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Modern RE Practice 2
Modern Real Estate Practice 2
| Term | Definition |
|---|---|
| Real estate generally includes all the following EXCEPT | Annual Crops. Common law treat annual crops (planted each year) as the personal property of whoever planted & tended them. When a farm is sold, trees, air rights, & mineral rights may all convey, but annual crops-lacking effective contract agreement-don't |
| A bookstore rents space in a commercial building. The bookstore has large reading tables fastened to the walls & bookshelves bolted to both the ceiling & floor that create aisles throughout. Which of the following BEST describes the contents of the store? | Shelves & tables are trade fixtures & may be removed by the tenant before the lease expires, they will be responsible for damages. Common law protects business tenants who stall business fixtures & give them the right to remove them before the lease ends. |
| The term nonhomogeneity refers to | Uniqueness. The characteristics of each property differ from one another; this also called heterogeneity. |
| Another term for property is | Chattels. Fixtures, fructus naturales, and realty are all real property. |
| A property owner wants to use water from a river that runs through the property to irrigate a potato field. They owner must submit an app to the Dept of Water Resources describing the detailed plan benefits. If the dept approves the app which law applies? | Doctrine of prior authorization. Many states whose water is in short supply have passed statutes authorizing a system of prior appropriation (by date) in which owners downstream don't have to wait for what's left after those upstream have drawn theirs. |
| The owner of a piece of vacant land removed and sold all the topsoil, limestone, and gravel. At the owner's death, which is TRUE? | Heir of the deceased inherits the property as is. The daughter inherits exactly what the man owned just before his death: a location on the earth's surface, everything below it to the center of the earth, and the space above it toward infinity. |
| In determining whether an item is real or personal property, a court would NOT consider which of the following? | The cost of the item when it was purchased. Determining whether an item is a fixture or real property is in the intent of the person installing it, how uniquely adapted the item is to the property, how it was installed & removal damage & party agreements |
| Which of the following is a physical characteristic of land? | Indestructibility. The ability to make improvements, preference for the area, and relative scarcity of similar property are all economic matters. A land's indestructibility is a physical matter, even though it is subject to both natural and human forces. |
| Which of the following describes the act by which real property can be converted into personal property? | Severance. When we sever something, we cut it loose. Severing (felling) a tree from its roots converts it from realty-real (property)-to personally- (personal property). This process is call severance. |
| While moving into a newly purchased home the buyer discovered that the seller took the ceiling fan that hung over the dining room table. The seller hadn't indicated that it would be removed & the contract didn't address the issue. Which statement is TRUE? | Ceiling fans are usually considered RE. Fixtures present in the structure at the time of contract, convey w/the property; pass to the purchaser. Replacement fixtures aren't personal to the resident; they became RE when annexed (attached) to the building. |
| A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following? | Subsurface rights. Sub means under or beneath. Subsurface then, is below the surface- the place where most minerals are found. |
| A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is considered? | 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. |
| Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is | Fixture or personal property. Determining whether an item is a fixture is the intent of the person installing it, how uniquely adapted the item is to the property, how it was installed and removal damage, party relationships and their agreements. |
| Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as | Appurtenances. Appurtenances are rights or privileges associated with the property, although not necessarily part of the property. |
| A resort purchases a large tract of scenic forest land and puts several prefabricated steel buildings there to store landscaping equipment, fuel oil, and propane canisters. Which statement is TRUE regarding this situation? | The company's action constitutes improvement of the property. Improvement refers to any permanent structure-building, fence, shed, or prefabricated structure-erected on a property, despite the inherent value of the structure or what is stored in it. |
| A property owner's land is located along the banks of a river. This owner's water rights are called? | Riparian rights. Riparian rights are common law rights granted owners of land along the course of a river. |
| A property owner's bundle of legal rights entitles the owner to do all of the following EXCEPT | Exclude utility meter readers. The right of exclusion generally allows an owner to exclude someone else from entering the property, but this does not include the right to exclude the utility meter reader. |
| According to law, a trade fixture is usually treated as | Personalty. An item used in conducting business is considered a trade fixture and can be removed by the tenant. It is considered personal property (personalty) even though it may attached to a building. |
| A buyer is interested in a house that is well designed, but is located in a busy area that is problematic for the buyer. The buyer's concern about the property's location is called | Area preference. Area preference, or location, is also known as situs and is the single most important economic characteristics of land. |
| Which of the following is considered personal property? | Patio furniture. Personal property, such as patio furniture, is movable. A fireplace, bathtubs, and awnings are all attached to the property and considered real property. |
Created by:
jr84