stream to the streams midpoint
Navigable- doesn’t own the water and owns land to the water edge.

A

riparian rights

37
Q

An item of personal property that has been converted to real property by being permanently affixed to the realty.

A

fixture

38
Q

Changing real property to personal property and vice versa.

A

conversion

39
Q

Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.

A

severance

40
Q

act of converting personal property to real property by attaching it to the real estate

A

affixing

41
Q

Constitution guarantees private ownership of real estate
ownership rights not absolute; others may exert claims against one’s property

A

real estate as property

real estate (27 decks)

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