QUESTIONS AND 100% CORRECT ANSWERS
An owner of real estate possesses certain rights, including:
possession of the property
control of the property
disposition of the property
all of the above - ANSWER- all of the above
Possession, control and disposition of ownership are included in the bundle of rights. The
"Bundle of Rights" can best be remembered by the name "C-U-P-E-D". These letters stand
for control, use, possess, enjoyment, and dispose.
According to law, a trade fixture is:
A fixture
Personal property
An easement
A license - ANSWER- Personal property
A trade fixture is personal property of the tenant and may be removed by the tenant. A
trade fixture is something that is used in the conducting of a business; i.e. a pizza oven in a
pizza restaurant.
Personal property may be distinguished from real property by its:
great variety
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,mobility
overhead price
multiplicity of uses - ANSWER- mobility
Personal property is not attached to the land or the improvements and it usually is movable.
Even though it may be personal property, the contract can include it in the sale of the real
estate and then, by means of the contract it does become real estate.
Three of the four economic characteristics of real property are:
scarcity
permanence of investment
improvements
all of the above - ANSWER- all of the above
Scarcity (supply), permanence of investment, improvements, and area preference are all
economic characteristics of real property.
Legal tests to determine whether a fixture (something which is attached) should stay or can
be removed from a property by a Seller include all of the following EXCEPT:
intention of the parties
method of attachment
how they were purchased
existence of an agreement - ANSWER- how they were purchased
Legal tests of a fixture include intention of the parties (did they plan for it to stay or did they
plan to take the object usually defined in the contract), method of attachment (is it screwed
into the wall like a curtain rod or is it just hanging on a rod like a curtain), its type and
2
Wicky
,adaptability to the real property, and the relationship of the parties which is usually set forth
in an agreement or contract.
Trade fixtures are:
a permanent part of a building
owned by the owner of the real estate
removable with the building owner's permission
personal property of the tenant - ANSWER- personal property of the tenant
Trade fixtures are the personal property of the tenant and may be removed at any time. If
left after the termination of the lease they become the property of the landlord.
Which of the following is (are) considered personal property?
Wood-burning fireplaces
Patio furniture
Bathtub
Awning - ANSWER- Patio furniture
Personal property is never attached.
Certain items on the premise that are installed by the tenant and are related to the tenant's
business are called:
fixtures
emblements
trade fixtures
easements - ANSWER- trade fixtures
3
Wicky
, The tenant owns trade fixtures. They must be removed before midnight of the last day of the
lease or they may become the property of the lessor.
The word improvement refers to:
streets
sewage and drainage systems
sidewalks
all of the above - ANSWER- all of the above
Streets, sidewalks, sewers, and drainage systems all are improvements to the land and
increase its value.
Real property may become personal property by:
severance
purchase
severance and purchase
annexation - ANSWER- severance
Severing property from the real estate, for example extracting minerals from the earth
creates personalty or personal property. Another example would be cutting down a tree and
turning it into firewood. As a tree it was real property but as firewood it would be personal
property.
The rights of an owner with property abutting the bank of a stream, river, or creek, is/are
called;
Littoral rights
4
Wicky
An owner of real estate possesses certain rights, including:
possession of the property
control of the property
disposition of the property
all of the above - ANSWER- all of the above
Possession, control and disposition of ownership are included in the bundle of rights. The
"Bundle of Rights" can best be remembered by the name "C-U-P-E-D". These letters stand
for control, use, possess, enjoyment, and dispose.
According to law, a trade fixture is:
A fixture
Personal property
An easement
A license - ANSWER- Personal property
A trade fixture is personal property of the tenant and may be removed by the tenant. A
trade fixture is something that is used in the conducting of a business; i.e. a pizza oven in a
pizza restaurant.
Personal property may be distinguished from real property by its:
great variety
1
Wicky
,mobility
overhead price
multiplicity of uses - ANSWER- mobility
Personal property is not attached to the land or the improvements and it usually is movable.
Even though it may be personal property, the contract can include it in the sale of the real
estate and then, by means of the contract it does become real estate.
Three of the four economic characteristics of real property are:
scarcity
permanence of investment
improvements
all of the above - ANSWER- all of the above
Scarcity (supply), permanence of investment, improvements, and area preference are all
economic characteristics of real property.
Legal tests to determine whether a fixture (something which is attached) should stay or can
be removed from a property by a Seller include all of the following EXCEPT:
intention of the parties
method of attachment
how they were purchased
existence of an agreement - ANSWER- how they were purchased
Legal tests of a fixture include intention of the parties (did they plan for it to stay or did they
plan to take the object usually defined in the contract), method of attachment (is it screwed
into the wall like a curtain rod or is it just hanging on a rod like a curtain), its type and
2
Wicky
,adaptability to the real property, and the relationship of the parties which is usually set forth
in an agreement or contract.
Trade fixtures are:
a permanent part of a building
owned by the owner of the real estate
removable with the building owner's permission
personal property of the tenant - ANSWER- personal property of the tenant
Trade fixtures are the personal property of the tenant and may be removed at any time. If
left after the termination of the lease they become the property of the landlord.
Which of the following is (are) considered personal property?
Wood-burning fireplaces
Patio furniture
Bathtub
Awning - ANSWER- Patio furniture
Personal property is never attached.
Certain items on the premise that are installed by the tenant and are related to the tenant's
business are called:
fixtures
emblements
trade fixtures
easements - ANSWER- trade fixtures
3
Wicky
, The tenant owns trade fixtures. They must be removed before midnight of the last day of the
lease or they may become the property of the lessor.
The word improvement refers to:
streets
sewage and drainage systems
sidewalks
all of the above - ANSWER- all of the above
Streets, sidewalks, sewers, and drainage systems all are improvements to the land and
increase its value.
Real property may become personal property by:
severance
purchase
severance and purchase
annexation - ANSWER- severance
Severing property from the real estate, for example extracting minerals from the earth
creates personalty or personal property. Another example would be cutting down a tree and
turning it into firewood. As a tree it was real property but as firewood it would be personal
property.
The rights of an owner with property abutting the bank of a stream, river, or creek, is/are
called;
Littoral rights
4
Wicky
