1. Real property is best defined as:
A. Personal possessions only
B. Land and improvements attached to land
C. Cash and securities
D. Business inventory
Answer: B
2. Personal property is also known as:
A. Realty
B. Fixture
C. Chattel
D. Freehold
Answer: C
3. A fixture is:
A. Personal property permanently attached to real property
B. A lease agreement
C.A legal description
D. A type of mortgage
Answer: A
4. The bundle of rights includes:
A. Possess, control, enjoy, exclude, and dispose
B. Rent and lease only
C. Sell and finance only
D. Tax and insure only
Answer: A
5. The highest form of land ownership is:
A. Leasehold estate
B. Life estate
C. Fee simple absolute
D. Easement
Answer: C