Real Estate Final Exam 1 correctly answered
questions
Which entity is prohibited from collecting taxes on real property?
• 1 Counties
• 2 Townships
• 3 Cities
• 4 The Federal Government - • 4 The Federal Government
There are no federal taxes on real property. The Constitution of the United States
specifically prohibits such taxes. The federal government does, however, tax
income derived from real property and gains realized on the sale of real property.
The federal government can impose a tax lien against property for failure to pay
any tax due the Internal Revenue Service.
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. - • 2 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
,Real Estate Final Exam 1 correctly answered
questions
company provides a service and owns the equipment (e.g., phone and cable
lines), they are usually granted an easement.
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 - • 4 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.
,Real Estate Final Exam 1 correctly answered
questions
Which of the following is/are considered to be personal property?
• 1 Wood-burning fireplace
• 2 Furnace
• 3 Bathtubs
• 4 Lamps - • 4 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. - • 3 trade fixtures.
, Real Estate Final Exam 1 correctly answered
questions
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. - • 4 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
questions
Which entity is prohibited from collecting taxes on real property?
• 1 Counties
• 2 Townships
• 3 Cities
• 4 The Federal Government - • 4 The Federal Government
There are no federal taxes on real property. The Constitution of the United States
specifically prohibits such taxes. The federal government does, however, tax
income derived from real property and gains realized on the sale of real property.
The federal government can impose a tax lien against property for failure to pay
any tax due the Internal Revenue Service.
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. - • 2 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
,Real Estate Final Exam 1 correctly answered
questions
company provides a service and owns the equipment (e.g., phone and cable
lines), they are usually granted an easement.
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 - • 4 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.
,Real Estate Final Exam 1 correctly answered
questions
Which of the following is/are considered to be personal property?
• 1 Wood-burning fireplace
• 2 Furnace
• 3 Bathtubs
• 4 Lamps - • 4 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. - • 3 trade fixtures.
, Real Estate Final Exam 1 correctly answered
questions
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. - • 4 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
