Real Estate Nature And Description Of Real Estate (Chapter 2)

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About This Quiz

Explore key concepts in real estate through this quiz on property ownership, classification, and legal descriptions. Assess your understanding of real and personal property, and enhance your knowledge of property rights and their legal implications.

Real Estate Nature And Description Of Real Estate (Chapter 2) - Quiz

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  • 2. 

    Personal property is distinguished from real property by its

    • Cost

    • Mobility

    • Scarcity

    • Size

    Correct Answer
    A. Mobility
    Explanation
    Personal property, also called CHATTELS, is characterized by the fact that it can be easily removed from the property.

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  • 3. 

    Real Property is defined as the earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights to inherent in its ownership.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Real Property refers to the land and everything attached to it, such as buildings, trees, and minerals. It includes both the surface of the earth and the space above and below it. This definition encompasses all things that are naturally or artificially connected to the land. Additionally, real property includes the various rights and benefits associated with owning and possessing land. Therefore, the statement that Real Property is defined as the earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in its ownership, is true.

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  • 4. 

    A legal description is one that describes no other property but the one in question. It characterizes the property in such a manner that a competent surveyor could locate it, as it appears on the surface of the earth, using nothing more than the description. There are 3 legal descriptions used in America.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A legal description is a specific type of description that uniquely identifies a property and allows a surveyor to locate it accurately. It is comprehensive enough to provide all necessary information for the property's identification and does not refer to any other property. This ensures that there is no ambiguity or confusion when identifying the property. The statement correctly states that there are three legal descriptions used in America, implying that these descriptions are standardized and widely recognized in the legal system. Therefore, the answer "True" is correct.

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  • 5. 

    A metes-and-bounds legal description must include a(n)

    • Datum

    • Acreage for the parcel

    • Point of beginning

    • Meridian

    Correct Answer
    A. Point of beginning
    Explanation
    A metes-and-bounds description must begin and end with the point of beginning, thus completely enclosing the described property.

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  • 6. 

    A legal description is one that describes no other property but the one in question. It characterizes the property in such a manner that a competent surveyor could locate it, as it appears on the surface of the earth, using nothing more than the description.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A legal description is a specific and accurate description of a property that allows a surveyor to locate it on the surface of the earth. It is unique to the property in question and does not describe any other property. This means that a competent surveyor can use the description provided to accurately find and identify the property without needing any additional information. Therefore, the statement is true.

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  • 7. 

    Another word for personal property is ...

    Correct Answer
    chattel
    chattle
    chattels
    chattles
    Explanation
    The correct answer is "chattel, chattle, chattels, chattles". These terms are synonyms for personal property. Chattel refers to movable personal property that is not real estate, while chattels is the plural form of chattel. Chattle and chattles are common misspellings of chattel and chattels, respectively.

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  • 8. 

    Trade fixtures are considered personal property.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Trade fixtures are items that are attached to a property for business purposes, such as machinery or equipment. These fixtures are generally considered personal property because they can be removed by the tenant when they vacate the premises. Unlike real property, which is permanently attached to the land, trade fixtures are movable and do not become part of the real estate. Therefore, the statement that trade fixtures are considered personal property is true.

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  • 9. 

    A metes-and-bounds legal description appears to be very complicated. Whom should the buyer consult for accurate boundary lines?

    • An attorney

    • An appraiser

    • A surveyor

    • Current owner

    Correct Answer
    A. A surveyor
    Explanation
    A licensed surveyor is sometimes the only one who can locate the monuments and boundary lines, especially when the metes-and-bounds land description is long and confusing.

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  • 10. 

    Which of the following is personal property?

    • Land

    • Fixtures

    • The bundle of rights

    • Trade fixtures

    Correct Answer
    A. Trade fixtures
    Explanation
    Real property includes the land and improvements plus the bundle of rights. Trade fixtures are personal property.

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  • 11. 

    A lease for a commercial tenant ended before the tenant removed several large counters and a large refrigerator. The landlord may acquire this property by a process known as

    • Accession

    • Severance

    • Common law

    • Custom

    Correct Answer
    A. Accession
    Explanation
    When the commercial lease expires and the tenant has not removed trade fixtures, they become the landlord's property by accession., The tenant has no right to re-enter the property after the lease expires.

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  • 12. 

    All metes-and-bounds descriptions must

    • Include natural monuments

    • Return to the point of beginning

    • Use U.S. Geological Survey benchmarks

    • Include lot and block numbers

    Correct Answer
    A. Return to the point of beginning
    Explanation
    A metes and bounds refers to monuments and benchmarks but MUST RETURN to the point of beginning.

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  • 13. 

    A truckload of lumber has been left on the driveway for use in building a new deck. At this point, the lumber is considered

    • A fixture because it will be permanently affixed to real property

    • Personal property because it is movable

    • Real property because it will be a man-made addition

    • A trade fixture because it is part of a business contract

    Correct Answer
    A. Personal property because it is movable
    Explanation
    When the trees were growing on land, they were real estate; once cut into lumber, they became personal property; once the deck is complete, the lumber will have returned to real estate as a permanent improvement.

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  • 14. 

    Trade fixtures must be removed on or before the last day the business property is rented, or they become the real property of the landlord by …?

    • Severance

    • Accession

    • Emblements

    • Chattels

    Correct Answer
    A. Accession
    Explanation
    Accession refers to the legal principle that when trade fixtures are not removed from a rented business property by the last day of the lease, they become the real property of the landlord. This means that the fixtures are permanently attached to the property and are no longer considered personal property of the tenant.

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  • 15. 

    Choose a chattel.

    • Wall to wall carpeting

    • Flag pole

    • Deck furniture

    • Chandelier

    Correct Answer
    A. Deck furniture
    Explanation
    Deck furniture is a type of movable property that can be easily transported and is typically used for outdoor seating or dining on a deck or patio. Unlike wall to wall carpeting, flag pole, and chandelier, deck furniture is not permanently fixed or attached to a structure. It can be easily moved and is considered a chattel, which refers to personal property that is not permanently affixed to land or a building.

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  • 16. 

    The bundle of rights of ownership allow a new homeowner to do all of the following EXCEPT

    • To take possession of the property

    • Exercise complete control of the property with no restrictions

    • Exclude others from entering the property

    • Sell, rent, or give away the property

    Correct Answer
    A. Exercise complete control of the property with no restrictions
    Explanation
    The bundle of rights of ownership are still subject to police power, eminent domain, taxation, and escheat.

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  • 17. 

    How many legal descriptions are there in America?

    • 1

    • 2

    • 3

    • 5

    Correct Answer
    A. 3
  • 18. 

    The legal description on the purchaser's contract is Lot 4 in Block C at Happy Acres, Washington County. This method of legal description is based on

    • A rectangular survey

    • A subdivision plat

    • Metes and bounds

    • A government survey

    Correct Answer
    A. A subdivision plat
    Explanation
    A subdivision plat shows property divided into block and lot numbers.

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  • 19. 

    Items that area attached to the land are considered

    • Trade fixtures

    • Emblements

    • Real estate

    • Chattels

    Correct Answer
    A. Real estate
    Explanation
    All items permanently attached to the land are considered part of the real estate.

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  • 20. 

    A new homeowner installed ceiling fans in all the rooms in the house. The factors that will determine whether these fans are now considered part of the real property include all of the following EXCEPT

    • The method by which they are attached

    • Their cost

    • The homeowner's intention when installing them

    • The adaptation of the fans to the house

    Correct Answer
    A. Their cost
    Explanation
    The cost of the item has no bearing on determining whether or not it is a fixture.

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  • 21. 

    The seller recently installed a heat pump used to heat the house. The heat pump is installed outside the house. Because the heat pump is new and cost a lot of money, the seller wants to take it with him. Can he do this?

    • Yes, because the seller paid for it.

    • Yes, because the owner can take anything that is not indoors.

    • No, because any items that heats any part of the home is considered real property.

    • No, because the item is an essential part of the property.

    Correct Answer
    A. No, because the item is an essential part of the property.
    Explanation
    The heat pump, although it could be removed, is an essential part of the property, as such, is a fixture.

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  • 22. 

    The definition of land includes

    • Man-made additions

    • The right to possession

    • Subsurface rights

    • Emblements

    Correct Answer
    A. Subsurface rights
    Explanation
    LAND includes air rights and subsurface rights.

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  • 23. 

    Select the true statements

    • It is possible to convert an item of personal property into real property.

    • It is possible to convert an item of real property into personal property.

    Correct Answer(s)
    A. It is possible to convert an item of personal property into real property.
    A. It is possible to convert an item of real property into personal property.
    Explanation
    The answer is correct because it is indeed possible to convert an item of personal property into real property. This can be done through a process called "affixing," where the personal property is permanently attached to the real property, such as by building a structure on the land. On the other hand, it is also possible to convert an item of real property into personal property through a process called "severance," where the item is detached from the land and becomes movable personal property.

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  • 24. 

    The legal description used in MA is ...

    • Metes and bounds

    • Rectangular survey

    • Subdivision lot and block

    • Government rectangular survey system

    • Subdivision plans

    Correct Answer
    A. Metes and bounds
    Explanation
    Metes and bounds is the correct legal description used in Massachusetts. This method uses physical features and measurements to describe the boundaries of a property. It involves starting at a designated point, called a point of beginning, and then tracing the perimeter of the property using distances and angles. This description is commonly used for irregularly shaped parcels of land or in areas where the rectangular survey system is not applicable.

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  • 25. 

    A farmer sold his cornfield. The farmer has the right to harvest the corn because the corn is an example of

    • An emblement

    • Personal property

    • A chattel

    • A trade fixture

    Correct Answer
    A. An emblement
    Explanation
    Emblements are growing crops that the seller of the property has the right to harvest.

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  • 26. 

    A sink was installed as well as built in shelving in a store as trade fixtures. I can...

    • Not do anything with those, they are real property because they are clearly attached.

    • Take them with me when I leave as long as it is before the expiration of the lease.

    • Take them with me when I leave after the lease expires.

    Correct Answer
    A. Take them with me when I leave as long as it is before the expiration of the lease.
    Explanation
    The correct answer is "take them with me when I leave as long as it is before the expiration of the lease." This is because trade fixtures, such as the sink and built-in shelving, are items that are attached to the property but are intended to be removable by the tenant. As long as the tenant removes these fixtures before the lease expires, they have the right to take them with them. Once the lease expires, however, the fixtures become part of the property and cannot be removed.

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  • 27. 

    Select the Fixtures

    • Annual flowers and plants

    • Flag pole

    • Deck furniture

    • Wall to wall carpeting

    Correct Answer(s)
    A. Flag pole
    A. Wall to wall carpeting
    Explanation
    A fixture is an item that was once personal property but is now affixed to the real estate in such a way as to become part of the real property.

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  • 28. 

    The Bundle of Legal Rights, also known as Property Ownership Rights, includes ...

    • Posession

    • Control

    • Quiet Enjoyment

    • Exclusion

    • Disposition

    • Reflection

    • All of the above

    Correct Answer(s)
    A. Posession
    A. Control
    A. Quiet Enjoyment
    A. Exclusion
    A. Disposition
    Explanation
    The Bundle of Legal Rights, also known as Property Ownership Rights, includes possession, control, quiet enjoyment, exclusion, and disposition. Possession refers to the right to physically occupy and use the property. Control refers to the right to make decisions about the property, such as how it is used or modified. Quiet enjoyment refers to the right to use and enjoy the property without interference. Exclusion refers to the right to exclude others from the property. Disposition refers to the right to transfer or sell the property. Therefore, the correct answer is all of the above.

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  • 29. 

    Select the "Personal Property"

    • Flag pole

    • Wall to wall carpeting

    • Car

    • Laundry

    • Chandelier

    • Deck furniture

    • Furniture

    • Trade fixtures

    • Growing crops (emblements)

    Correct Answer(s)
    A. Car
    A. Laundry
    A. Deck furniture
    A. Furniture
    A. Trade fixtures
    A. Growing crops (emblements)
    Explanation
    The correct answer includes items that are considered personal property. Personal property refers to movable items that are not permanently attached to real estate. In this case, the car, laundry, deck furniture, furniture, trade fixtures, and growing crops are all examples of personal property. The other items listed, such as the flag pole, wall to wall carpeting, and chandelier, are considered fixtures and are typically considered part of the real estate.

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  • 30. 

    Real Estate is service of the earth. Whatever man or nature has put there. The real estate is down to the center of the earth or in the air up to infinity.

  • 31. 

    At the time of a listing contract, be alert to ask if there will be something taken at time of closing (chandelier, stove, rose bushes, etc.)

  • 32. 

    It is possible to convert real property into personal property by SEVERANCE. For instance, if there is a tree on the property it is REAL PROPERTY. If the tree is cut down and stacked into fire wood, the firewood is now PERSONAL PROPERTY. It was severed from the real property, it is now personal property. The act of SEVERANCE.

  • 33. 

    Growing crops that are produced annually as a result of someone's labor are called EMBLEMENTS. Emblements are regarded as personal property even before harvest. They are considered personal property if grown TO SELL (cranberries, corn, apples). These are also known as "fruits of industry". A tenant farmer has the right to take the annual crop resulting from that farmer's labor, even if the harvest occurs after the lease has expired. However, if "fruits of nature" (fruits grown but not to sell) the tenant farmer has no right to those.

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  • Jun 04, 2024
    Quiz Edited by
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