Property Ownership Review
An owner's rights in property include the right: - correct answer ✔✔of use and enjoyment
of disposal
to exclude others from its enjoyment
to profit from its use
The term "real property" includes: - correct answer ✔✔land
things permanently attached to the land
A freehold estate may be held for: - correct answer ✔✔a lifetime
an unlimited time
A ninety-nine year lease on real property is: - correct answer ✔✔an estate in land
an estate less than freehold
personal property
The right of the government to take private land for public use is known as: - correct answer ✔✔eminent
domain
The process of exercising the power of eminent domain to acquire private land for public use is known
as: - correct answer ✔✔condemnation
Which of the following are examples of an application of the government's interest in real property
called "police power"? - correct answer ✔✔zoning laws
building codes
It would be important to determine whether a television antenna is real or personal property because
the antenna might _____. - correct answer ✔✔affect the tax assessment
, be included as security for a mortgage loan
be included when real property is sold
A fixture in a house which is about to be sold will be conveyed with the house _____. - correct answer
✔✔even if not listed in the deed or sales contract
Mr. Baird leased a store in which to operate a pizza parlor. He installed ovens, booths, and display cases.
Which of the following is/are true? - correct answer ✔✔The items are trade fixtures and can be removed
prior to the expiration of the lease but not after.
Mr. Baird is responsible for returning the property to the condition it was in prior to installing the items.
Emblements are considered _____. - correct answer ✔✔personal property at all times
Of the following, which is most likely to be considered a fixture? - correct answer ✔✔a fence around a
field
A fee estate: - correct answer ✔✔is inheritable
lasts for an unlimited time
All of the following are true of a fee simple estate EXCEPT that it is ____ - correct answer ✔✔absolute
ownership with no limitations
True:
an indefeasible fee
subject to governmental limitations
the least limited form of ownership
An owner's rights in property include the right: - correct answer ✔✔of use and enjoyment
of disposal
to exclude others from its enjoyment
to profit from its use
The term "real property" includes: - correct answer ✔✔land
things permanently attached to the land
A freehold estate may be held for: - correct answer ✔✔a lifetime
an unlimited time
A ninety-nine year lease on real property is: - correct answer ✔✔an estate in land
an estate less than freehold
personal property
The right of the government to take private land for public use is known as: - correct answer ✔✔eminent
domain
The process of exercising the power of eminent domain to acquire private land for public use is known
as: - correct answer ✔✔condemnation
Which of the following are examples of an application of the government's interest in real property
called "police power"? - correct answer ✔✔zoning laws
building codes
It would be important to determine whether a television antenna is real or personal property because
the antenna might _____. - correct answer ✔✔affect the tax assessment
, be included as security for a mortgage loan
be included when real property is sold
A fixture in a house which is about to be sold will be conveyed with the house _____. - correct answer
✔✔even if not listed in the deed or sales contract
Mr. Baird leased a store in which to operate a pizza parlor. He installed ovens, booths, and display cases.
Which of the following is/are true? - correct answer ✔✔The items are trade fixtures and can be removed
prior to the expiration of the lease but not after.
Mr. Baird is responsible for returning the property to the condition it was in prior to installing the items.
Emblements are considered _____. - correct answer ✔✔personal property at all times
Of the following, which is most likely to be considered a fixture? - correct answer ✔✔a fence around a
field
A fee estate: - correct answer ✔✔is inheritable
lasts for an unlimited time
All of the following are true of a fee simple estate EXCEPT that it is ____ - correct answer ✔✔absolute
ownership with no limitations
True:
an indefeasible fee
subject to governmental limitations
the least limited form of ownership
