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PSI TN
| Question | Answer |
|---|---|
| Which of the following would be defined as real estate as opposed to real property? a. wells, driveways & signs on land b. Mobile homes temporarily parked on land c. timber that has been cut & lying on land d. business equipment on land | A |
| TRUE OR FALSE: The legal concept of real estate encompasses land and all man-made structures that are "permanently attached" to the land. | TRUE |
| TRUE OR FALSE: If a person constructs a house with the intention of creating a permanent dwelling, the house is considered real estate. | TRUE |
| Which of the following would be considered a property improvement? a. an alteration to make it more useful b. an increase in value of property c. a chicken coop permanently attached to land d. a parcel of land that has passed a percolation test. | C |
| Which of the following best describes the physical boundaries of land? a. The surface of the earth & infinite space above the surface b. the center of the earth and infinite space above earth c. the surface of the earth & all water & minerals on or | B |
| The "bundle of rights" refers to a set of rights a. enjoyed by new owner of property b. synonymous with the Bill of Rights c. guaranteed to citizens by statute of rights d. specified in deed or land contract | A |
| Which of the following best describes the legal concept of personal property? a. any item acquired in a fee simple sales transaction b. any item that is not definable as real property c. any movable property owned by an individual or corporation d. | B |
| The right to encumber a property means that the owner can a. sell the property to an encumbered party b. pledge the property as collateral for debt c. lease the property d. assign the bundle of rights to another | B |
| A property owner leases 60 acres of agricultural land for a renewable period of five years. In the context of real estate rights, this lease represents a a. Transfer of a portion of the "bundle of rights" b. encroachment on the bundle of rights c. c | A |
| A homeowner is very upset over a drone that a negihbor flies over his house. He take his case to court to end this possible violation of rights. Does he have a case, and on what basis? A. Yes- it infringes on his air rights B. No- neighbor not on pro | A |
| Littoral rights apply to which of the following? a. boatable ponds entirely on owner property b. streams and rivers c. navigable lakes, seas and oceans d. Navigable streams and rivers | C Littoral rights concern properties abutting bodies of water that are not moving, such as lakes and seas. Owners such properties enjoy littoral rights of use but do not own water or land beneath |
| A retired couple has just bought a retirement home with a pier on a large lake. In this case the retirees water rights extend to a. the high water mark of the body of water at the shoreline b. the low water mark of the body of water at the shoreline | A |
| Waterfront homeowner has just died. what will become of the water rights the owner enjoyed while living in the home? a. they revert to the state when property is sold b. they are extinguished c. they transfer w/ property | C |
| Riparian rights concern which of the following bodies of water? a. lakes b. seas and oceans c. streams and rivers d. navigable lakes | C |
| Which of the following best describes a fixture? a. any personal property positioned within boundaries of a parcel of real estate b. an item of personal property that has been converted to real property | B |
| An item may be considered personal property as opposed to real property provided that a. the owner intended to remove it after a period of time b. it can be removed w/o altering appearance of structure c. it is unneccessary to the physical integrity | A |
| Two people own a house, each having an undivided equal interest. Which of the following best describes what each party owes? a. 50% of the physical house & the land it rests on b. 100% of the home & the land c. 50% of the estate consisting of the i | C I think |
| A real property interest that includes the right to possess is considered a. an estate in land b. a leasehold estate c. a fee simple estate d. a bundle of rights | A |
| The right to control land usage by zoning and eminent domain is an example of a. public interest b. police interest c. encumberance d. estate in law | A |
| If the duration of an owners rights in an estate is not determinable, the owner has a. tenancy at sufferance b. leased fee simple estate c. freehold estate d. leasehold estate | C |
| The dinstinguishing feature of a leasehold estate is a. ownership of an interest by a tenant b. temporary ownership of the full bundle of rights in a property c. Duration limited by a lease term | C |
| A land owner conveys a parcel of property with the provision that the land cannot be developed for retail purposes. The new owner immediately begins to develop a retail shopping outlet, the grantor finds out and takes the property back. What kind of estat | D |
| Ned grants his sister Alice an estate for as long as she lives. Her descendants, however, cannot inherit the estate. What kind of estate is it? a. estate pur autre vie b. estate for years c. ordinary life estate d. legal life estate | C study pg 224 |
| Homestead estate are examples of a. conventional life estate b. legal life estate c. estate created by owner's agreement d. fee simple absolute | B |
| Lewis owned a boat and a house before marrying Barbara. While she was single, Barbara owned a new car. The two got married and bought a second home. As a wedding present, Barbara's father bought Lewis a motorcycle. Under the law of community property, wha | B |
| Kaitlyn rents an apartment for one year. What rights has she acquired under the leasehold? a. right to exclude everyone from the premises b. right to encumber the fee interest c. right to sell the premises d. right to possess and use the premises | D |
| An estate from period to period will continue as long as a. the tenant makes, and landlord accepts regular rent payments b. term specified in the lease c. period is less than a year d. the landlord has not sold the property | A |
| An estate at will (aka tenancty at will) a. cannot be terminated b. is terminated only if so stated in the lessee's last will & testament c. terminates on the death of lessor or lessee d. terminates on the date specified in the lease agreement | C |
| A tenant continues to occupy an apartment after lease expiration without the consent of the landlord. This type of estate is called a. estate at sufferance b. holdover estate c. canceled leasehold d. hostile leasehold | A |
| A tenant without a lease has been sending the landlord monthly rent checks, and the landlord continues to accept the payments. What kind of leasehold estate exist? a. estate for years b. estate from period to period c. estate at will d. estate at s | B |
| A fee or life estate is held by an individual. This form of estate is referred to as a a. tenancy in severalty b. tenancy by the entireties c. absolute fee simple d. legal fee simple | A |
| Six people have identical rides in a property and enjoy indivisiable interest. However any of the owners may sell or transfer his/her interest without consent of the others. This form of ownership is a a. joint tenancy b. homestead ownership c. tena | C |
| The "four unities" required to create a joint tenancy include which of the following conditions? a. parties must acquire respective interests at the same time b. parties must be residents of the same state at the time of acquiring interest c. partie | A |
| Unlike tenants in common, joint tenants a. own distinct portions of the phsyical property b. cannot will their interest to a party outside the tenancy c. may own unequal shares of the property d. cannont encumber their interest to outside parties | B |
| Which of the following life estate is created by operation of law rather then by the owner? a. conventional life estate b. ordinary life estate c. legal life estate d. community property life estate | C |
| Which of the following is true of a homestead? a. homestead interest cannot be conveyed by one spouse b. homestead interest cannot be passed to the chidren of the head of household c. homestead interest is a form of conventional life estate d. hom | A |
| A tenant in common can a. sell or transfer his interest w/o consent of other tenants in common b. use his or her interest in the estate to encumber the entire estate c. sell, encumber or transfer his interest only to the other tenants in common d. | A |
| Which of the following would be considered community property? a. property acquired before marriage b. motorcycle bought after the marriage with separate property funds c. income derived from community property d. mother's heirloom wedding ring gi | C |
| When real property is held in a land trust, who controls the property? a. trustor b. trustee c. beneficiary d. mortgagee | C |
| Which of the following is true of a cooperative? a. a cooperative may hold an owner liable for the unpaid operating expenses of other tenants b. owners have a fee simple interest in the airspace of their respective apartments c. owners may sublease | A |
| Which of the following is true of a tenancy in common? a. the co-owners must be related b. the owners enjoy an indivisible interest c. the tenants must acquire their interests at the same time d. the tenants must pay equal amounts for their intere | B |
| Carissa and Robert acquire a condominium as tenants in common. In this circumstance, Carissa can a. sell her interest to a 3rd party w/o consent of Robert b. use her interest in the estate to mrotgage the entire estate c. sell her interest on ly to | C |
| When a tenant in common dies, what happens to the tenants interest in the estate a. it is divided equally among the surviving tenants in common b. the surviving tenants must buy the interest from the deceased tenant's heirs or sell their interests to | D |
| Which of the following is true of a joint tenancy? a. the tenants can determine the size of the share owned by each tenant b. the size of the tenant's shares is determined by the amount of equity each has invested in the property c. the tenants have | C |
| In contrast to a tenancy in common, a joint tenancy a. there is a single title to the property b. there are as many titles to the property as there are co-owners c. title is held by a trustee d. co-owners who are married hold separate titles | A |
| If a joint tenant sells his or her interest to an outside party, a. the new owner becomes a tenant in common with the other owners, who continue to hold a joint tenancy with each other and a tenancy in common with the new owner b. the joint tenancy co | A |
| When a joint tenant dies, what happens to the tenants interest in the estate? a. it passes to the decendent's heirs, who become joint tenants b. it passes as a tenancy in common to the decedent's heirs c. the joint tenancy terminates and becomes a t | D |
| Under what conditions can two individuals on a property as tenants by the entireties? a. if they so elect at the time of acquiring title b. if they are blood relatives c. if they are married d. if they incorporate | C |
| When an estate is held in a trust, which party holds legal title? a. the beneficiary b. the trustor c. the trustee d. the grantor | C |
| Tonya buys a four bedroom condominium. As the new owner she has the right to a. sell or mortgage the unit w/o impediment from infividual owners of neighbroing units b. sell the interest in the physical unit separately from the interest in the common e | A |
| A condominium owners share of maintenance and operation expenses are based on a. the unit's pro rata share of floor space b. the unit's pro rata share of the property value as defined in the declaration c. the number of shares the owner purchased i | B |
| By contrast to a condominium, the owner of a cooperative owns a. shares in a corporation or association and a proprietary lease in a physical unit b. a fee simple interest in a physical unit plus a tenancy in common in common elements c. tenancy in | A |
| In a cooperative, real property is owned only by a. the individual unit owners b. the individual unit owners and the cooperative association c. the cooperative developer d. the corporate entity of the cooperative association | D |
| In a timeshare freehold, owners acquire a. undivided interest in the property as tenants in common b. renewable periodic tenancy for a portion of a year c. pro rata share of a leased fee d. tenancy in severalty for a portion of a year | A |
| A party has just purchased a manufactured housing unit. When is the property considered real property? a. as soon as it is purchased b. as soon as it is constructed c. as soon as it is affixed to the ground d. this form of property is considered | C |
Created by:
jenkasick