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Real Estate Pre-Liscensing > CHAPTER 1 > Flashcards

CHAPTER 1 Flashcards

1
Q
  1. The phrase “bundle of legal rights” is properly included in
    a. the definition of real property.
    b. a legal description.
    c. real estate transactions.
    d. leases for less than one year.
A

a. the definition of real property.

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2
Q
  1. Which of the following is NOT included in one’s right to control their property?
    a. The right to invite people on the property for a political fundraiser
    b. The right to exclude the utilities’ meter reader
    c. The right to erect “no trespassing” signs
    d. The right to enjoy pride of ownership
A

b. The right to exclude the utilities’ meter reader

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3
Q
  1. According to law, a trade fixture is
    a. a fixture.
    b. an easement.
    c. personalty.
    d. a license.
A

c. personalty.

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4
Q
  1. M is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure where she wants to live. Her concern about the property’s location is called
    a. physical deterioration.
    b. area preference.
    c. permanence of investment.
    d. immobility.
A

b. area preference.

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5
Q
  1. Which of the following is considered personal property?
    a. Wood-burning fireplace
    b. Awnings
    c. Bathtubs
    d. Patio furniture
A

d. Patio furniture

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6
Q
  1. Which of the following is NOT meant by the word “improvement”?
    a. Streets
    b. A sanitary sewer system
    c. Trade fixtures
    d. The foundation
A

c. Trade fixtures

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7
Q
  1. Real property can become personal property by
    a. severance.
    b. purchase.
    c. hypothecation.
    d. attachment.
A

a. severance.

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8
Q
  1. Which of the following is NOT a physical characteristic of land?
    a. Indestructibility
    b. Uniqueness
    c. Immobility
    d. Scarcity
A

d. Scarcity

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9
Q
  1. A broker showed an owner-occupied property that had window screens, venetian blinds and a wall bed. The broker secured a buyer whose offer was accepted by the owner, and the transaction was placed in escrow. Before the close of escrow, the seller may remove
    a. all of the identified items as they are trade fixtures.
    b. only the venetian blinds as personal property.
    c. only the wall bed because it is real property.
    d. none of the identified items.
A

d. none of the identified items.

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10
Q
  1. Land is considered to be
    a. indestructible.
    b. a wasting asset.
    c. immune to the forces of supply and demand.
    d. subordinate to real property rights.
A

a. indestructible.

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11
Q
  1. A farmer owns a parcel of land on which oil was discovered. If the farmer has not previously conveyed the oil rights, who owns the oil?
    a. The farmer
    b. The tenant to whom the property has been leased
    c. The state government
    d. The federal government
A

a. The farmer

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12
Q
  1. Certain items on the premises that are installed by the tenant and related to the tenant’s business are called
    a. fixtures.
    b. emblements.
    c. trade fixtures.
    d. easements.
A

c. trade fixtures.

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13
Q
  1. Which of the following is NOT described as personal property ?
    a. Chattels
    b Trade fixtures
    c. Emblements
    d. Fixtures
A

d. Fixtures

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14
Q
  1. Fixtures are
    a. real property.
    b. chattels.
    c. removable by a tenant before the expiration of the lease.
    d. removable by tenant after the expiration of lease.
A

a. real property.

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15
Q
  1. After the construction of a building over a railroad right-of-way, the trains can
    a. operate as usual.
    b. no longer use the tracks under the building.
    c. use the tracks under the building only if they cause no problem for the building’s occupants.
    d. use the tracks under the building as long as they first obtain the building owner’s permission.
A

a. operate as usual.

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16
Q
  1. Which of the following is NOT an economic characteristic of land?
    a. Scarcity
    b. Permanence of investment
    c. Uniqueness
    d. Area preference
A

c. Uniqueness

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17
Q
  1. Generally, personal property can be distinguished from real property by its
    a. greater variety.
    b. mobility.
    c. price.
    d. multiplicity of use.
A

b. mobility.

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18
Q
  1. An important characteristic of land is that it may be modified or improved at any given time. Depending on its type, an improvement may increase the value of real estate greatly. Which one of the following would NOT be considered to be an improvement?
    a. Sewers
    b. Crops
    c. Buildings
    d. Roads
A

b. Crops

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19
Q
  1. T leases store space to K for a restaurant, and K installs his ovens, booths, counters and other equipment. When do these items become real property?
    a. When they are installed
    b. When K defaults on his rental payments
    c. When the lease takes effect
    d. When the lease expires
A

d. When the lease expires

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20
Q
  1. The geographic location of any parcel of land
    a. can be changed as some substances are removable from the land.
    b. can never be changed.
    c. can be changed because the topography can be changed.
    d. can be changed only under certain legal circumstances.
A

b. can never be changed.

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21
Q
  1. Legally, the term improvements when referring to real estate would include
    a. shrubbery.
    b. trees.
    c. sidewalks.
    d. lawns.
A

c. sidewalks.

22
Q
  1. Which of the following is NOT a test or determining a fixture?
    a. Intent of the parties
    b. Size of the item
    c. Method of attachment of the item
    d. Adaptation of the item to the real estate
A

b. Size of the item

23
Q
  1. The owner of a house wants to fence the yard for her dog. When the fence is erected, the fencing materials are converted to real estate by
    a. severance.
    b. annexation.
    c. immobility.
    d. indestructibility.
A

b. annexation.

24
Q
  1. The physical characteristics of land include which of the following?
    a. Uniqueness
    b. Scarcity
    c. Permanence of investment
    d. Adaptation
A

a. Uniqueness

25
Q
  1. The rights of ownership of real property do NOT include the right of
    a. disposition.
    b. exclusivity.
    c. control.
    d. compatibility.
A

d. compatibility.

26
Q
  1. Which of the following is considered to have the greatest impact on the value of a property?
    a. Area preference
    b. Permanence of investment
    c. Scarcity
    d. Uniqueness
A

a. Area preference

27
Q
  1. How many acres are in a lot that is 1/4 of a mile wide by 1/4 of a mile long?
    a. 10
    b. 120
    c. 40
    d. 80
A

c. 40

28
Q
  1. The numbering of sections in a township begins in the section in the
    a. northeast corner and then runs easterly.
    b. northwest corner and then runs easterly.
    c. northeast corner and then runs westerly.
    d. northwest corner and then runs westerly.
A

c. northeast corner and then runs westerly.

29
Q
  1. The following legal description contains how many acres: the South 1/2 of the SE 1/4 of the NW 1/4 of the NE 1/4 of Section 7?
    a. 2.5
    b. 5
    c. 10
    d. 20
A

b. 5

640 (section) / 4 / 4 / 4 / 2
640/4 = 160 160/4 = 40 40/4 = 10 10/2 = 5

30
Q
  1. A township contains
    a. 6 square miles.
    b. 640 acres.
    c. 23,040 square feet.
    d. 36 sections.
A

d. 36 sections.

31
Q
  1. Strips of land six miles wide that run north and south are called
    a. tiers.
    b. ranges.
    c. latitudes.
    d. longitudes.
A

b. ranges.

32
Q
  1. A metes and bounds legal description
    a. can be made only in areas excluded from the rectangular survey system.
    b. is not acceptable in court in most jurisdictions.
    c. must commence and finish at the same identifiable point.
    d. is used to complete areas omitted from recorded subdivision plats.
A

c. must commence and finish at the same identifiable point.

33
Q
  1. How many lots, each measuring 72.5 feet wide by 100 feet deep, could be made from a two-acre parcel of land?
    a. 6
    b. 7
    c. 12
    d. 14
A

c. 12

1 acre = 43,560
2 acre = 87120
divided by sqft (72.5 x 100) 7250 = 12

34
Q
  1. A parcel of land described as “the NW 1/4 of the SW 1/4 of Section 6, T4N, R8W of the Third Principal Meridian” was sold for $875 per acre. The listing broker will receive a 5 percent commission on the total sales price. How much will the broker receive?
    a. $1,750
    b. $5,040
    c. $14,000
    d. $15,040
A

Township = 640
640 / 4 / 4 = 40
40 x $875 = 35,000
35,000 x .05 = 1750

a. $1,750

35
Q
  1. The section of land reserved for school purposes in the rectangular survey system is section
    a. 12.
    b. 16.
    c. 20.
    d. 36.
A

b. 16.

36
Q
  1. The system of legal description that defines a parcel of land by its perimeter is the
    a. geodetic survey.
    b. rectangular survey.
    c. lot and block system.
    d. metes and bounds system.
A

d. metes and bounds system.

37
Q
  1. A metes and bounds legal description must
    a. cover an area larger than 10 acres.
    b. be used in areas not covered by the rectangular survey system.
    c. commence and finish at the same identifiable point.
    d. always use north as the basis for directions.
A

c. commence and finish at the same identifiable point.

38
Q
  1. The primary survey line running east and west in the rectangular survey system is the
    a. township line.
    b. base line.
    c. range line.
    d. principal meridian.
A

b. base line.

39
Q
  1. Which of the following parcels of land is the smallest?
    a. Two sections
    b. Five percent of a section
    c. Two square miles
    d. 1,280 acres
A

b. Five percent of a section

Two Sections = 640 acres x 2
Two Square Miles = Two Sections
1 mile x 1 mile = 640 acres or One section

40
Q
  1. “Beginning at the SE corner of the NE 1/4 of the section, then due west 5,280 feet more or less to the SW corner of the NW 1/4, then north along the west line of the section 2,640 feet more or less to the NW corner of said NW 1/4, then in a straight line to the point of beginning.” How many acres does this parcel contain?
    a. 80 acres
    b. 160 acres
    c. 240 acres
    d. 320 acres
A

b. 160 acres

41
Q
  1. A section
    a. is one mile square.
    b. contains 460 acres.
    c. has a perimeter of 5,280 square feet.
    d. can be numbered from 1 through 50.
A

a. is one mile square.

42
Q
  1. A lot with a depth of 80 feet and an area of 4,800 square feet was sold for $350 per front foot. What was the total sales price?
    a. $21,000
    b. $28,000
    c. $31,800
    d. $35,000
A

a. $21,000

43
Q
  1. The primary survey line running north and south in the rectangular survey system is the
    a. township line.
    b. base line.
    c. range line.
    d. principal meridian.
A

d. principal meridian.

44
Q
  1. A recorded subdivision plat is used in the
    a. geodetic survey system.
    b. rectangular survey system.
    c. lot and block system.
    d. metes and bounds system.
A

c. lot and block system.

45
Q
  1. In parts of the country where there are many lakes and rivers, the rectangular survey system designations will often include
    a. hyphenated sections.
    b. meander-line sections.
    c. mean water-line sections.
    d. fractional sections.
A

d. fractional sections.

46
Q
  1. The rectangular survey system section contains
    a. 36 townships.
    b. 160 government lots.
    c. 160 acres.
    d. 640 acres.
A

d. 640 acres.

47
Q
  1. The method of describing land by degrees, feet and monuments is known as the
    a. angular system.
    b. metes and bounds system.
    c. rectangular survey system.
    d. lots and blocks system.
A

b. metes and bounds system.

48
Q
  1. How many acres are in a description reading, “The NW 1/4 of the SE 1/4 and the S 1/2 of the SW 1/4 of the NE 1/4 of Section 4”?
    a. 40 acres
    b. 50 acres
    c. 60 acres
    d. 80 acres
A

??????

c. 60 acres

49
Q
  1. Which of the following is the best way to ensure that there are no encroachments and verify the boundaries of a parcel of land?
    a. Write a legal description
    b. Get a spot survey
    c. Find the monuments
    d. Verify the benchmarks
A

b. Get a spot survey

50
Q
  1. A rancher owned Section #17 and sold the south one half. He then fenced in the northern one half. How many linear feet of fencing did he use if he had two 6 foot wide gates?
    a. 27,720
    b. 15,828
    c. 18,530
    d. 14,250
A

b. 15,828

51
Q
  1. The owner has a large parcel of land surveyed into lots and streets and files a subdivision plat. Each lot can be legally described by use of which of the following?
    a. Street address
    b. Government survey
    c. Metes and bounds
    d. Lots and blocks
A

d. Lots and blocks

Real Estate Pre-Liscensing (3 decks)

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