Real Estate Express Exam Prep General
Exams
The right to control one's property includes all of the following EXCEPT
1 the right to invite people on the property.
2 the right to exclude the utilities meter reader.
3 the right to erect "no trespassing" signs.
4 the right to enjoy pride of ownership. - Answer the right to exclude the utilities meter
reader.
This right to enter and work on a property is granted to utility companies (water, sewer,
gas and electric) as well as telephone and cable companies. Essentially, if a company
provides a service and owns the equipment (e.g., phone and cable lines), they are
usually granted an easement.uh
Which of the following types of ownership CANNOT be created by operation of law, but
must be created by the parties' expressed intent?
1 Community property
2 Tenancy in common
3 Condominium ownership
4 Tenancy by the entireties - Answer Tenancy by the entireties
Tenancy by the entireties is a form of ownership that husbands and wives can choose
or create by deciding to do so and declaring it as such in contracts and deeds. Tenancy
in common is put in motion by state law. Community Property is a law of ownership that
exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas,
Washington and some other states. Tenancy by the Entireties is an estate that is
recognized in some states between husband and wife, who have equal right of
possession and enjoyment during their joint lives and with the right of survivorship--that
is when one dies, the property goes to the surviving tenant. (In many states, if couples
do not specify "Joint Tenancy," this form of ownership will be automatically assumed.)
Tenancy in Common is a type of joint ownership by parties NOT married, that allows a
person to sell his share or leave it in a will without the consent of the other owners. If a
person dies without a will, his share goes to his heirs, not to the other owners.
Which of the following is/are considered to be personal property?
1 Wood-burning fireplace
2 Furnace
3 Bathtubs
4 Lamps - Answer Lamps
,The concept of personal property typically comes into play at the time of sale. Things
that are part of the house--bathroom fixtures, fireplaces, carpeting and such--go with the
sale. (Unless specifically excluded, as can happen in the case of a dining room
chandelier or one or two other objects with which the owners have an emotional
attachment.) Furniture, rugs, lamps and other portable items that are not "nailed down"
constitute personal property and are not included in the sale.
The word "improvement" would refer to all of the following EXCEPT
1 streets.
2 a sanitary sewer system.
3 trade fixtures.
4 the foundation. - Answer trade fixtures.
The term "trade fixture" refers to an item installed by a tenant in a rented commercial
property that he or she removes at the end of the occupancy.
All of the following are physical characteristics of land EXCEPT
1 indestructibility.
2 uniqueness.
3 immobility.
4 scarcity. - Answer scarcity.
Scarcity is a fundamental economic concept that holds that the rarer and more desirable
something is, the more valuable it will be. For example, professional athletes are highly
paid because only the smallest percentage of people have the ability to perform at that
level. Land is "scarce" because there is a finite amount available and, as Will Rogers
once said, "They ain't making any more of it."
Jack owns a leasehold interest in a property whose owners or tenants agree to use the
property on a periodic, non-overlapping basis. With what type of property does Jack
have this leasehold interest?
1 A cooperative
2 A time-share
3 A condominium
4 A planned-urban development - Answer A time-share
Time-shares are most common with vacation and resort properties. Time-share
arrangements provide for equal sharing of the property's expenses among the owners.
Personal property includes all of the following EXCEPT
1 chattels.
2 fructus industriales.
,3 emblements.
4 fixtures. - Answer fixtures.
"Chattel" is a legal term that means personal property. Emblements and fructus
industriales refer to profit from crops that are grown as a result of a person's labor, such
as corn, as opposed to those that occur naturally, such as grass or minerals. By the
custom of English common law, they are considered personal property. By contrast, a
fixture is considered attached to a property and thus part of the structure.
A person who has complete control over a parcel of real estate is said to own a
1 leasehold estate.
2 fee simple estate.
3 life estate.
4 defeasible fee estate. - Answer fee simple estate.
All the other options have conditions attached. A leasehold estate is, as the name
implies, leased property. Similarly, a life estate gives a person ownership or control of a
property only for the duration of his or her natural life. "Defeasible estates" give a
person or entity control over a property only so long as certain conditions are met or
avoided. For example, a community might be deeded a property on the condition that it
be used only for building a school, or land willed to a child on the condition it never be
used for commercial development. If the community tries to use the property for a
recreation complex or the heir tries to sell to a retail developer, control would
automatically revert to another party and the deed would become void.
A portion of Wendell's building was inadvertently built on Ginny's land. This is called an
1 accretion.
2 avulsion.
3 encroachment.
4 easement. - Answer encroachment.
The principal attributes of an encroachment are: 1) It is accidental and 2) it involves only
part of a structure. Typically, the issue would be resolved by selling Wendell an
easement or a lease or, if practical, actually moving the structure.
The purchase of a ticket for a professional sporting event gives the bearer what?
1 An easement right to park his car
2 A license to enter and claim a seat for the duration of the game
3 Partial ownership in the professional sporting team
4 A license to sell food and beverages at the sporting event - Answer A license to enter
and claim a seat for the duration of the game
, Easements grant access, not use. Commercial licenses, such as those required to sell
beverages, souvenirs or services, cover extended periods. Although tickets to sporting
events, concerts, shows and the like are technically licenses, they differ from most in
their degree of restriction. For example, a concert ticket does not give the bearer the
right to sit anywhere he or she chooses or wander backstage to meet the performers.
If the owner of the dominant tenement becomes the owner of the servient tenement and
merges the two properties, what happens?
1 The easement becomes dormant.
2 The easement is unaffected.
3 The easement is terminated.
4 The properties retain their former status. - Answer The easement is terminated.
"Dominant" and "servient" tenements involve two adjacent properties in which an
easement is involved. For example, let's say Bridle Creek Farms and Barnstable Farms
are separate parcels divided by a country lane that provides access to the county road
system. The lane is owned by Bridle Creek, but the deeds of both properties stipulate
that Barnstable Farms shall have unrestricted access for the purpose of accessing
county roads. That access is an easement. Thus, if the owner of Barnstable Farms buys
Bridle Creek Farms, the need for the easement disappears.
Homeowner Tanya acquired the ownership of land that was deposited by a river running
through her property by
1 reliction.
2 succession.
3 avulsion.
4 accretion. - Answer accretion.
Accretion means the addition to a parcel of land by sand or soil deposits due to the
action of a river or other body of water over time. Avulsion refers to the loss of land as a
result of its being washed away by sudden or unexpected action of nature, such as a
flash flood that re-routes a river.
The rights of the owner of property located along the banks of a river are called
1 littoral rights.
2 prior appropriation rights.
3 riparian rights.
4 hereditament rights. - Answer riparian rights.
"Littoral" and "prior appropriation" are different kinds of water rights: in the first case,
navigation rights to an ocean or other large body of water; in the second, the right to use
a water source for irrigation. A hereditament is any inheritable property.
Exams
The right to control one's property includes all of the following EXCEPT
1 the right to invite people on the property.
2 the right to exclude the utilities meter reader.
3 the right to erect "no trespassing" signs.
4 the right to enjoy pride of ownership. - Answer the right to exclude the utilities meter
reader.
This right to enter and work on a property is granted to utility companies (water, sewer,
gas and electric) as well as telephone and cable companies. Essentially, if a company
provides a service and owns the equipment (e.g., phone and cable lines), they are
usually granted an easement.uh
Which of the following types of ownership CANNOT be created by operation of law, but
must be created by the parties' expressed intent?
1 Community property
2 Tenancy in common
3 Condominium ownership
4 Tenancy by the entireties - Answer Tenancy by the entireties
Tenancy by the entireties is a form of ownership that husbands and wives can choose
or create by deciding to do so and declaring it as such in contracts and deeds. Tenancy
in common is put in motion by state law. Community Property is a law of ownership that
exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas,
Washington and some other states. Tenancy by the Entireties is an estate that is
recognized in some states between husband and wife, who have equal right of
possession and enjoyment during their joint lives and with the right of survivorship--that
is when one dies, the property goes to the surviving tenant. (In many states, if couples
do not specify "Joint Tenancy," this form of ownership will be automatically assumed.)
Tenancy in Common is a type of joint ownership by parties NOT married, that allows a
person to sell his share or leave it in a will without the consent of the other owners. If a
person dies without a will, his share goes to his heirs, not to the other owners.
Which of the following is/are considered to be personal property?
1 Wood-burning fireplace
2 Furnace
3 Bathtubs
4 Lamps - Answer Lamps
,The concept of personal property typically comes into play at the time of sale. Things
that are part of the house--bathroom fixtures, fireplaces, carpeting and such--go with the
sale. (Unless specifically excluded, as can happen in the case of a dining room
chandelier or one or two other objects with which the owners have an emotional
attachment.) Furniture, rugs, lamps and other portable items that are not "nailed down"
constitute personal property and are not included in the sale.
The word "improvement" would refer to all of the following EXCEPT
1 streets.
2 a sanitary sewer system.
3 trade fixtures.
4 the foundation. - Answer trade fixtures.
The term "trade fixture" refers to an item installed by a tenant in a rented commercial
property that he or she removes at the end of the occupancy.
All of the following are physical characteristics of land EXCEPT
1 indestructibility.
2 uniqueness.
3 immobility.
4 scarcity. - Answer scarcity.
Scarcity is a fundamental economic concept that holds that the rarer and more desirable
something is, the more valuable it will be. For example, professional athletes are highly
paid because only the smallest percentage of people have the ability to perform at that
level. Land is "scarce" because there is a finite amount available and, as Will Rogers
once said, "They ain't making any more of it."
Jack owns a leasehold interest in a property whose owners or tenants agree to use the
property on a periodic, non-overlapping basis. With what type of property does Jack
have this leasehold interest?
1 A cooperative
2 A time-share
3 A condominium
4 A planned-urban development - Answer A time-share
Time-shares are most common with vacation and resort properties. Time-share
arrangements provide for equal sharing of the property's expenses among the owners.
Personal property includes all of the following EXCEPT
1 chattels.
2 fructus industriales.
,3 emblements.
4 fixtures. - Answer fixtures.
"Chattel" is a legal term that means personal property. Emblements and fructus
industriales refer to profit from crops that are grown as a result of a person's labor, such
as corn, as opposed to those that occur naturally, such as grass or minerals. By the
custom of English common law, they are considered personal property. By contrast, a
fixture is considered attached to a property and thus part of the structure.
A person who has complete control over a parcel of real estate is said to own a
1 leasehold estate.
2 fee simple estate.
3 life estate.
4 defeasible fee estate. - Answer fee simple estate.
All the other options have conditions attached. A leasehold estate is, as the name
implies, leased property. Similarly, a life estate gives a person ownership or control of a
property only for the duration of his or her natural life. "Defeasible estates" give a
person or entity control over a property only so long as certain conditions are met or
avoided. For example, a community might be deeded a property on the condition that it
be used only for building a school, or land willed to a child on the condition it never be
used for commercial development. If the community tries to use the property for a
recreation complex or the heir tries to sell to a retail developer, control would
automatically revert to another party and the deed would become void.
A portion of Wendell's building was inadvertently built on Ginny's land. This is called an
1 accretion.
2 avulsion.
3 encroachment.
4 easement. - Answer encroachment.
The principal attributes of an encroachment are: 1) It is accidental and 2) it involves only
part of a structure. Typically, the issue would be resolved by selling Wendell an
easement or a lease or, if practical, actually moving the structure.
The purchase of a ticket for a professional sporting event gives the bearer what?
1 An easement right to park his car
2 A license to enter and claim a seat for the duration of the game
3 Partial ownership in the professional sporting team
4 A license to sell food and beverages at the sporting event - Answer A license to enter
and claim a seat for the duration of the game
, Easements grant access, not use. Commercial licenses, such as those required to sell
beverages, souvenirs or services, cover extended periods. Although tickets to sporting
events, concerts, shows and the like are technically licenses, they differ from most in
their degree of restriction. For example, a concert ticket does not give the bearer the
right to sit anywhere he or she chooses or wander backstage to meet the performers.
If the owner of the dominant tenement becomes the owner of the servient tenement and
merges the two properties, what happens?
1 The easement becomes dormant.
2 The easement is unaffected.
3 The easement is terminated.
4 The properties retain their former status. - Answer The easement is terminated.
"Dominant" and "servient" tenements involve two adjacent properties in which an
easement is involved. For example, let's say Bridle Creek Farms and Barnstable Farms
are separate parcels divided by a country lane that provides access to the county road
system. The lane is owned by Bridle Creek, but the deeds of both properties stipulate
that Barnstable Farms shall have unrestricted access for the purpose of accessing
county roads. That access is an easement. Thus, if the owner of Barnstable Farms buys
Bridle Creek Farms, the need for the easement disappears.
Homeowner Tanya acquired the ownership of land that was deposited by a river running
through her property by
1 reliction.
2 succession.
3 avulsion.
4 accretion. - Answer accretion.
Accretion means the addition to a parcel of land by sand or soil deposits due to the
action of a river or other body of water over time. Avulsion refers to the loss of land as a
result of its being washed away by sudden or unexpected action of nature, such as a
flash flood that re-routes a river.
The rights of the owner of property located along the banks of a river are called
1 littoral rights.
2 prior appropriation rights.
3 riparian rights.
4 hereditament rights. - Answer riparian rights.
"Littoral" and "prior appropriation" are different kinds of water rights: in the first case,
navigation rights to an ocean or other large body of water; in the second, the right to use
a water source for irrigation. A hereditament is any inheritable property.
