Unit quiz 2 Flashcards
A woman rents space in a commercial building and fastens shelves to the walls and large tables to the floor. These items are
A)trade fixtures and will transfer to the property owner.
B)are treated the same as other fixtures.
C)trade fixtures and may be properly removed.
D)may not be removed with building owner’s permission.
C)trade fixtures and may be properly removed.
The four economic characteristics of land that affect its value as a product in the marketplace are
scarcity, improvements, permanence of investment, and area preference.
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is
A)real property or real estate.
B)a trade fixture or personal property.
C)a fixture or personal property.
D)an improvement.
C)a fixture or personal property.
The characteristics of real property fall into which two broad categories?
Economic and physical
The area preference or situs (place) of a property is commonly referred to as
“location, location, location.”
The real estate licensing laws passed by all 50 states, the District of Columbia, and all Canadian provinces
A)differ in almost every respect.
B)differ in all but prelicensing education requirements.
C)adhere to minimum federal standards.
D)differ in some details, such as prelicensing education requirements.
D)differ in some details, such as prelicensing education requirements.
True or false: real estate licensing if federally regulated
There are no federal standards for real estate licensing, even though there are many federal laws that affect real estate transactions.
A property owner wants to use water from a river that runs through the property to irrigate a potato field. To do so, the owner is required by state law to submit an application to the Department of Water Resources describing in detail the plan for beneficial use of the water. If the department approves the owner’s application, it will issue a permit allowing a limited amount of river water to be diverted onto the property. Based on these facts, it can be assumed that this property owner’s state relies on which rule of law?
A)Riparian rights
B)Littoral rights
C)Doctrine of prior appropriation
D)Doctrine of highest and best use
C)Doctrine of prior appropriation
Many states whose water is in relatively short supply have passed statutes authorizing a system of prior appropriation in which owners downstream do not necessarily have to wait for “what’s left” after those upstream have drawn their fill.
Priority—who is allowed to appropriate water first—is established, by the date of approved filing and continued conformity with any rules and limitations on use imposed by the jurisdiction.
Dry land accounts for only about
A)one-quarter of the earth.
B)one-tenth of the earth.
C)one-eighth of the earth.
D)one-half of the earth.
A)one-quarter of the earth.
Which of the following describes the act by which real property can be converted into personal property?
A)Severance
B)Attachment
C)Conversion
D)Accession
A)Severance
When we sever something, we cut it loose. Severing (felling) a tree from its roots converts it from realty—real(proper)ty—to personalty—personal(proper)ty.
A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is considered
A)a chattel that is real property.
B)a trade or chattel fixture.
C)personal property.
D)real property.
C)personal property.
The lumber will become realty if and when it is later affixed in the course of construction. Until then, it is personal property—a chattel—of the landowner.
Another term for personal property is
Chattel
The concept that no two parcels of property are exactly the same or in the same location is called
nonhomogeneity
(uniqueness)
True or false: An individual parcel has no substitute because each is unique.
True
