False - ANSWER--Surface rights consist of only the right to control, occupy, and use the
surface area of a parcel of real estate. T/F?
D - ANSWER--Mineral rights are:
A. Always considered to be personal property
B. Always pass with the land
C. Cannot be sold separately from the land
D. Pass with the land, unless otherwise specified in the deed
C - ANSWER--Which of the following is NOT an improvement of land?
A. Building
B. Sidewalk
C. Corn crop
D. Flower bed
A - ANSWER--Six months after Brady bought his home, he installed custom made
storm windows and doors throughout the house. Later, when he sells his property, will
these storm windows and doors automatically convey with the house?
A. Yes, unless in advance of the sale, Brady clearly specifies that they will be removed.
B. Yes, if he lived in the property at least a year before the sale.
C. No, because they were not part of the original structure
D. No, because they can be removed, if they are taken off carefully
A - ANSWER--David owns property along the banks of the Little Big Horn River. Scott
owns property adjoining David's, and has access to the highway, but not to the river.
Scott and David grant each other appurtenant easements to cross each others property
to get to the road and the river respectively. The riparian rights associated with property
ownership belong to:
A. David because his property borders the river
B. Scott, because he has an easement to cross David's land
C. Both David and Scott
D. Neither
C - ANSWER--Which of the following is NOT a test of a fixture?
A. Manner of attachment
,B. An agreement between the parties
C. Time of attachment
D. Manner of adaptation
B - ANSWER--Which of the following best describes a parcel of land?
A. The surface of the earth including control of all minerals and substances beneath
B. The surface of the earth extending down to the center and upward to the sky
C. The earth's surface closely marked by certain boundaries
D. The surface of the earth extending down a reasonable distance and up into the air a
reasonable distance
False - ANSWER--Littoral rights is a term referring to all water rights T/F?
C - ANSWER--Each of the following is a test of whether or not something is a fixture,
EXCEPT:
A. Method of attachment
B. Adaptability
C. Cost
D. Relationship of the parties
Ownership - ANSWER--The right of one party to possess and use real property
exclusive of others is:
C - ANSWER--A prospective buyer noticed an ornate flag pole attached to the front
porch of the house she wants to purchase. She wants to make certain that the flag pole
is included in the sale. What should the agent do?
A, Because the pole is attached and will automatically convey
B. call seller and advise them the buyer wants the pole
C. include the flag pole in the offer to purchase
D. photograph the flag pole as evidence of its attachment
B - ANSWER--A couple is interested in buying a house that has an odd shaped living
room. The current owners had a custom-made, free-standing bookcase built to
specifically fit into one part of the room. The buyer believes this is a fixture because it is
uniquely adapted to this specific room. The seller believes this is not a fixture because it
is free-standing. To avoid any misunderstandings, what should the listing licensee do?
A. Assure the seller there is nothing to worry about
B. Include a provision in the agreement of sale (and listing contract) that states whether
the bookcase is included with the sale or not.
C. Assure the buyer there is nothing to worry about
D. File an interpleader action in court
B - ANSWER--Real property would include:
A. Fixtures
B. Each of these choices
C. Air space
D. Mineral rights
a fixture - ANSWER--Personal property which is attached to a building and which will
convey with the land is known as?
B - ANSWER--All of the following are personal property EXCEPT:
A. Trade fixtures
B. a privacy fence
C. patio furniture
, D. portable dishwasher
assemblage; plottage - ANSWER--Merging two or more properties into common
ownership is known as _____, while any increase in value that results is known as
_____.
Situs - ANSWER--Two real estate developers are working on similar but competing
commercial developments. Both projects are finished at approximately the same time
and are of similar quality and purpose. Which of the following would most likely
characterize the reasons that one succeeds while the other fails?
erosion - ANSWER--When the action of water causes moves soil away from a property,
that is referred to as:
C - ANSWER--Zorba leases a restaurant. He installs ovens, booths and counters.
Which of the following is true?
A. The ovens, booths and counters are fixtures that belong to the owner of the property
and cannot be removed
B. The ovens, booths and counters are trade fixtures and can be removed by Zorba at
any time prior to or after the expiration of the lease.
C. The ovens, booths and counters are trade fixtures and can be removed only prior to
the expiration of Zorba's lease
D. Zorba is not responsible for any damage caused by the removal of the fixtures
True - ANSWER--Stocks, bonds, notes and mortgages are personal property. T/F?
C; E - ANSWER--Which of the following is NOT recognized as personal property? (2)
A. a lease
B. a mortgage that secures personal property
C. Replacement fixtures
D. Cattle and horses
E. an easement
trade - ANSWER--a ______ fixture can be affixed to real property without becoming
legal part of the property
False - ANSWER--Trade fixtures may not be removed from leased premises once they
are affixed. T/F?
True - ANSWER--Trade fixtures do not include replacement fixtures. T/F?
emblements - ANSWER--Fructus industriales is another term for:
Chattel - ANSWER--all property other than real property is known as _____
True - ANSWER--A bill of sale is to personal property as a deed is to real property. T/F?
Price - ANSWER--The actual amount of money paid for a particular parcel of real estate
is said to be that property's:
False - ANSWER--In an ideal market, the forces of supply and demand are always
chaotic. T/F?
his or her broker-employer - ANSWER--A licensed real estate salesperson may legally
accept an extra commission for a difficult sale from:
A - ANSWER--Owner Kelly is leaving the area for a one year period. She asks
salesperson Boren to manage her rental house for $45/mo while she is gone. Which of
the following is true in this situation?
A. Boren must work through her broker
B. Boren must put the $45 in an interest bearing escrow account
C. This is OK because the compensation is less than $1,000
surface area of a parcel of real estate. T/F?
D - ANSWER--Mineral rights are:
A. Always considered to be personal property
B. Always pass with the land
C. Cannot be sold separately from the land
D. Pass with the land, unless otherwise specified in the deed
C - ANSWER--Which of the following is NOT an improvement of land?
A. Building
B. Sidewalk
C. Corn crop
D. Flower bed
A - ANSWER--Six months after Brady bought his home, he installed custom made
storm windows and doors throughout the house. Later, when he sells his property, will
these storm windows and doors automatically convey with the house?
A. Yes, unless in advance of the sale, Brady clearly specifies that they will be removed.
B. Yes, if he lived in the property at least a year before the sale.
C. No, because they were not part of the original structure
D. No, because they can be removed, if they are taken off carefully
A - ANSWER--David owns property along the banks of the Little Big Horn River. Scott
owns property adjoining David's, and has access to the highway, but not to the river.
Scott and David grant each other appurtenant easements to cross each others property
to get to the road and the river respectively. The riparian rights associated with property
ownership belong to:
A. David because his property borders the river
B. Scott, because he has an easement to cross David's land
C. Both David and Scott
D. Neither
C - ANSWER--Which of the following is NOT a test of a fixture?
A. Manner of attachment
,B. An agreement between the parties
C. Time of attachment
D. Manner of adaptation
B - ANSWER--Which of the following best describes a parcel of land?
A. The surface of the earth including control of all minerals and substances beneath
B. The surface of the earth extending down to the center and upward to the sky
C. The earth's surface closely marked by certain boundaries
D. The surface of the earth extending down a reasonable distance and up into the air a
reasonable distance
False - ANSWER--Littoral rights is a term referring to all water rights T/F?
C - ANSWER--Each of the following is a test of whether or not something is a fixture,
EXCEPT:
A. Method of attachment
B. Adaptability
C. Cost
D. Relationship of the parties
Ownership - ANSWER--The right of one party to possess and use real property
exclusive of others is:
C - ANSWER--A prospective buyer noticed an ornate flag pole attached to the front
porch of the house she wants to purchase. She wants to make certain that the flag pole
is included in the sale. What should the agent do?
A, Because the pole is attached and will automatically convey
B. call seller and advise them the buyer wants the pole
C. include the flag pole in the offer to purchase
D. photograph the flag pole as evidence of its attachment
B - ANSWER--A couple is interested in buying a house that has an odd shaped living
room. The current owners had a custom-made, free-standing bookcase built to
specifically fit into one part of the room. The buyer believes this is a fixture because it is
uniquely adapted to this specific room. The seller believes this is not a fixture because it
is free-standing. To avoid any misunderstandings, what should the listing licensee do?
A. Assure the seller there is nothing to worry about
B. Include a provision in the agreement of sale (and listing contract) that states whether
the bookcase is included with the sale or not.
C. Assure the buyer there is nothing to worry about
D. File an interpleader action in court
B - ANSWER--Real property would include:
A. Fixtures
B. Each of these choices
C. Air space
D. Mineral rights
a fixture - ANSWER--Personal property which is attached to a building and which will
convey with the land is known as?
B - ANSWER--All of the following are personal property EXCEPT:
A. Trade fixtures
B. a privacy fence
C. patio furniture
, D. portable dishwasher
assemblage; plottage - ANSWER--Merging two or more properties into common
ownership is known as _____, while any increase in value that results is known as
_____.
Situs - ANSWER--Two real estate developers are working on similar but competing
commercial developments. Both projects are finished at approximately the same time
and are of similar quality and purpose. Which of the following would most likely
characterize the reasons that one succeeds while the other fails?
erosion - ANSWER--When the action of water causes moves soil away from a property,
that is referred to as:
C - ANSWER--Zorba leases a restaurant. He installs ovens, booths and counters.
Which of the following is true?
A. The ovens, booths and counters are fixtures that belong to the owner of the property
and cannot be removed
B. The ovens, booths and counters are trade fixtures and can be removed by Zorba at
any time prior to or after the expiration of the lease.
C. The ovens, booths and counters are trade fixtures and can be removed only prior to
the expiration of Zorba's lease
D. Zorba is not responsible for any damage caused by the removal of the fixtures
True - ANSWER--Stocks, bonds, notes and mortgages are personal property. T/F?
C; E - ANSWER--Which of the following is NOT recognized as personal property? (2)
A. a lease
B. a mortgage that secures personal property
C. Replacement fixtures
D. Cattle and horses
E. an easement
trade - ANSWER--a ______ fixture can be affixed to real property without becoming
legal part of the property
False - ANSWER--Trade fixtures may not be removed from leased premises once they
are affixed. T/F?
True - ANSWER--Trade fixtures do not include replacement fixtures. T/F?
emblements - ANSWER--Fructus industriales is another term for:
Chattel - ANSWER--all property other than real property is known as _____
True - ANSWER--A bill of sale is to personal property as a deed is to real property. T/F?
Price - ANSWER--The actual amount of money paid for a particular parcel of real estate
is said to be that property's:
False - ANSWER--In an ideal market, the forces of supply and demand are always
chaotic. T/F?
his or her broker-employer - ANSWER--A licensed real estate salesperson may legally
accept an extra commission for a difficult sale from:
A - ANSWER--Owner Kelly is leaving the area for a one year period. She asks
salesperson Boren to manage her rental house for $45/mo while she is gone. Which of
the following is true in this situation?
A. Boren must work through her broker
B. Boren must put the $45 in an interest bearing escrow account
C. This is OK because the compensation is less than $1,000
