Which of the following best describes a parcel of land?
The surface of the earth includes all things permanently attached and the control of all minerals and substances beneath.
The surface of the earth extending down to the center and upward to infinity.
The earth's surface clearly marked by certain boundaries.
The surface of the earth extending down a reasonable distance and up into the air a reasonable distance.
In determining whether an item is a fixture, which of the following would not be considered?
Method of attachment.
Adaptation to the real estate.
Value of the item.
Legal interest of the annexing party.
The characteristic that distinguishes personal property from real property is:
mobility.
scarcity.
durability.
flexibility.
When used in a deed or other real estate document, a legal description describes only the land because:
a bill of sale is used to convey title to the buildings and other improvements.
artificial attachments, such as buildings, cannot be adequately surveyed.
buildings and other improvements are considered to be part of the real estate.
a street address is used to identify the buildings and improvements.
An item that was personal property but has been attached to and become part of the real property is known as:
a trade fixture
an emblement
fructus industriales
a fixture
Crops planted and harvested each year are:
personal property
emblements
all of the above
The most distinctive physical characteristic of land is:
homogeneity
immobility
situs
improvements
All of the following are real property EXCEPT:
oil below the earth's surface
a concrete driveway
cut timber
air rights
The law of capture refers to the:
process of removing oil and gas from the land
government's right of eminent domain
landowner's right to keep trade fixtures if not removed
responsibility of lateral support while removing solid minerals
The sum of all factors that affect value is called:
location
accession
scarcity
Ownership of personal property is transferred by:
deed
chattel deed
bill of sale
sales agreement
A landowner's right to use water from a bordering stream or river is called:
Littoral right
Right of prior appropriation
Riparian right
Correlative right
If Smith builds a fence on Jones' land by mistake, in good faith, and thinking the fence is on Smith's land, then:
Jones automatically acquires ownership of the fence by accession
Jones may sell the fence and keep the proceeds
Jones may require Smith to remove the fence and/or pay damages
both (A) and (B)
The fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land describes the economic characteristic of:
All of the following are true about a trade fixture EXCEPT:
it is personal property
it is chattel real
it may be removed only after the lease expires
it belongs to the property owner if not removed in a timely manner
Dawson sold his 500 acre farm to Harris, but reserved the right to drill for oil. Later, when Dawson arrives with oil drilling equipment, he is denied the right of access to the land. Which party has correctly interpreted the agreement?
Dawson, because he had an implied right of entry
Harris, because the agreement was silent as to the right of entry
Dawson, but he must pay Harris a reasonable fee for the right of access and reimburse him for any damages caused by the drilling operation
Harris, but he may be liable if his denial was unreasonable
A township contains how many square miles?
6
16
640
36
Which of the following statement about air rights is true?
Air rights can be leased but not sold unless the entire parcel is being sold
The owner can sell the air rights and still retain the surface and subsurface rights
Government controls such as zoning have no effect on air rights
Structures are rarely erected on air lots
A custom-made storm window would most likely be considered a fixture because of:
its adaptation to the building to which it is attached
the method of attachment
the annexing party's intent to make it permanent
the annexing party's interest in the real property
The method of land description which identifies a parcel by specifying its boundary lines along with the terminal points and the bearing of each side is known as:
lot, block, and tract
recorded plat
government survey
metes and bounds
Which of the following is NOT an acceptable method of legally describing a parcel of real estate?
Street addresses, county, and state
Metes and bounds
Rectangular surveys
Recorded plats
A base point from which height or depth can be measured to describe air rights or subsurface rights is a:
topographic
benchmark
point of beginning
datum
Approximately how many acres are there in a farm that measures 470 feet along the road and 556 feet in depth?
261
50
320
If Mr. Shern's lot has 65 front feet and contains 7,150 square feet, how deep is it?
110 ft
100 ft
65 ft
464,750 ft
Real Estate investors are not generally interested in how long buildings will last, but in how long they will be profitable. This characteristic is called:
life expectancy
profit margin
net return
economic life
