CHAPTER ONE MID QUIZ

Question 1

When a commercial property owner sells his building, display cases for jewelry that are not nailed down generally…?

Answer 1

Go out with the seller as trade fixtures.

Question 2

The water rights associated with a river are known as…?

Answer 2

Riparian rights

Question 3

When land is being sold, timber growing on the land is generally consider what?

Answer 3

Emblements

Question 4

2nd National Bank has a mortgage on Victor’s home. Victor doesn’t pay his mortgage and 2nd National Bank forecloses. The bank knows Victor has a valuable record collection in his home and wants to keep it after the foreclosure. Victor files a lawsuit. The mortgage says nothing about the record collection. The bank says it’s part of the house. Who wins?

Answer 4

Victor. The records are not fixtures.

Question 5

When land only is listed for sale, what is included?

Answer 5

Land and everything underneath the land

Question 6

Brenda is buying a house. She loves the furniture and decorations in the house. How should she write the contract?

Answer 6

All personal property stays with the house.

Question 7

Sam’s house has a fireplace built into the wall. Bella is buying the house. Sam wrote into the contract that personal property is not included in the sale. What happens to the fireplace?

Answer 7

It stays with the house.

Question 8

When a great deal of accuracy is required, the boundary lines of a property are described using metes and bounds, which refer to…?

Answer 8

Length or measurements, which are metes, and boundaries, which are the bounds.

Question 9

Are street addresses the best way to legally identify a property?

Answer 9

No, because while they are convenient, street addresses are not always reliable.

Question 10

The terms monuments, benchmarks, and point of beginning (POB) are most often used…?

Answer 10

With metes and bounds

Question 11

If you see a map that has grid lines and the land is cut into squares, this would be …?

Answer 11

An example of a government survey

Question 12

First-time buyers are reviewing their paperwork, which includes the sales contract, mortgage documents, deed, and the title information. They ask their real estate agent about the legal description, and she tells them…?

Answer 12

The legal description should be exactly the same on each of these documents.

Question 13

Copper wiring in a house is generally considered what?

Answer 13

Fixture

Question 14

A person’s ability to pledge their real estate as collateral is known as the right to…?

Answer 14

Encumber

Question 15

How does a lien holder place a lien on movable property?

Answer 15

Filing a UCC-1 statement with the appropriate state authority.

Question 16

A pig farm moves into a residential neighborhood. The neighbors filed a lawsuit to make the pig farm go away. Who will win?

Answer 16

The neighbors, because the pig farm is interfering with their right of quiet enjoyment, and the neighbors were there first.

Question 17

Jim bought real property from Dale. Long before Dale owned the property, the Local Power Company purchased an easement from an earlier owner to run power lines underneath the land. The easement is recorded in the real estate records. Jim decides that he doesn’t like the power company using his property and files a lawsuit to kick them off and remove the powerlines. Who wins?

Answer 17

The power company, because their easement is a matter of record, and Jim bought the property with the easement rights.

Question 18

The gradual increase of the earth on a shore, on an ocean, or bank of a stream resulting from the action of the water is known as…?

Answer 18

Alluvium OR ACCRETTION.