Exam Prep - National Section I - Trebs 2021
Questions and Answers|Latest Update
N1. Which of the following is included in a survey?
A. Encroachments
B. Restrictions
C. CC & R
D. Tax liens A. Encroachments. A survey is a drawing showing the physical limits of the
property (property lines), fence lines and improvements on the property. An encroachment
(anything that extends over a property line onto another property) would show on a survey. The
other answer choices are not in any way applicable for a survey.
N1. Which of the following is NOT a physical characteristic of land?
A. Immobility
B. Indestructibility
C. Nonhomogeneity
D. Fungibility D. Fungibility. Land is immobile (doesn't move), indestructible and
nonhomogeneous (meaning no two properties are exactly alike because they cannot occupy the
same space). Fungibility is defined as capable of mutual substitution and is not a physical
characteristic of land.
,N1. Mary wants to know if a property has any encroachments. She can obtain this information
from a(n):
A. Title insurance policy
B. Survey
C. Deed
D. Abstract B. Survey. A survey which is the "physical limits to which the property rights
extend" will show if any trees, fences, or structures are encroaching on Mary's property.
N1. Area preference is the most important economic characteristic of land. It is described as:
A. Fixity
B. Situs
C. Sunk costs
D. Surface rights B. Situs. Situs is area preference.
N1. The economic term for the shortage of land in a given area where there is great demand for
land is:
A. Fungible
B. Fixity
, C. Scarcity
D. Modification C. Scarcity. Land is considered scarce because there is a finite amount of
it.
N1. What is an economic characteristic of land?
A. Scarcity
B. Modification
C. Permanence
D. All of the above D. All of the above. In addition to scarcity, modification, and
permanence, the 4th economic characteristic is preference (situs).
N1. The owner of the subsurface estate (mineral rights) is the:
A. Servient estate
B. Zoning estate
C. Variance
D. Dominant estate D. Dominant estate. When there has been a severance of minerals
from surface ownership, the mineral estate is the dominant estate and the surface estate is the
servient estate. Accordingly, the mineral owner has an implied right to use as much of the surface
as is reasonably necessary to produce the minerals under the property.
Questions and Answers|Latest Update
N1. Which of the following is included in a survey?
A. Encroachments
B. Restrictions
C. CC & R
D. Tax liens A. Encroachments. A survey is a drawing showing the physical limits of the
property (property lines), fence lines and improvements on the property. An encroachment
(anything that extends over a property line onto another property) would show on a survey. The
other answer choices are not in any way applicable for a survey.
N1. Which of the following is NOT a physical characteristic of land?
A. Immobility
B. Indestructibility
C. Nonhomogeneity
D. Fungibility D. Fungibility. Land is immobile (doesn't move), indestructible and
nonhomogeneous (meaning no two properties are exactly alike because they cannot occupy the
same space). Fungibility is defined as capable of mutual substitution and is not a physical
characteristic of land.
,N1. Mary wants to know if a property has any encroachments. She can obtain this information
from a(n):
A. Title insurance policy
B. Survey
C. Deed
D. Abstract B. Survey. A survey which is the "physical limits to which the property rights
extend" will show if any trees, fences, or structures are encroaching on Mary's property.
N1. Area preference is the most important economic characteristic of land. It is described as:
A. Fixity
B. Situs
C. Sunk costs
D. Surface rights B. Situs. Situs is area preference.
N1. The economic term for the shortage of land in a given area where there is great demand for
land is:
A. Fungible
B. Fixity
, C. Scarcity
D. Modification C. Scarcity. Land is considered scarce because there is a finite amount of
it.
N1. What is an economic characteristic of land?
A. Scarcity
B. Modification
C. Permanence
D. All of the above D. All of the above. In addition to scarcity, modification, and
permanence, the 4th economic characteristic is preference (situs).
N1. The owner of the subsurface estate (mineral rights) is the:
A. Servient estate
B. Zoning estate
C. Variance
D. Dominant estate D. Dominant estate. When there has been a severance of minerals
from surface ownership, the mineral estate is the dominant estate and the surface estate is the
servient estate. Accordingly, the mineral owner has an implied right to use as much of the surface
as is reasonably necessary to produce the minerals under the property.
