Unit 2 - Real Property And The Law Flashcards
The phrase bundle of legal rights is properly included in
The definition of real property
The right to control one’s own property does NOT include the right to
Exclude the utilities meter reader
According to law, a trade fixture is
Personal property
A homebuyer 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?
Location
Which of these would MOST likely be considered personal property?
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 it is stipulated in the sales contract
Which of these is NOT a physical characteristic of land?
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 tenants business are called
Trade fixtures
