REE 3043 MAIN EXAMINATION SET QUESTIONS AND
SOLUTIONS GRADED A+
✔✔_________ exist when rights of possession transfer with oral instead of written
agreements. - ✔✔Tenancies at will
✔✔If one co-owner dies and that owner's rights become divided among the surviving
partners, rather than passed to the heirs of the deceased, the ownership interest: -
✔✔has a right of survivorship
✔✔A form of ownership pf real estate with fee simple ownership of individual units, and
ownership as tenants in common of the common areas is termed: - ✔✔a condominium
✔✔The right of government to enforce zoning and growth control measures come under
the government's authority known as: - ✔✔police power
✔✔The rights of the utility company to use a particular part of an individual's property for
the installation of their utility lines is an example of an easement appurtenant. -
✔✔False; this is an example of an easement in gross.
✔✔If a 20-foot wide easement crosses another property allowing the Smiths to gain
access to their otherwise landlocked property, the Smith's have what is termed a
servient estate. - ✔✔False; the Smiths property holds dominant estate. The property
which is crossed has what is termed the servant estate.
✔✔If Bill verbally gives Eddie the right to fish in Bill's pond. This right is termed a
license. - ✔✔True
✔✔The physical rights of real estate owners theoretically extend to the center of the
earth in the shape of an inverted pyramid. - ✔✔true
✔✔All states that recognize that oil and gas are personal business property and cannot
be transferred with land ownership transfers. - ✔✔False; some states that recognize the
ownership of oil and gas as part of land ownership and others do not.
✔✔Riparian land describes land adjacent to non navigable bodies of water, and the
landowners' rights to use the water constitute their riparian rights. - ✔✔True
✔✔Trade fixtures, such as store display counters, mobile partitions, and cabinets used
by tenants in a shopping center are fixtures, and therefore deemed to be part of the real
estate - ✔✔False; Trade fixtures are not fixtures in the legal sense, and not real estate.
, ✔✔A party with determinable fee estate receives, for example, through sale, gift, or will,
and interest in real property that lasts as long as some stipulation remains satisfied. -
✔✔True
✔✔Joint tenancy does not include the right of survivorship - ✔✔False; Joint tenancy
includes the right of survivorship.
✔✔Some states hold that the first party to use a body of water for some beneficial
economic purpose obtains a superior rights to the water use. - ✔✔true
✔✔________ is the concept that refers to properties that have equal market values and
those properties are assessed at the same percentage of their market value. -
✔✔Horizontal equity
✔✔____________ is the concept that refers to properties that have different market
values and those properties are assessed at the same percentage of their market value.
- ✔✔vertical equity
✔✔Which of the following jurisdictions typically levy real property taxes? - ✔✔school
districts
✔✔All of the following were taxes in common use in the British colonies of North
America except: - ✔✔consumption tax
✔✔Taxes on property, in addition to ad valorem taxes, often used to finance streets,
gutters, sewers, and sidewalks are termed: - ✔✔special assessment
✔✔The right of the owner to pay unpaid taxes plus interest and penalties prior to the
public sale of the property and therefore reclaim full title to the property is known as: -
✔✔equity of redemption
✔✔A disadvantage of property tax is: - ✔✔-that it can serve to inhibit new construction
-that it can induce premature development
✔✔When all owners of homes having different values pay property taxes at the same
percentage rate of their home value, this is an example of: - ✔✔vertical equity
✔✔While most countries tax both land and the improvements, some countries such as
Denmark and Argentina tax only the value of the land - ✔✔ture
✔✔One criticism of property taxes is that they are not necessarily related to an owner's
ability to pay - ✔✔true
SOLUTIONS GRADED A+
✔✔_________ exist when rights of possession transfer with oral instead of written
agreements. - ✔✔Tenancies at will
✔✔If one co-owner dies and that owner's rights become divided among the surviving
partners, rather than passed to the heirs of the deceased, the ownership interest: -
✔✔has a right of survivorship
✔✔A form of ownership pf real estate with fee simple ownership of individual units, and
ownership as tenants in common of the common areas is termed: - ✔✔a condominium
✔✔The right of government to enforce zoning and growth control measures come under
the government's authority known as: - ✔✔police power
✔✔The rights of the utility company to use a particular part of an individual's property for
the installation of their utility lines is an example of an easement appurtenant. -
✔✔False; this is an example of an easement in gross.
✔✔If a 20-foot wide easement crosses another property allowing the Smiths to gain
access to their otherwise landlocked property, the Smith's have what is termed a
servient estate. - ✔✔False; the Smiths property holds dominant estate. The property
which is crossed has what is termed the servant estate.
✔✔If Bill verbally gives Eddie the right to fish in Bill's pond. This right is termed a
license. - ✔✔True
✔✔The physical rights of real estate owners theoretically extend to the center of the
earth in the shape of an inverted pyramid. - ✔✔true
✔✔All states that recognize that oil and gas are personal business property and cannot
be transferred with land ownership transfers. - ✔✔False; some states that recognize the
ownership of oil and gas as part of land ownership and others do not.
✔✔Riparian land describes land adjacent to non navigable bodies of water, and the
landowners' rights to use the water constitute their riparian rights. - ✔✔True
✔✔Trade fixtures, such as store display counters, mobile partitions, and cabinets used
by tenants in a shopping center are fixtures, and therefore deemed to be part of the real
estate - ✔✔False; Trade fixtures are not fixtures in the legal sense, and not real estate.
, ✔✔A party with determinable fee estate receives, for example, through sale, gift, or will,
and interest in real property that lasts as long as some stipulation remains satisfied. -
✔✔True
✔✔Joint tenancy does not include the right of survivorship - ✔✔False; Joint tenancy
includes the right of survivorship.
✔✔Some states hold that the first party to use a body of water for some beneficial
economic purpose obtains a superior rights to the water use. - ✔✔true
✔✔________ is the concept that refers to properties that have equal market values and
those properties are assessed at the same percentage of their market value. -
✔✔Horizontal equity
✔✔____________ is the concept that refers to properties that have different market
values and those properties are assessed at the same percentage of their market value.
- ✔✔vertical equity
✔✔Which of the following jurisdictions typically levy real property taxes? - ✔✔school
districts
✔✔All of the following were taxes in common use in the British colonies of North
America except: - ✔✔consumption tax
✔✔Taxes on property, in addition to ad valorem taxes, often used to finance streets,
gutters, sewers, and sidewalks are termed: - ✔✔special assessment
✔✔The right of the owner to pay unpaid taxes plus interest and penalties prior to the
public sale of the property and therefore reclaim full title to the property is known as: -
✔✔equity of redemption
✔✔A disadvantage of property tax is: - ✔✔-that it can serve to inhibit new construction
-that it can induce premature development
✔✔When all owners of homes having different values pay property taxes at the same
percentage rate of their home value, this is an example of: - ✔✔vertical equity
✔✔While most countries tax both land and the improvements, some countries such as
Denmark and Argentina tax only the value of the land - ✔✔ture
✔✔One criticism of property taxes is that they are not necessarily related to an owner's
ability to pay - ✔✔true
