REE 3043 - Exam 1 – Curcio Test
Questions with Solved Solutions.
this type of property consists of physical assets that can be owned and can be either real or
personal property - Answer tangible
these types of property are non-physical and include: stocks, bonds, mortgages, and leases -
Answer intangible
creating structures refers to improvements ___ the land - Answer on
excavation and fill, sewers and other utilities, and roads and driveways are considered
improvements ___ the land - Answer to
true or false real estate contributes to half of the world's wealth - Answer true
the ____ market is the market for physical real estate - Answer user
which market are rental rates determined - Answer user market
in user markets, ______ refers to individuals, households, and firms who require space either
for consumption or production purposes - Answer demand side
in user markets, _____ refers to real estate owners/operators who rent space to tenants -
Answer supply side
in _____ markets, real estate competes for funds with other asset such as stocks and bonds -
Answer capital
characteristics of a public capital market - Answer small homogeneous units of ownership,
many buyers and sellers, available price quotes, high liquidity, informationally efficient
characteristics of a private capital market - Answer absence of a centralized market,
infrequent trading and lack of transparency, indivisability, less liquid, higher transaction costs
_____ are claims that the government is obligated to enforced. Derived from the Constitution -
Answer rights
,2 major characteristics of rights - Answer nonrevocable and enduring
_____ rights are freedoms that are guaranteed by the Constitution; Supreme Court interprets
the constitution - Answer personal
______ rights involve exclusive possession, involve enjoyment of the use of benefit, and have
the freedom to dispose as one pleases - Answer property
_____ property is rights in land and its permanent structures (surface of the earth and
improvements, air, beneath the earth) - Answer real
______ property includes personal and household goods, intellectual property, and music -
Answer personal
_______ is real property that formerly was personal property - Answer fixture
how to determine what is a fixture - Answer manner of attachment, manner of adaptation,
intention of the parties, and relation to the parties
_____ is any set of rights in real property - Answer interest
______ is a real property interest that includes the right of exclusive possession - Answer
estate
easements, restrictive covenants, and liens are examples of: - Answer nonpossessory
interests
__________ is tenancy for a specific period of time (few days to decades) and must be written if
the time period is longer than one year - Answer tenancy for years
________ has no definite length of time, is often by oral agreement and state law governs
notice of termination - Answer periodic tenancy
traditional leasehold law evolved from a(n)________ society - Answer agricultural
________ is the right to use the land for a specific and limited purpose - Answer easement
, _________ is the right of use a (dominant) parcel of land "enjoys" over and adjacent (servient)
parcel - Answer easement appurtenant
examples of ________ easements are: driveway or access right of way, sewer lines, drainage,
and common wall - Answer affirmative
examples of ______ easements are light and air easements as well as scenic easements -
Answer negative
__________ are rights and obligations are inseparable from the parcels involved - Answer
runs with the land
these types of easements are also known as commercial easements - Answer easements in
gross
_________ are the right to use land, unrelated to any other parcel (i.e. extract minerals, oil, or
gas, building a roadway or railway). transferable separately from land title or ownership -
Answer easement in gross
t/f in easement in gross, there are no dominant parcels, only servient parcels - Answer true
________ easement in gross conveys all rights of the easement - recipient can convey access to
others - Answer exclusive
_______ easements in gross have rights that are limited to one user - recipient cannot extend
access to others but can convey access to others - Answer nonexclusive
______ is similar to an easement in gross but conveys permission rather than the right - Answer
license
t/f licenses cannot be revoked - Answer false
restrictive covenants are also known as _____________ - Answer deed restrictions
__________ are covenants that impose restrictions on land use - Answer restrictive
covenants
2 methods that restrictive covenants can be created - Answer single parcel of land or whole
neighborhood
Questions with Solved Solutions.
this type of property consists of physical assets that can be owned and can be either real or
personal property - Answer tangible
these types of property are non-physical and include: stocks, bonds, mortgages, and leases -
Answer intangible
creating structures refers to improvements ___ the land - Answer on
excavation and fill, sewers and other utilities, and roads and driveways are considered
improvements ___ the land - Answer to
true or false real estate contributes to half of the world's wealth - Answer true
the ____ market is the market for physical real estate - Answer user
which market are rental rates determined - Answer user market
in user markets, ______ refers to individuals, households, and firms who require space either
for consumption or production purposes - Answer demand side
in user markets, _____ refers to real estate owners/operators who rent space to tenants -
Answer supply side
in _____ markets, real estate competes for funds with other asset such as stocks and bonds -
Answer capital
characteristics of a public capital market - Answer small homogeneous units of ownership,
many buyers and sellers, available price quotes, high liquidity, informationally efficient
characteristics of a private capital market - Answer absence of a centralized market,
infrequent trading and lack of transparency, indivisability, less liquid, higher transaction costs
_____ are claims that the government is obligated to enforced. Derived from the Constitution -
Answer rights
,2 major characteristics of rights - Answer nonrevocable and enduring
_____ rights are freedoms that are guaranteed by the Constitution; Supreme Court interprets
the constitution - Answer personal
______ rights involve exclusive possession, involve enjoyment of the use of benefit, and have
the freedom to dispose as one pleases - Answer property
_____ property is rights in land and its permanent structures (surface of the earth and
improvements, air, beneath the earth) - Answer real
______ property includes personal and household goods, intellectual property, and music -
Answer personal
_______ is real property that formerly was personal property - Answer fixture
how to determine what is a fixture - Answer manner of attachment, manner of adaptation,
intention of the parties, and relation to the parties
_____ is any set of rights in real property - Answer interest
______ is a real property interest that includes the right of exclusive possession - Answer
estate
easements, restrictive covenants, and liens are examples of: - Answer nonpossessory
interests
__________ is tenancy for a specific period of time (few days to decades) and must be written if
the time period is longer than one year - Answer tenancy for years
________ has no definite length of time, is often by oral agreement and state law governs
notice of termination - Answer periodic tenancy
traditional leasehold law evolved from a(n)________ society - Answer agricultural
________ is the right to use the land for a specific and limited purpose - Answer easement
, _________ is the right of use a (dominant) parcel of land "enjoys" over and adjacent (servient)
parcel - Answer easement appurtenant
examples of ________ easements are: driveway or access right of way, sewer lines, drainage,
and common wall - Answer affirmative
examples of ______ easements are light and air easements as well as scenic easements -
Answer negative
__________ are rights and obligations are inseparable from the parcels involved - Answer
runs with the land
these types of easements are also known as commercial easements - Answer easements in
gross
_________ are the right to use land, unrelated to any other parcel (i.e. extract minerals, oil, or
gas, building a roadway or railway). transferable separately from land title or ownership -
Answer easement in gross
t/f in easement in gross, there are no dominant parcels, only servient parcels - Answer true
________ easement in gross conveys all rights of the easement - recipient can convey access to
others - Answer exclusive
_______ easements in gross have rights that are limited to one user - recipient cannot extend
access to others but can convey access to others - Answer nonexclusive
______ is similar to an easement in gross but conveys permission rather than the right - Answer
license
t/f licenses cannot be revoked - Answer false
restrictive covenants are also known as _____________ - Answer deed restrictions
__________ are covenants that impose restrictions on land use - Answer restrictive
covenants
2 methods that restrictive covenants can be created - Answer single parcel of land or whole
neighborhood
