New Test Real Estate Exam #2[2023]

New Test Real Estate Exam #2[2023]. any states determine the order of water rights according to which users of the water hold a Mrecorded beneficial use permit. This allocation of water rights is determined by: A. accretion. B. riparian theory. C. littoral theory. D. the doctrine of prior appropriation. - ANSWER D. All terms relate to water rights, with "riparian" -- the right to use water adjacent to one's property -- being the most common in sections of the U.S. where water is abundant. However, in states where water is scarcer, a form of "prior appropriation" applies. Also known as "first in time is first in right," it grants water rights to divert a specific amount of water from a specific source to irrigate a specific piece of property. Those rights are then assigned a priority based on when the right was first used or applied for. In periods of peak demand, they give those whose claim is the oldest the right to get their water first. 2. The right to control one's property includes all of the following EXCEPT: A. the right to invite people on the property for a political fund-raiser. B. the right to exclude the utilities meter reader. C. the right to erect "no trespassing" signs. D. the right to enjoy pride of ownership. - ANSWER B. 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 company provides a service and owns the equipment (e.g., phone and cable lines), they are usually granted an easement. 3. Which of the following types of ownership CANNOT be created by operation of law, but must be created by the parties' expressed intent? A. community property B. tenancy in common C. condominium ownership D. tenancy by the entireties - ANSWER D. 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 shar