Which phrase best defines real estate?
land and the air above it
Land and all things permanently attached by nature
Land and all things permanently affixed to it
land and the mineral rights in the land
The term nonhomogeneity refers to
scarcity
immobility
uniqueness
indestructibility
The bundle of legal rights is included in the definition of
land
real estate
real property
trade fixture
The bundle of legal rights includes all of the following rights except
possess the property
enjoy the property within the framework of the law
sell or otherwise convey the property
use the property for any purpose
All of the following would be considered real estate except
fences
buildings
growing trees
farm equipment
Which of the following would not be a consideration when determining whether an item is real property?
Cost of the item when purchased
Method of its attachment to other real property
Intended use of the item by its owner
Manner in which the item is actually used with other real property
Which of the following is a physical characteristic of real estate
Indestructibility
Permanence of investment
Location or area preference
Scarcity
Real property can be converted into personal property through
severence
accession
conversion
inference
The tenant of a single family home installs an awning over the buildings front windows to keep the sun away from some delicate hanging plans. Which of the following is true?
The tenant must remove the awning before the rental period is over
Because of its nature, the awning is considered personal property
The awning is considered a fixture
Because of the nature of the property, the awning is considered a trade fixture
A property owner sells the rights to minerals located in the ground to an exploration company. After selling the mineral rights, the owner no longer owns which of the following?
Air rights
Surface rights
Subsurface rights
Air and subsurface rights
The terms real estate includes natural components of the land as well as
permanent man-made improvements
patents
all of the rights conveyed by ownership
any trade fixtures
The term real estate includes natural components of the land as well as
Which term refers to anything that can be owned?
Chattel
Property
Underlying Ownership
Residuals
The rights, privileges, and improvements that belong to the land and are conveyed when ownership transfers are
attachments
appurtenances
restrictions
improvements
Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the
coal notice
subsidence notice
coal support
subsistence support
While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is true?
Ceiling fans are normally considered to be real estate
The ceiling fan belongs to the seller
Ceiling fans are considered trade fixtures
Ceiling fans are considered personal proptery
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?
Occupancy rights
A homeowner is building an enclosed front porch on his home. A truckload of lumber that the homeowner has purchases has been left in the driveway for use in building the porch. At this point, the lumber is considered
real property because it will be permanently affixed to the existing structure
personal property
a chattel that is real property
a trade or chattel fixture
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is
a trade fixture or personal property
real property or real estate
a fixture or personal property
an improvement
A buyer is interested in a house that fits most of her needs, but is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called
physical deterioration
area preference
permanence of investment
