Real Property and the Law
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| Which of the following best defines real estate? a. land and the air above it b. land and all things permanently attached by nature c. land and all things permanently affixed to it d. land and the mineral rights in the land | c. land and all things permanently affixed to it
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| The term "homogeneity" refers to a. scarcity b. immobility c. uniqueness d. indestructibility | c. uniqueness
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| The bundle of legal rights is included in the definition of a. land b. real estate c. real property d. trade fixtures | c. real property
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| The bundle of legal rights includes all of the following EXCEPT the right to a. possess the property b. enjoy the property within the framework of the law c. sell or otherwise convey the property d. use the property for any purpose, legal or otherwise | d. use the property for any purpose, legal or otherwise
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| All of the following would be considered real estate EXCEPT a. fences b. buildings c. growing trees d. farm equipment | d. farm equipment
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| Which of the following would NOT be a consideration when determining if an item is real property? a. the cost of the item when it was purchased b. the method of its attachment to other real property c. the intended use of the item by its owner d. the | a. the cost of the item when it was purchased
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| Which of the following is NOT an economic characteristic of real estate? a. indestructibility b. permanence of investment c. area preference(s) d. scarcity | a. indestructibility
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| Real property can be converted into personal property through a. severance b. accession c. conversion d. inference | a. severance
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| M is renting a single-family home under a one year lease. Two months into the lease she installs an awning over the building's front windows to keep the sun away from some delicate hanging plants. Which of the following is true? a. M must remove the awni | c. the awning is considered a fixture
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| G purchases a parcel of land and sells the rights to minerals located in the ground to an exploration company. After selling the mineral rights, G no longer owns which of the following? a. air rights b. surface rights c. subsurface rights d. air and s | c. subsurface rights
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Created by:
M.A.Jeannerat
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