Real Estate Nature And Description Of Real Estate (Chapter 2)
Chapter 2
- 1.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.
- 2.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.)
- 3.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.
- 4.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.
- 5.The Bundle of Legal Rights, also known as Property Ownership Rights, includes ...
- A.
Posession
- B.
Control
- C.
Quiet Enjoyment
- D.
Exclusion
- E.
Disposition
- F.
Reflection
- G.
All of the above
- 6.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.
- A.
True
- B.
False
- 7.How many legal descriptions are there in America?
- A.
1
- B.
2
- C.
3
- D.
5
- 8.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.
- A.
True
- B.
False
- 9.The legal description used in MA is ...
- A.
Metes and bounds
- B.
Rectangular survey
- C.
Subdivision lot and block
- D.
Government rectangular survey system
- E.
Subdivision plans
- 10.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.
- A.
True
- B.
False
- 11.Choose a chattel.
- A.
Wall to wall carpeting
- B.
Flag pole
- C.
Deck furniture
- D.
Chandelier
- 12.Another word for personal property is ...
- 13.Select the "Personal Property"
- A.
Flag pole
- B.
Wall to wall carpeting
- C.
Car
- D.
Laundry
- E.
Chandelier
- F.
Deck furniture
- G.
Furniture
- H.
Trade fixtures
- I.
Growing crops (emblements)
- 14.Select the Fixtures
- A.
Annual flowers and plants
- B.
Flag pole
- C.
Deck furniture
- D.
Wall to wall carpeting
- 15.Select the true statements
- A.
It is possible to convert an item of personal property into real property.
- B.
It is possible to convert an item of real property into personal property.
- 16.Trade fixtures are considered personal property.
- A.
True
- B.
False
- 17.A sink was installed as well as built in shelving in a store as trade fixtures. I can...
- A.
Not do anything with those, they are real property because they are clearly attached.
- B.
Take them with me when I leave as long as it is before the expiration of the lease.
- C.
Take them with me when I leave after the lease expires.
- 18.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 …?
- A.
Severance
- B.
Accession
- C.
Emblements
- D.
Chattels
- 19.Which of the following is personal property?
- A.
Land
- B.
Fixtures
- C.
The bundle of rights
- D.
Trade fixtures
- 20.A metes-and-bounds legal description must include a(n)
- A.
Datum
- B.
Acreage for the parcel
- C.
Point of beginning
- D.
Meridian
- 21.Personal property is distinguished from real property by its
- A.
Cost
- B.
Mobility
- C.
Scarcity
- D.
Size
- 22.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.
A rectangular survey
- B.
A subdivision plat
- C.
Metes and bounds
- D.
A government survey
- 23.Items that area attached to the land are considered
- A.
Trade fixtures
- B.
Emblements
- C.
Real estate
- D.
Chattels
- 24.A farmer sold his cornfield. The farmer has the right to harvest the corn because the corn is an example of
- A.
An emblement
- B.
Personal property
- C.
A chattel
- D.
A trade fixture
- 25.The bundle of rights of ownership allow a new homeowner to do all of the following EXCEPT
- A.
To take possession of the property
- B.
Exercise complete control of the property with no restrictions
- C.
Exclude others from entering the property
- D.
Sell, rent, or give away the property
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