Real Estate Dynamics: Quiz Chapter 1 (A)

Front 1

Which of the following best describes a parcel of land?

Back 1

A. The surface of the earth includes all things permanently attached and the control of all minerals and substances beneath.

B. The surface of the earth extending down to the center and upward to infinity.

C.The earth's surface clearly marked by certain boundaries.

D. The surface of the earth extending down a reasonable distance and up into the air a reasonable distance.

Hint 1

B. The surface of the earth extending down to the center and upward to infinity.

Front 2

In determining whether an item is a fixture, which of the following would not be considered?

Back 2

A. Method of attachment.

B. Adaptation to the real estate.

C. Value of the item.

D. Legal interest of the annexing party.

Hint 2

C. Value of the item.

Front 3

The characteristic that distinguishes personal property from real property is:

Back 3

A. mobility.

B. scarcity.

C. durability.

D. flexibility.

Hint 3

A. mobility.

Front 4

When used in a deed or other real estate document, a legal description describes only the land because:

Back 4

A. a bill of sale is used to convey title to the buildings and other improvements.

B. artificial attachments, such as buildings, cannot be adequately surveyed.

C. buildings and other improvements are considered to be part of the real estate.

D. a street address is used to identify the buildings and improvements.

Hint 4

C. buildings and other improvements are considered to be part of the real estate.

Front 5

An item that was personal property but has been attached to and become part of the real property is known as:

Back 5

A. a trade fixture.

B. an emblement.

C. fructus industriales

D. a fixture.

Hint 5

D. a fixture

Front 6

Crops planted and harvested each year are:

Back 6

A. personal property.

B. emblements.

C. fructus industriales.

D. all of the above.

Hint 6

D. all of the above.

Front 7

The most distinctive physical characteristic of land is:

Back 7

A. homogeneity.

B. immobility.

C. situs.

D. improvements.

Hint 7

B. immobility

Front 8

All of the following are real property except:

Back 8

A. oil below the earth's surface.

B. a concrete driveway.

C. cut timber.

D. air rights.

Hint 8

C. cut timber

Front 9

The law of capture refers to the :

Back 9

A. process of rooming oil and gas from the land.

B. government's right of eminent domain.

C. landowner's right to keep trade fixtures if not removed.

D. responsibility of lateral support while removing solid materials.

Hint 9

A. process of removing oil and gas from the land.

Front 10

The sum of all factors that affect value is called:

Back 10

A. location.

B. accession.

C. situs.

D. scarcity.

Hint 10

C. situs.

Front 11

Ownership of personal property is transferred by:

Back 11

A. deed.

B. chattel deed.

C. bill of sale.

D. sales agreement.

Hint 11

C. bill of sale.

Front 12

A landowner's right to use water from a bordering stream or river is called:

Back 12

A. Littoral right.

B. Right of prior appropriation.

C. Riparian right.

D. Correlative right.

Hint 12

C. Riparian right.

Front 13

If Smith builds a fence on Jones' land by mistake, in good faith, and thinking the fence is on Smith's land, then:

Back 13

A. Jones automatically acquires ownership of the fence by accession.

B. Jones may sell the fence and keep the proceeds.

C. Jones may require Smith to remove the fence and/or pay damages.

D. both (A) and (B).

Hint 13

C. Jones may require Smith to remove the fence and/or pay damages.

Front 14

The fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land describes the economic characteristic of:

Back 14

A. scarcity.

B. situs.

C. improvements.

D. location.

Hint 14

A. scarcity.

Front 15

All of the following are true about a trade fixture except:

Back 15

A. it is personal property.

B. it is chattel real.

C. it may be removed only after the lease expires.

D. it belongs to the property owner if not removed in a timely manner.

Hint 15

C. it may be removed only after the lease expires.

Front 16

Dawson sold his 500 acre farm to Harris, but reserved the right to drill for oil. Later, when Dawson arrives with oil drilling equipment, he is denied the right of access to the land. Which party has correctly interpreted the agreement?

Back 16

A. Dawson, because he has an implied right of entry.

B. Harris, because the agreement was silent as to the right of entry.

C. Dawson, but he must pay Harris a reasonable fee for the right of access and reimburse him for any damages caused by the drilling operation.

D.Harris, but he may be liable if his denial was unreasonable.

Hint 16

A. Dawson, because he has an implied right of entry.

Front 17

A township contains how many square miles?

Back 17

A. 6

B. 16

C. 640

D. 36

Hint 17

D. 36

Front 18

Which of the following statements about air rights is true?

Back 18

A. Air rights can be leased but not sold unless the entire parcel is being sold.

B. The owner can sell the air rights and still retain the surface and subsurface rights.

C. Government controls such as zoning have no effect on air rights.

D. Structures are rarely erected on air lots.

Hint 18

B. The owner can sell the air rights and still retain the surface and subsurface rights.

Front 19

A custom-made storm window would most likely be considered a fixture because of:

Back 19

A. its adaptation to the building to which it is attached.

B. the method of attachment.

C. the annexing party's intent to make it permanent.

D. the annexing party's interest in the real property.

Hint 19

A. its adaptation to the building to which it is attached.

Front 20

The method of land description which identifies a parcel by specifying its boundary lines along with the terminal points and the bearing of each side is known as:

Back 20

A. lot, blok, and tract.

B. recorded plat.

C. government survey.

D. metes and bounds.

Hint 20

D. metes and bounds.

Front 21

Which of the following is not an acceptable method of legally describing a parcel of real estate?

Back 21

A. Street addresses, county, and state.

B. Metes and bounds.

C. Rectangular surveys.

D. Recorded plats.

Hint 21

A. Street addresses, county, and state.

Front 22

A base point from which height or depth can be measured to describe air rights or subsurface rights is a:

Back 22

A. topographic.

B. bench mark.

C. point of beginning.

D. datum.

Hint 22

D. datum.

Front 23

Approximately how many acres are there in a farm that measures 470 feet along the road and 556 feet in depth?

Back 23

A. 261

B. 6

C. 50

D. 320

Hint 23

B. 6

Front 24

If Mr. Shern's lot has 65 front feet and contains 7,150 square feet, ho deep is it?

Back 24

A. 110 ft.

B. 100 ft.

C. 65 ft.

D. 464,750 ft.

Hint 24

A. 110 ft.

Front 25

Real estate investors are not generally interested in how long buildings will last, but in how long they will be profitable. This characteristic is called:

Back 25

A. life expectancy.

B. profit margin.

C. net return.

D. economic life.

Hint 25

D. economic life.