Fundamentals of Real Property and Ownership in Real Estate Quiz

1. What does the term 'Bundle of Rights' refer to in real estate?

A type of mortgage agreement between a lender and borrower.

A legal document used to transfer ownership of personal property.

A zoning ordinance that restricts the use of residential properties.

The Bundle of Rights refers to the various rights that come with owning real property, including the right to use, enjoy, encumber, exclude, and alienate the property.

Explanation

The Bundle of Rights refers to the various rights that come with owning real property, including the right to use, enjoy, encumber, exclude, and alienate the property.

2. What determines whether an item is personal property or real property?

By checking the warranty of the item.

By looking at the color of the item.

By the weight of the item.

The correct way to determine whether an item is personal property or real property is by understanding how it is attached. The permanence of the attachment plays a crucial role in making this distinction.

Explanation

The correct way to determine whether an item is personal property or real property is by understanding how it is attached. The permanence of the attachment plays a crucial role in making this distinction.

3. What are monuments used for in land descriptions?

Large statues built to honor historical figures.

Structures built to mark the geographic center of a country.

Ancient burial grounds for royalty.

Monuments in land descriptions refer to markers used to define boundaries and points of reference in legal descriptions of land. They can be man-made or natural features used to establish property lines.

Explanation

Monuments in land descriptions refer to markers used to define boundaries and points of reference in legal descriptions of land. They can be man-made or natural features used to establish property lines.

4. What are Air Rights?

A type of frequent flyer miles earned by traveling on airplanes.

Rights given to pilots to freely navigate in any airspace without restrictions.

The rights to control the quality of air in a designated area.

Air rights refer to the rights to ownership of the open vertical space above a property, excluding surface and sub-surface rights. It allows the owner to use or develop the space above their property, such as for building air rights developments or signage.

Explanation

Air rights refer to the rights to ownership of the open vertical space above a property, excluding surface and sub-surface rights. It allows the owner to use or develop the space above their property, such as for building air rights developments or signage.

5. What determines if an item is considered a fixture or personal property?

Material of the item

Color of the item

Size of the item

The correct answer explains that adaptation to the specific spot is what determines if an item is considered a fixture or personal property.

Explanation

The correct answer explains that adaptation to the specific spot is what determines if an item is considered a fixture or personal property.

6. What are common elements in a Condominium project or PUD?

Private areas owned by individual unit owners within a Condominium project.

Public areas maintained by the local government near a Condominium project.

Commercial spaces rented out to non-residents within a Condominium project.

7. What are chattles?

A type of exotic plant species.

A form of cryptocurrency.

A popular children's toy brand.

Chattles refer to items of tangible personal property and are considered a personal property interest in real property. In legal terms, a lease can be referred to as a chattel real.

Explanation

Chattles refer to items of tangible personal property and are considered a personal property interest in real property. In legal terms, a lease can be referred to as a chattel real.

8. What are Base Lines?

Horizontal lines used in graphing coordinates on a plane.

Vertical lines used in graphing coordinates on a plane.

North-South imaginary lines crossing a principal meridian at a specific point and forming boundaries of townships.

Base lines are East-West lines in the Governmental Survey System of Land Description that help establish townships, not North-South lines. They are not related to coordinate graphing.

Explanation

Base lines are East-West lines in the Governmental Survey System of Land Description that help establish townships, not North-South lines. They are not related to coordinate graphing.

9. What are appurtenances in real estate?

The legal documents associated with the transfer of land.

The monetary value of the land being transferred.

The physical buildings and structures on the land.

Appurtenances in real estate refer to the rights, privileges, and improvements that come with the transfer of land, such as water rights, rights of way, and easements. They are not the physical structures on the land, the monetary value, or the legal documents themselves.

Explanation

Appurtenances in real estate refer to the rights, privileges, and improvements that come with the transfer of land, such as water rights, rights of way, and easements. They are not the physical structures on the land, the monetary value, or the legal documents themselves.

10. What is a check in the context of land surveying?

A surveying tool used to measure distances on a map.

QuadrangleA 24 Mile by 24 mile parcel in the Government Survey system of land description

A type of boundary marker used to indicate property lines.

A method for conducting soil tests to determine land usability.

In the context of land surveying, a check refers to a 24 Mile by 24 mile parcel in the Government Survey system of land description.

Explanation

In the context of land surveying, a check refers to a 24 Mile by 24 mile parcel in the Government Survey system of land description.

11. What is a benchmark?

A competitive comparison between products or services.

A reference point or marker placed by a surveyor and used to establish elevations and altitudes above sea level.

A standardized set of tests used to evaluate performance.

A financial metric used to assess a company's performance.

A benchmark in the context of surveying refers to a physical reference point, not a comparison, test, or financial metric.

Explanation

A benchmark in the context of surveying refers to a physical reference point, not a comparison, test, or financial metric.

12. What is a Common Interest Subdivision?

A type of subdivision without any shared amenities or common areas.

A subdivision where ownership is divided based on the number of units owned, regardless of square footage.

A subdivision where each owner has exclusive access to amenities such as a pool or tennis courts.

A Common Interest Subdivision typically involves shared amenities and common areas that are utilized by all individual owners, with ownership interests based on square footage percentages rather than the number of units owned.

Explanation

A Common Interest Subdivision typically involves shared amenities and common areas that are utilized by all individual owners, with ownership interests based on square footage percentages rather than the number of units owned.