Real Property And Property Ownership
Chapter 1
- 1.Real Property Interests include
- A.
Cultivated annual crops
- B.
Leasehold interests
- C.
Mortgages
- D.
Fences
- 2.What is a form of ownership that is restricted to husbands and wives
- A.
Joint tenancy
- B.
Tenancy in severalty
- C.
Tenancy in common
- D.
Tenancy by entirety
- 3.What would result from a condition in a deed?
- A.
Fee simple
- B.
Defeasible fee
- C.
Chattel real
- D.
Nonfreehold estate
- 4.What does tatum refer to
- A.
Carpenter's tool
- B.
Aircraft used for survey purposes
- C.
Level surface from which elevations are measured
- D.
File of recorded documents
- 5.An investor's personal assets could be subject to a creditor's claim in a
- A.
General partnership
- B.
Syndicate
- C.
Real estate investment trust
- D.
Corporation
- 6.How does an S corporation differ from other corporations?
- A.
Its investors have no personal liability
- B.
The double taxation aspect of other corporations is avoided
- C.
It has a separate life from that of the investors
- D.
Its tax rates are higher
- 7.A tenant in a commercial building installed a large sign that was anchored to the building with steel rods. Which of the following terms properly describes the sign?
- A.
Fixture
- B.
Trade Fixture
- C.
Real Property
- D.
Emblement
- 8.What type of real property description would include reference to an iron stake
- A.
Metes and bounds
- B.
Informal
- C.
Lot, block and tract
- D.
Government survey
- 9.A tenancy in common differs from a joint tenancy in that
- A.
There is a survivorship right if a tenant in common dies without a will
- B.
Tenants in common have unequal interests
- C.
Tenants in common have divided interests
- D.
Tenants in common must acquire their interests at the same time.
- 10.Chattles real differ from appurtenances in that they:
- A.
Transfer with the land
- B.
Include growing trees
- C.
Are personal property
- D.
Are freehold estates
- 11.Rights benefits and improvements that go with the land are known as:
- A.
Chattels
- B.
Emblements
- C.
Appurtenances
- D.
Encumbrances
- 12.Which of the following would be classified as real property?
- A.
Trade fixtures
- B.
Water rights
- C.
Chattels real
- D.
Mortgages
- 13.Three of the tests of a fixture are:
- A.
Adaptability, intent and attachment
- B.
Adaptability, cost and attachment
- C.
Size, weight and adaptability
- D.
Intent, cost and attachment
- 14.All of the ownership rights that transfer with a fee simple estate are known as
- A.
Fixtures
- B.
Emblements of title
- C.
Remainder rights
- D.
The bundle of rights
- 15.Items that were formerly personal property but are now regarded as real property would be described as
- A.
Emblements
- B.
Fructus industriales
- C.
Fixtures
- D.
Trade fixtures
- 16.An example of a real property security would be:
- A.
Condominiums sold with a mandatory rental pool arrangement
- B.
General partnership shares in investment property
- C.
Apurautre vie estate
- D.
A vested remainder interest
- 17.Part of a legal description on a deed stated38 degrees. what type of descripton was it?
- A.
Metes and bounds
- B.
Informal description
- C.
Lot, block and tract
- D.
Government survey
- 18.A brother and sister hold land as joint tenants. The sister conveys one half of her interest to her husband. Ownership would now be held by the :
- A.
Brother, sister and her husband as tenants in common
- B.
Brother and sister as joint tenants and her husband as a tenant in common
- C.
Brother, sister and her husband as joint tenants
- D.
Brother and sister as joint tenants
- 19.An owner granted a life estate to another but retained a future interest which was a:
- A.
Remainder interest
- B.
Chattel real
- C.
Defeasible estate
- D.
Reversionary interest
- 20.K, who had a life estate for the life of L, leased the property to M for 5 years. what would happen if K were to die?
- A.
M's lease would terminate
- B.
K's heirs would be entitled to K's interest
- C.
The remainder interest holder would obtain title
- D.
L would obtain title
- 21.A person other than the grantor has a future interest in a life estate. That interest would be a
- A.
Fee simple
- B.
Fee simple determinable
- C.
Remainder interest
- D.
Reversionary interest
- 22.A life estate was lost by merger. Merger occurred when the
- A.
Original grantor died
- B.
Life tenant died
- C.
Remainder interest holder purchased the life tenants interest
- D.
Life tenant vacated the premises
- 23.The statutory right of a widow in the estate of her deceased husband is a:
- A.
Dower right
- B.
. curtesy right
- C.
Tenancy at sufferance
- D.
Remainder interest
- 24.J had to pay a stock transfer fee when he sold his unit. What type of development was it?
- A.
Condominium
- B.
Planned unit development
- C.
Cooperative
- D.
Time share
- 25.A leased farm is sold. The growing crops belong to the
- A.
Seller
- B.
Buyer
- C.
Tenant
- D.
Buyer and tenant equally
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