unit 2

Question 1

what happens to trade fixtures that are not removed by a time the lease expires?

Answer 1

the fixture becomes the property of the property owner to do with as the owner pleases

Question 2

in a real estate transaction, the ornamental shrubs around a house are considered which kind of property?

Answer 2

real

Question 3

what is the right to sell or give property to someone else?

Answer 3

disposition

Question 4

which term refers NOT only to the surface of the earth but also to the center of the earth below, to infinity above, to natural things permanently attached, and to man-made things permanently attached?

Answer 4

real estate

Question 5

if there is damage to the property when a trade fixture is removed, which party pays for the damage?

Answer 5

tenant

Question 6

which is owned by the commercial tenant?

Answer 6

trade fixture

Question 7

a property owner’s right to revert her yard to its natural stat is an example of the right of

Answer 7

control

Question 8

in a real estate transaction, a refrigerator is considered which kind of property?

Answer 8

personal

Question 9

the bundle of rights refers to an owner’s right to

Answer 9

dispose of the property by giving it to a family member

Question 10

attaching a manufactured home to land is one of the requirements for treating the home as which kind of property?

Answer 10

real

Question 11

the legal theory of separating surface rights from subsurface rights and air rights is called?

Answer 11

lateral severance

Question 12

which term refers to the surface of the earth; to the center of the earth below; to infinity above; to man-made things permanently attached; and to legal interests, rights, and privileges?

Answer 12

real property

Question 13

if the court learns that the seller listed several items in the sales contract that she wanted to take with her and the buyer agreed to the contract, the court will consider which in determining whether those items are fixtures?

Answer 13

the written agreement of the parties

Question 14

lumber is used to build a house so that what was personal property (lumber) is now real property (the house). the process is called

Answer 14

attachment

Question 15

could a property owner lease the surface and subsurface rights (and theoretically the air rights) and still retain control over the property?

Answer 15

yes, an owner could lease mineral rights to an oil company and surface rights to a rancher, and simply collect fees.

Question 16

a vacant building that had previously been used as a restaurant is being leased by a person who is opening a coffee shop. which statement best describes the trade fixtures installed by the owner of the coffee shop?

Answer 16

even though attached to the real estate, trade fixtures generally belong to the tenant.

Question 17

if water is found on a property, that makes the property

Answer 17

land, because it is attached to the property by nature

Question 18

what would be the proper description of a vast piece of property whose only “improvement” is an abandoned and heavily deteriorated barn that would likely have to be razed?

Answer 18

the property would be called real property

Question 19

a developer wishes to build a commercial building in the space over the railroad tracks. to do this, the developer must purchase which right from the owner?

Answer 19

air

Question 20

is there a scenario in which a new buyer could buy only surface rights to a property?

Answer 20

yes, if the subsurface and air rights already have been resolved

Question 21

a parcel of land near an airport that has streets, sewers and utilities, but is currently undeveloped in terms of homes or other buildings, is called

Answer 21

real estate because the streets, sewers, and utilities represent “improvements.”