Lesson 2 Quiz – Rights in Real Estate

Which of the following is a physical characteristic of land?

Scarcity

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Situs

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Indestructibility

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Permanence of investment

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Which government power allows the state to take private property for public use, with compensation?

Police power

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Taxation

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Escheat

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Eminent Domain

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If a property owner dies without a will or heirs, their property will:

Be reassessed at market value

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Escheat to the state

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Be taxed at a higher rate

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Transfer to the local municipality automatically

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What does the term ‘situs’ refer to?

A property’s geological soil type

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The cost of materials used in construction

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The rights of exclusion in property ownership

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The location and preferences tied to a parcel of land

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Which of the following best describes a fixture?

A freestanding appliance

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A personal item the seller may remove

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An item of personal property attached to real estate

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An agreement between buyer and seller

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Which of the following is NOT one of the four government powers affecting real estate?

Eminent domain

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Deed restriction

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Police power

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Escheat

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The conversion of real property to personal property effected by detaching it from the real estate is known as

severance

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chattel

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attachment

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affixing

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Which of the following statements regarding the conversion of property is true?

The classification of an item of property as real or personal is not necessarily fixed

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The classification of property can never be changed by the process of conversion

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The conversion of real property to personal property is not possible

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The conversion of personal property to real property is not possible

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Real estate includes such things as fences, streets, buildings, wells, sewers, sidewalks, and piers. Such man-made structures attached to the land are called

chattels

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emblements

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trade fixtures

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improvements

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The ownership of real estate and the bundle of rights associated with owning the real estate is defined as

personal property

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real property

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air rights

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subsurface rights

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Which of the following is an example of tangible property?

Stock certificates

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Contracts

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Listing agreements

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Real property

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The right to ____________ the property includes the right to mortgage the property as collateral for debt

enjoy

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transfer

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encumber

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use

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Since water is a resource necessary for survival, some states — particularly those where water is scarce — have taken the legal position that the state owns and controls all bodies of water. Which of the following applies to property owners that must obtain permits for the use of water?

Doctrine of Prior Appropriation

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Doctrine of Littoral Rights

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Doctrine of Riparian Rights

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Zoning Permit

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If a body of water is entirely contained within the boundaries of an owner’s property, the owner would have which of the following rights?

Littoral rights

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Riparian rights

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Restricted rights of usage

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Unrestricted rights of usage

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Which of the following statements is true regarding a property owner’s littoral rights?

The ownership extends to the low watermark of the body of water

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The ownership extends to the high watermark of the body of water

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The owner enjoys unrestricted use of the water and owns the land beneath

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The owner owns the land beneath the body of water to the water’s midstream

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The primary criterion for distinguishing real property from personal property is

whether the item is permanently attached to the land or the structure

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the original cost of the item

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whether the item was included in the previous sale of the property

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whether the item will be included in the listing agreement

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The act of converting personal property to real property by attaching it to real estate is known as

severance

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affixing

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not possible

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accession

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Which of the following is the primary regulatory entity for the real estate brokerage business?

Federal government

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State government

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County government

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Local government

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The judicial system exerts an influence on real estate ownership and use through decisions based on

land use regulations and ordinances

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county and local government

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case law and common law

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zoning and permits

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The legal premise underlying the definition of littoral rights is that a lake or sea

is not a navigable body of water

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should be available to the owner for unrestricted use

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is a navigable body of water

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is owned by the abutting owners

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Three unique physical characteristics of land are immobility, indestructibility and

heterogeneity

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air rights

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surface rights

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personalty

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Land cannot be homogenous because

it is indestructible

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a parcel of land cannot be moved

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no two parcels are alike

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no two owners are identical

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Which of the following concepts is associated with the term “real property”?

“Bundle of rights”

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Personal property

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Intangible property

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Chattels

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Which of the following statements is true regarding the “bundle of rights”?

An owner cannot transfer subsurface rights without transferring air rights

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An owner can transfer subsurface rights without transferring air rights

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An owner cannot relinquish the right to own the subsurface rights

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An owner can never divide the “bundle of rights”.

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Which of the following is an example of a trade fixture?

A grocer’s food freezers

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A property’s roof

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An assigned parking space

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Solar panels

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Plants and crops that grow naturally without requiring anyone’s labor or machinery are considered

emblements

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trade fixtures

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real property

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personal property

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