REAL ESTATE unit 1 - Assignment Essays

question

False

answer

Refrigerator is usually considered real property.

question

Place a lien on the property

answer

If a condominium owner is delinquent in the payment of valid association fees, the homeowners association will most likely _______.

question

Condominium

answer

The owner of a fee-simple deeded interest in a warehouse cubicle or residential unit with shared ownership to common elements, MOST LIKELY owns what kind of interest?

question

When the trucks leave your property with gravel, they are leaving with personal property

answer

You own a piece of land. Which of the following statements concerning your sale of gravel from the land is true?

question

Non-freehold estate

answer

A leasehold estate is also know as a(n) _______

question

The majority of homeowners make the decisions.

answer

Which of the following could be considered a disadvantage of owning a condominium?

question

Severance

answer

Upon the removal of a 10 x 12 tool shed in the back yard, the shed becomes personal property because of _______.

question

Trade fixtures

answer

Barber chairs, display cases, and specialty lighting are all examples of _______.

question

Each owner has the right to leave his share of the property to any beneficiary upon the owner's death.

answer

Which of the following is required in a tenancy in common relationship?

question

Time share

answer

an interval ownership interest with an exclusive right of occupancy for a specific period of time is a _______.

question

Dower rights

answer

In some states, when a wife must also sign a deed in order for the husband to sell his property, the wife's interest is called

question

Individually owned unity's and jointly owned common areas identified by reference to a declaration

answer

Of the following, which descriptions BEST summarizes the essential characteristics of condominium ownership?

question

Own the property as a tenant in severalty

answer

Joe Green and his wife Mary own a residence as joint tenants. When Joe dies Mary will _______.

question

Correction lines

answer

Correction for curvature of the earth back to a full 6 miles made at every 4th township line in the Government Survey System of land description is called _______.

question

Water rights

answer

A special common-law right held by owners of land adjacent to rivers, lakes, or oceans and restriction the rights of land ownership, is called _______.

question

A Corporation

answer

A _______ is a legal entity created under state law, consisting of an association of one or more individuals but existing separately from such individuals and managed by its Board of Directors, the liability of each shareholder is limited to his/her investment.

question

Reversionary Interest

answer

A _______ is an interest retained by the creator of a life estate if no remainder is named.

question

Interstate Land Sales Full Disclosure Act

answer

A federal act requiring disclosure of property information to buyers when 25 or more unimproved parcels of land in a subdivision are offered for sale is the _______.

question

Check the HOA docs

answer

A potential seller wants to list his luxury penthouse and informed you that there was also a storage unit above the penthouse that comes with the unit... How can you be sure it is part of the property before marketing the property?

question

Custom window shades

answer

_______ is an example of adaptation

question

Attachment

answer

The most important test of whether an item is a fixture or not it _______.

question

Appurtenant

answer

_______ describes the rights, privileges, and improvements that go with a transfer of the land even though they may not be part of the land.

question

True

answer

In a verticals land description, the datum is a point, line, or surface from which a vertical height or depth is measured.

question

The cost of the article

answer

In determining whether an article of personal property has become a fixture, which of the following tests would NOT be applied

-the manner of attachment
-the cost of the article
-the adaptation of the article to the land
-the existence of an agreement between the parties

question

All of the above

answer

The term "real estate" includes

-the right to use the land
-anything affixed to the land with the intent of being permanent
-right to the air above the land
-right to subsurface minerals
-all of the above

question

All of the above

answer

Determining what is a fixture and what is not a fixture is important when

-property taxes are calculated
-real estate is mortgaged
-a tenant attached an object to a rented building
-hazard insurance is purchased
-all of the above

question

Twonship

answer

A parcel that consists of 36 one-square mile units is called a _______.

question

All of the choices above are included in the term "land"

answer

The term "land" includes

-surface rights
-subsurface rights
-air rights

question

Each will receive a separate deed for his share.

answer

Able, Baker, and Charles are going to purchase an investment property as co-owners and will take title as joint tenants. Which of the following statements is INCORRECT?

-all will acquire their interests at the same moment in time
-each will receive a separate deed for his share
-all may have equal interest in the property
-all will enjoy equal rights of possession

question

True

answer

John, Tom, and Bill are brothers who own 50 acres of vacant land as tenants-in-common. True or false, if Tom dies, the remaining brothers will hold title as tenants-in-common with whomever inherits Tom's estate?

question

In order to be joint tenants, they must acquire their interest at the same time.

answer

Teddy and Everett buy a property from Dawn, and each receives one-half (1/2) undivided interest. Teddy buys his on March 17, and Everett buys his on March 18. Why are they NOT joint tenants?

question

Tenancy by the Entirety

answer

Pat and Paige own property together and neither may sell without consent of the other. This is an example of _______.

question

Restrict a portion of the property for only his or her own use.

answer

A tenant in common may NOT _______.

question

All of the above.

answer

Joint tenants must acquire their interests in jointly held property

-at the same time
-from the same source
-in the same instrument
-all of the above

question

Property purchased after they were married.

answer

Mr. and Mrs. Marvin live in a community property state. Which of the following would most likely be considered their community property?

question

Both #1 and #2 are correct

answer

Before investing in a limited partnership, one should _______.

-determine if the partnership is suitable for his or her personal objectives
-investigate the past performance of the general partners
-both #1 and #2 are correct
-neither #1 nor #2 are correct

question

The type and amount of owner mortgages.

answer

Covenants, Conditions, and Restrictions (CC&Rs) may limit all of the following EXCEPT _______

-the length of time a garage door may be left open
-the type and amount of owner mortgages
-the maximum height of new home construction
-the types of pets allowed

question

The real property definition.

answer

The right to use, encumber, and transfer is included in _______.

question

Cooperative unit.

answer

A possessory interest for a unit in a multi-unit building, evidenced by a proprietary lease, would be a _______.

question

All of the above

answer

A benchmark _______

-is a visible marker, either natural or artificial
-is a reference point or marker placed by a surveyor and used to establish elevations and altitudes
-can be an iron shake used as a reference point
-all of the above

question

Testamentary trust will

answer

A trust created at time of death by the will, is a _______.

question

Inter vivos trust

answer

A trust under which property is transferred by a living trust or to a trustee with instructions for management of assets and for distribution of income, is known as a(n) _______.

question

"Z" shape

answer

North 90 degrees East 100 feet, then South 45 degrees West 150 feet, then South 90 degrees East 100 feet, most closely describes a _______.

question

Few simple determinable

answer

Property deeded to a school "for educational purposes only" conveys _______.

question

Ned Green's heirs would inherit his interest in the property

answer

Mary transferred a life estate in her home to John based on the life of Ned Green. John then leased to property. Ned Green's death during the term of the lease would result in all of the following EXCEPT_______

-Ned Green's heirs would inherit his interest in the property
-termination of the lease
-termination of John's life estate
Reversion of title to Mary

question

John's heirs would inherit the life estate.

answer

Mary transferred a life estate in her home to John for as long as Ned Green lives. What happens if John dies?

question

By-laws

answer

A condominium master deed describes all of the following EXCEPT_______

-common elements
-air space
-by-laws
-separate units

question

Keys to the front door

answer

Which of the following would be considered a fixture?

question

A garden hose

answer

Which of the following would not be considered a fixture in a residential all sale?

question

Annexation

answer

A wood stove insert installed into a fireplace opening becomes real property as a result of _______.

question

The center of the road or center of the river.

answer

If a boundary is a private road or a non-navigable river, the boundary line would be _______.

question

Check

answer

In the Governmental Survey System, an adjustment on the baseline of a quadrangle to account for the curvature of the earth is known as a(n) _______.

question

The northeast corner.

answer

Sections are numbered from 1-36, beginning in which corner of a township?

question

Metes and bounds

answer

The legal description that measures distance in feet and uses degrees and monuments is:

question

Exterior dimensions and weight

answer

Which of the following is NOT a test for determining a fixture?

-agreement of the parties
-method of attachment
-exterior dimensions and weight
-adaptation of the item to the real estate

question

Expansion

answer

All of the following are included in the bundle of rights EXCEPT _______.

-possession
-control
-expansion
-exclusion

question

Income earned by one spouse during the marriage

answer

Which of the following would be considered community property?

question

Life estate

answer

Leon's will gives his neighbor the right to use a well on Leon's land as long as the neighbor is alive. The neighbor's interest in Leon's property is called a _______.

question

Time-share

answer

An individual with an undivided interest in a unit coupled with the exclusive right of occupancy for either a designated or floating period each year, along with an interest in common areas, such as the use of a pool or tennis courts, has a _______.

question

Contingent remainder interest

answer

For a conveyance from 'A' to 'B', for the life of 'B' and then to 'C' if 'C' outlives 'B'; what is 'C's interest in the property at the time of the original conveyance is called _______

question

James will be the sole owner.

answer

James and Julie Smith own property as tenancy by the entirety. When Julie dies, _______.

question

All of the above.

answer

A monument _______

-is a marker used by a surveyor in the metes and bounds system
-establishes the lines and boundaries of a survey
-can be either natural or artificial
-all of the above

question

Legally describes where the property is located in conjunction with principal meridians and base lines.

answer

The Governmental Survey System (also known as the rectangular survey system) _______.

question

All partners are equally liable.

answer

In a General Partnership,_______.

question

Enabling declaration

answer

A statement that commits a property to condominium ownership is called _______.

question

Estate

answer

One's legal interest in property— either freehold or non-freehold— is known as _______.

question

A general partnership

answer

A business organizational form in which all general partners actively participate in ownership and management are liable for all debt and actions, is called _______

question

A joint venture

answer

A form of business organization in which two or more individuals come together for a business purpose and share in the profits or losses of the venture is called _______.

question

Life estate

answer

An interest in real property limited to the duration of someone's life, is called _______.

question

Non-freehold estate

answer

A non-ownership or leasehold estate that a tenant possesses in real property, is called_______.

question

Partition

answer

A court action or lawsuit to dissolve co-ownership of property when one (or more) co-owners want to sell a property, but others do not, is called a _______.

question

Principal

answer

There are over 30 _______ meridians in the U.S.

question

Furniture

answer

Real property includes all of the following EXCEPT_______.

-land
-house
-furniture
-rights inherent if ownership

question

Joint tenancy

answer

A key feature of _______ is right of survivorship.

question

'S' Corp

answer

An IRS category of corporation that is treated like a partnership for tax purposes, avoiding taxation or corporate profits and subsequent taxation of dividends to shareholders, is called a(n) _______.

question

Surface or air rights

answer

The rights to ownership below the surface do not include _______.

question

Annexation

answer

The process of affixing or attaching personal property to the real property so that it becomes a fixture and is considered real property, is called _______.

question

Trustee

answer

A third party that administers a trust on behalf of the beneficiary and carries out the wishes of the trustee, is the _______.

question

Homestead

answer

A _______ is a tracts of land owned and occupied as the family home where a portion of the area or value of this land is protected or exempt from judgments for debt.

question

Revisionary interest

answer

A _______ is an interest retained by the creator of a life estate of no remainder man is named.

1 of 80

question

False

answer

Refrigerator is usually considered real property.

question

Place a lien on the property

answer

If a condominium owner is delinquent in the payment of valid association fees, the homeowners association will most likely _______.

question

Condominium

answer

The owner of a fee-simple deeded interest in a warehouse cubicle or residential unit with shared ownership to common elements, MOST LIKELY owns what kind of interest?

question

When the trucks leave your property with gravel, they are leaving with personal property

answer

You own a piece of land. Which of the following statements concerning your sale of gravel from the land is true?

question

Non-freehold estate

answer

A leasehold estate is also know as a(n) _______

question

The majority of homeowners make the decisions.

answer

Which of the following could be considered a disadvantage of owning a condominium?

question

Severance

answer

Upon the removal of a 10 x 12 tool shed in the back yard, the shed becomes personal property because of _______.

question

Trade fixtures

answer

Barber chairs, display cases, and specialty lighting are all examples of _______.

question

Each owner has the right to leave his share of the property to any beneficiary upon the owner's death.

answer

Which of the following is required in a tenancy in common relationship?

question

Time share

answer

an interval ownership interest with an exclusive right of occupancy for a specific period of time is a _______.

question

Dower rights

answer

In some states, when a wife must also sign a deed in order for the husband to sell his property, the wife's interest is called

question

Individually owned unity's and jointly owned common areas identified by reference to a declaration

answer

Of the following, which descriptions BEST summarizes the essential characteristics of condominium ownership?

question

Own the property as a tenant in severalty

answer

Joe Green and his wife Mary own a residence as joint tenants. When Joe dies Mary will _______.

question

Correction lines

answer

Correction for curvature of the earth back to a full 6 miles made at every 4th township line in the Government Survey System of land description is called _______.

question

Water rights

answer

A special common-law right held by owners of land adjacent to rivers, lakes, or oceans and restriction the rights of land ownership, is called _______.

question

A Corporation

answer

question

Reversionary Interest

answer

A _______ is an interest retained by the creator of a life estate if no remainder is named.

question

Interstate Land Sales Full Disclosure Act

answer

A federal act requiring disclosure of property information to buyers when 25 or more unimproved parcels of land in a subdivision are offered for sale is the _______.

question

Check the HOA docs

answer

question

Custom window shades

answer

_______ is an example of adaptation

question

Attachment

answer

The most important test of whether an item is a fixture or not it _______.

question

Appurtenant

answer

_______ describes the rights, privileges, and improvements that go with a transfer of the land even though they may not be part of the land.

question

True

answer

In a verticals land description, the datum is a point, line, or surface from which a vertical height or depth is measured.

question

The cost of the article

answer

question

All of the above

answer

question

All of the above

answer

question

Twonship

answer

A parcel that consists of 36 one-square mile units is called a _______.

question

All of the choices above are included in the term "land"

answer

The term "land" includes

-surface rights
-subsurface rights
-air rights

question

Each will receive a separate deed for his share.

answer

question

True

answer

question

In order to be joint tenants, they must acquire their interest at the same time.

answer

Teddy and Everett buy a property from Dawn, and each receives one-half (1/2) undivided interest. Teddy buys his on March 17, and Everett buys his on March 18. Why are they NOT joint tenants?

question

Tenancy by the Entirety

answer

Pat and Paige own property together and neither may sell without consent of the other. This is an example of _______.

question

Restrict a portion of the property for only his or her own use.

answer

A tenant in common may NOT _______.

question

All of the above.

answer

Joint tenants must acquire their interests in jointly held property

-at the same time
-from the same source
-in the same instrument
-all of the above

question

Property purchased after they were married.

answer

Mr. and Mrs. Marvin live in a community property state. Which of the following would most likely be considered their community property?

question

Both #1 and #2 are correct

answer

question

The type and amount of owner mortgages.

answer

question

The real property definition.

answer

The right to use, encumber, and transfer is included in _______.

question

Cooperative unit.

answer

A possessory interest for a unit in a multi-unit building, evidenced by a proprietary lease, would be a _______.

question

All of the above

answer

question

Testamentary trust will

answer

A trust created at time of death by the will, is a _______.

question

Inter vivos trust

answer

A trust under which property is transferred by a living trust or to a trustee with instructions for management of assets and for distribution of income, is known as a(n) _______.

question

"Z" shape

answer

North 90 degrees East 100 feet, then South 45 degrees West 150 feet, then South 90 degrees East 100 feet, most closely describes a _______.

question

Few simple determinable

answer

Property deeded to a school "for educational purposes only" conveys _______.

question

Ned Green's heirs would inherit his interest in the property

answer

question

John's heirs would inherit the life estate.

answer

Mary transferred a life estate in her home to John for as long as Ned Green lives. What happens if John dies?

question

By-laws

answer

A condominium master deed describes all of the following EXCEPT_______

-common elements
-air space
-by-laws
-separate units

question

Keys to the front door

answer

Which of the following would be considered a fixture?

question

A garden hose

answer

Which of the following would not be considered a fixture in a residential all sale?

question

Annexation

answer

A wood stove insert installed into a fireplace opening becomes real property as a result of _______.

question

The center of the road or center of the river.

answer

If a boundary is a private road or a non-navigable river, the boundary line would be _______.

question

Check

answer

In the Governmental Survey System, an adjustment on the baseline of a quadrangle to account for the curvature of the earth is known as a(n) _______.

question

The northeast corner.

answer

Sections are numbered from 1-36, beginning in which corner of a township?

question

Metes and bounds

answer

The legal description that measures distance in feet and uses degrees and monuments is:

question

Exterior dimensions and weight

answer

Which of the following is NOT a test for determining a fixture?

-agreement of the parties
-method of attachment
-exterior dimensions and weight
-adaptation of the item to the real estate

question

Expansion

answer

All of the following are included in the bundle of rights EXCEPT _______.

-possession
-control
-expansion
-exclusion

question

Income earned by one spouse during the marriage

answer

Which of the following would be considered community property?

question

Life estate

answer

Leon's will gives his neighbor the right to use a well on Leon's land as long as the neighbor is alive. The neighbor's interest in Leon's property is called a _______.

question

Time-share

answer

question

Contingent remainder interest

answer

For a conveyance from 'A' to 'B', for the life of 'B' and then to 'C' if 'C' outlives 'B'; what is 'C's interest in the property at the time of the original conveyance is called _______

question

James will be the sole owner.

answer

James and Julie Smith own property as tenancy by the entirety. When Julie dies, _______.

question

All of the above.

answer

A monument _______

-is a marker used by a surveyor in the metes and bounds system
-establishes the lines and boundaries of a survey
-can be either natural or artificial
-all of the above

question

Legally describes where the property is located in conjunction with principal meridians and base lines.

answer

The Governmental Survey System (also known as the rectangular survey system) _______.

question

All partners are equally liable.

answer

In a General Partnership,_______.

question

Enabling declaration

answer

A statement that commits a property to condominium ownership is called _______.

question

Estate

answer

One's legal interest in property— either freehold or non-freehold— is known as _______.

question

A general partnership

answer

A business organizational form in which all general partners actively participate in ownership and management are liable for all debt and actions, is called _______

question

A joint venture

answer

A form of business organization in which two or more individuals come together for a business purpose and share in the profits or losses of the venture is called _______.

question

Life estate

answer

An interest in real property limited to the duration of someone's life, is called _______.

question

Non-freehold estate

answer

A non-ownership or leasehold estate that a tenant possesses in real property, is called_______.

question

Partition

answer

A court action or lawsuit to dissolve co-ownership of property when one (or more) co-owners want to sell a property, but others do not, is called a _______.

question

Principal

answer

There are over 30 _______ meridians in the U.S.

question

Furniture

answer

Real property includes all of the following EXCEPT_______.

-land
-house
-furniture
-rights inherent if ownership

question

Joint tenancy

answer

A key feature of _______ is right of survivorship.

question

'S' Corp

answer

question

Surface or air rights

answer

The rights to ownership below the surface do not include _______.

question

Annexation

answer

The process of affixing or attaching personal property to the real property so that it becomes a fixture and is considered real property, is called _______.

question

Trustee

answer

A third party that administers a trust on behalf of the beneficiary and carries out the wishes of the trustee, is the _______.

question

Homestead

answer

A _______ is a tracts of land owned and occupied as the family home where a portion of the area or value of this land is protected or exempt from judgments for debt.

question

Revisionary interest

answer

A _______ is an interest retained by the creator of a life estate of no remainder man is named.

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