Real Estate Principles Chapter 5

Front 1

Which of the following is not considered one of the five economic characteristics of land?

Back 1

of the following is not considered one of the five economic characteristics of land?
a) The more demand for a particular property, the more valuable the property.
b) Each parcel of land has its own nonhomogeneous characteristics. No two properties are the same.
c) When loans are available and rates are low, real estate is easily transferable from seller to buyer.
d) Location, or situs, is the most important economic characteristic of all.

Front 2

Gary and Paul have wooden shutters installed throughout their home. A few years later, Paul is promoted by his employer and transferred to another city. Gary wants to take the wooden shutters to their new home. Paul insists they must remain with the home. Which of the five tests for real and personal property applies?

Back 2

a) Method of Attachment
b) Adaptability
c) Intent
d) All of the above.

Front 3

The Percy family have purchased a heavily wooded property in Northern California. They are planning to build a guest house off the main house for entertaining. In the process, many trees will need to be cleared. The family is planning to sell the wood to the neighbors as firewood. Which process applies

Back 3

) Annexation
b) Severance
c) Appurtenance
d) Livery of Seisin

Front 4

Jeremy opened a coffeehouse in a space leased from Maria and Renaldo. A week before his lease expired, Jeremy moved to a new location without his commercial microwave which was attached to the counter. Eighteen days following notice of Jeremy’s right to reclaim the microwave, Maria and Renaldo sold the microwave at auction. Jeremy is furious and threatening legal action. Does he have a suit?

Back 4

a) No, Jeremy does not have a case. Since the microwave was not reclaimed during the period allowed by law.
b) Yes, Jeremy does have a possible suit. The trade fixture, the installed microwave, is considered personal property and was merely forgotten and not legally Maria and Renaldo's to sell.
c) No, Jeremy does not have a possible suit. The microwave is considered real property and cannot be removed at any time, regardless of the origin of installation.
d) Both A and C

Front 5

To take private property through eminent domain, three steps must be taken by the state or local government. What are they?

Back 5

a) The property owner must be paid compensation for the property. The property must be zoned for business use or public use. The owner must have due process in the court system.
b) The property owner must agree to voluntarily transfer the property. The property must be for public good or use. The owner must have due process in the court system.
c) The property owner must be paid compensation for the property. The property must be for public good or use. The owner must have due process in the court system.
d) The property owner must be paid compensation for the property. The property must be for public good or use. The process of condemnation must be executed to ensure taking of the property.

Front 6

Jonathan decides to sell his home and transfer all of his property ownership rights to the new buyer. This bundling and selling of rights is known as:

Back 6

a) Livery of Seisin
b) Transfer of Appurtenances
c) Nonhomogeneous Situs
d) Transfer of Chattels

Front 7

Which of the following is not a water right?

Back 7

a) Riparian Right
b) Doctrine of Prior Appropriation
c) Littoral Right
d) Alluvial Right

Front 8

A violent storm comes in from the ocean, hitting the beachfront properties with destructive force. When the Meyers return to their home, they find the beach has disappeared from their property. Which term describes the damage?

Back 8

a) Reliction
b) Avulsion
c) Erosion
d) Alluvion

Front 9

John lives in an apartment and each month pays his rental payments. He is also considered a stockholder in his building and owns property. In what type of apartment does John live?

Back 9

a) Condominium
b) Timeshare
c) Cooperative
d) Common Element

Front 10

Melinda's mother recently passed away. She is thinking of selling her belongings in an estate sale. During her research, she came across real and personal property regulations and laws. Please help Melinda understand the legal difference(s) between real and personal property

Back 10

a) For the most part, the rules of the situs state govern the transfer of personal property from seller to buyer.
b) Tax laws often distinguish between real and personal property.
c) An agreement for a sale of real property must be in writing and signed by the party to be charged. If the amount or value is $500 or more, an agreement for the sale of personal property must be in writing.
d) Both B and C