CompUcram Final
Which of these is not considered when determining whether an item is a fixture or
personal property? - ✔️✔️CORRECT ANSWER: Value of the annexed item
Three independent groups of large department stores want to research and plan a
merger to become one large entity. They will have to plan the merger, re-evaluate
stocks, and plan on shifting their assets to put the merger together. They will need the
help of: - ✔️✔️CORRECT ANSWER: Advice and guidance from investment banks
What is it called when personal property is transformed into real property? -
✔️✔️CORRECT ANSWER: Actual annexation
Constructive annexation occurs when property is so closely related to real property that
the law treats it as real property, even though it is not physically attached. The fixture is
the item that was transformed.
Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all
side setbacks to be at least 5 feet. She will need to get what to be able to legally
proceed and be assured that future owners will not have a problem? - ✔️✔️CORRECT
ANSWER: A variance
Mom & Dad's Cafe is located in an area that has recently been rezoned "residential."
Will they be allowed to continue operating as a restaurant? - ✔️✔️CORRECT
ANSWER: Yes, because the restaurant will be "grandfathered" into the area
When waterborne silt is deposited in a lake or river bed, the land gradually increases by
the process of: - ✔️✔️CORRECT ANSWER: Accretion
Building codes are primarily enforced by: - ✔️✔️CORRECT ANSWER: The issuance of
permits
How can you tell if a home you are showing has asbestos in it? - ✔️✔️CORRECT
ANSWER: Have the home inspected by a certified environmental company.
CORRECT ANSWER: A remote control for the properties garage, or a set of front door
keys to the property - ✔️✔️Which could be considered a fixtures to Real Property?
Of the following, which is not an encumbrance? - ✔️✔️CORRECT ANSWER: License
Strict penalties can be enforced for violating the Texas Clean Water Act -
✔️✔️CORRECT ANSWER: True
, Of the following, which is not an example of a freehold estate? - ✔️✔️CORRECT
ANSWER: Periodic tenancy
Which of the following is not a governmental restriction on property? - ✔️✔️CORRECT
ANSWER: Adverse possession
Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his 1/3 interest.
What type of co-ownership did they have? - ✔️✔️CORRECT ANSWER: Tenancy in
common
Investment Banking is: - ✔️✔️CORRECT ANSWER: A specific division of banking
relating to the creation of Capital for other companies, governments, or other entities
The Smiths purchase a cooperative on the Gold Coast. What will they receive at
closing? - ✔️✔️CORRECT ANSWER: Shares of stock and a proprietary lease
What type of land use doesn't comply with the zoning restriction for where it is located,
but is permitted because it benefits the public? - ✔️✔️CORRECT ANSWER:
Conditional use
What law creates an automatic lien on a commercial property, subject to the listing
agreement? - ✔️✔️CORRECT ANSWER: Broker lien law
What is it called when personal property is transformed into real property? -
✔️✔️CORRECT ANSWER: Actual annexation
Fee simple absolute estates are all of the following except: - ✔️✔️CORRECT
ANSWER: Conditional
Which of the following is an involuntary specific lien? - ✔️✔️CORRECT ANSWER:
Mechanic's lien
"The rate" refers to: - ✔️✔️CORRECT ANSWER: The rate of return used by investors
"The subject property" best describes: - ✔️✔️CORRECT ANSWER: The property for
which the value is sought
Which approach to value would be most appropriate when appraising a vacant factory?
- ✔️✔️CORRECT ANSWER: Cost approach
"Effective gross income" best describes: - ✔️✔️CORRECT ANSWER: Gross income
minus a figure for vacancy and collection losses
Which of these is not considered when determining whether an item is a fixture or
personal property? - ✔️✔️CORRECT ANSWER: Value of the annexed item
Three independent groups of large department stores want to research and plan a
merger to become one large entity. They will have to plan the merger, re-evaluate
stocks, and plan on shifting their assets to put the merger together. They will need the
help of: - ✔️✔️CORRECT ANSWER: Advice and guidance from investment banks
What is it called when personal property is transformed into real property? -
✔️✔️CORRECT ANSWER: Actual annexation
Constructive annexation occurs when property is so closely related to real property that
the law treats it as real property, even though it is not physically attached. The fixture is
the item that was transformed.
Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all
side setbacks to be at least 5 feet. She will need to get what to be able to legally
proceed and be assured that future owners will not have a problem? - ✔️✔️CORRECT
ANSWER: A variance
Mom & Dad's Cafe is located in an area that has recently been rezoned "residential."
Will they be allowed to continue operating as a restaurant? - ✔️✔️CORRECT
ANSWER: Yes, because the restaurant will be "grandfathered" into the area
When waterborne silt is deposited in a lake or river bed, the land gradually increases by
the process of: - ✔️✔️CORRECT ANSWER: Accretion
Building codes are primarily enforced by: - ✔️✔️CORRECT ANSWER: The issuance of
permits
How can you tell if a home you are showing has asbestos in it? - ✔️✔️CORRECT
ANSWER: Have the home inspected by a certified environmental company.
CORRECT ANSWER: A remote control for the properties garage, or a set of front door
keys to the property - ✔️✔️Which could be considered a fixtures to Real Property?
Of the following, which is not an encumbrance? - ✔️✔️CORRECT ANSWER: License
Strict penalties can be enforced for violating the Texas Clean Water Act -
✔️✔️CORRECT ANSWER: True
, Of the following, which is not an example of a freehold estate? - ✔️✔️CORRECT
ANSWER: Periodic tenancy
Which of the following is not a governmental restriction on property? - ✔️✔️CORRECT
ANSWER: Adverse possession
Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his 1/3 interest.
What type of co-ownership did they have? - ✔️✔️CORRECT ANSWER: Tenancy in
common
Investment Banking is: - ✔️✔️CORRECT ANSWER: A specific division of banking
relating to the creation of Capital for other companies, governments, or other entities
The Smiths purchase a cooperative on the Gold Coast. What will they receive at
closing? - ✔️✔️CORRECT ANSWER: Shares of stock and a proprietary lease
What type of land use doesn't comply with the zoning restriction for where it is located,
but is permitted because it benefits the public? - ✔️✔️CORRECT ANSWER:
Conditional use
What law creates an automatic lien on a commercial property, subject to the listing
agreement? - ✔️✔️CORRECT ANSWER: Broker lien law
What is it called when personal property is transformed into real property? -
✔️✔️CORRECT ANSWER: Actual annexation
Fee simple absolute estates are all of the following except: - ✔️✔️CORRECT
ANSWER: Conditional
Which of the following is an involuntary specific lien? - ✔️✔️CORRECT ANSWER:
Mechanic's lien
"The rate" refers to: - ✔️✔️CORRECT ANSWER: The rate of return used by investors
"The subject property" best describes: - ✔️✔️CORRECT ANSWER: The property for
which the value is sought
Which approach to value would be most appropriate when appraising a vacant factory?
- ✔️✔️CORRECT ANSWER: Cost approach
"Effective gross income" best describes: - ✔️✔️CORRECT ANSWER: Gross income
minus a figure for vacancy and collection losses
