Unit 2 Binder- Real property and the law Flashcards
Memorize unit 2 questions
The phrase bundle of legal rights is properly included in
The definition of real property
The right to control one’s property does NOT include the right to
A) Invite people to the property for a political fund raiser
B) Exclude the utilities meter reader
C) Erect “no trespassing” signs
D) Enjoy pride of ownership
B) Exclude the utilities meter reader
According to the law, a trade fixture is
Personal Property
A home buyer is interested in a house that fits most of her needs, but it is located in a busy downtown area where she is not sure she wants to live. Her concern regards which economic characteristic?
Area preference
Which of these would MOST likely be considered personal property?
A) Wood-burning fireplace
B) Awnings
C) Bathtub
D) Patio furniture
D) Patio furniture
Manufactured housing is
Constructed off-site and transported
The owner of a property attached a garage door opener to her house. Several years later when she listed her property, she instructed the agent that she intended to take the garage door opener with her when she moved. Can she do this?
Yes, the act would be known as severance and is permissible as long as it is stipulated in the sales contract.
Which of these is NOT a physical characteristic of land?
A) Indestructibility
B) Uniqueness
C) Immobility
D) Scarcity
D) Scarcity
A broker showed an owner-occupied property that had window screens, vertical metal blinds, and a wall bed. The broker secured a buyer whose offer was accepted by the owner, and the transaction was placed in escrow. Before the close of escrow, the seller may remove
None of the identified items
Land is considered to be
Indestructible
A rancher owns a parcel of land on which oil was discovered. If the rancher has not previously conveyed the oil rights, who owns the oil?
The rancher
Certain items on the premises that are installed by the tenant and are related to the tenant’s business are called
Trade fixtures
