[CH.4] (National Ownership) Tennessee Affiliate Broker Pre-license Course exam with 100% correct answers

What are littoral rights concerned with? Properties adjacent to non-moving bodies of water. Which of the following is NOT part of the bundle of rights? To steal property. Which of the following is a simple definition of real estate? Real estate is that it is air, water, land, and everything affixed to the land. The level of government that is the primary regulator of the real estate business is The State What is a "fixture?" An item of personal property that has been converted to real property Littoral rights concern which of the following bodies of water? Navigable lakes, seas, and oceans. The legal concept of land does NOT include man made improvements. Which of the following is a role of the federal government in real property rights? Establishment of broad standards of usage. The system of ownership that allows individuals to own property is called allodial. What is characteristic of the allodial system of ownership? Individuals own land directly. Which of the following is NOT an economic characteristic of land? Immobility The "bundle of rights" refers to a set of rights enjoyed by the owner of a property. How far apart are common parallels? Six Miles The legal description of a recorded plat is incomplete if it lacks the subdivision's location in a section and township. A legal rectangular survey system description is not suitable if the property is irregular in shape. What is a "block" in the lot and block system of description? A group of lots in a subdivision The essential criterion for an acceptable legal description is that it accurately locates and identifies the parcel. The fundamental components of the metes and bounds system are reference points, angles, and distances. To make it easier to describe elevations, surveyors refer to standard elevation points called benchmarks. A range is defined by two consecutive meridians. A check or quadrangle is defined by the intersection of pairs of guide meridians and standard parallels. What are the two types of fee simple estate? Absolute and defeasible. If a party has an interest in real estate that includes the right of possession, the party owns an estate in land. The grantor of a life estate names a third party to receive the title when the life tenant dies. What will the third party hold? A remainder estate. Which best describes a tenancy at sufferance? When the tenant stays beyond her lease without consent. An estate at will terminates on the death of lessor or lessee. What is "escheat?" The process by which ownership of real estate reverts to the state when there are no legal owners. A lease agreement was signed for 8 months by the lessor and the lessee. What kind of lease is this? Estate for years Ownership of some combination of the bundle of rights defines an interest in real estate. In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant? Fee simple defeasible A man had rented a place to live but had stayed beyond his lease without the owner's consent. This would be estate at sufferance. If a life tenant purposely damages or misuses a property it is known as what? An act of waste The distinguishing feature of a condition subsequent estate is the grantor must retake possession within a certain time frame if the grantee violates a restriction. Which of the following actions is an expression of the public interest known as police power? Passage of zoning ordinances to control land use Of the two kinds of fee simple estate, the kind that is a perpetual estate with no usage restrictions is the fee simple absolute. Which of the following is a freehold tenant? The owner of a freehold estate.