Unit 2 Property Ownership and Interests Flashcards
Real property is often referred to as a bundle of legal rights. Which of the following is NOT among these rights?
A Right of exclusion
B Right to override local zoning
C Right of enjoyment
D Right to sell or otherwise convey the property
B Right to override local zoning
A property is bordered by a small stream. The property ends
A at the stream edge.
B at the center of the stream.
C five feet before the stream edge.
D at the mean high-water mark of the stream.
B at the center of the stream.
Oceanfront property ends at the A water’s edge. B edge of the dunes. C low tide water mark. D mean high-water mark.
D mean high-water mark.
A property owner has placed a manufactured home on his lakefront lot. In order to make the home a legal part of the real estate, he must do all of the following EXCEPT
A remove the trailer hitch, wheels, and axles.
B attach the home to a permanent foundation.
C remove the HUD label from the exterior of the home.
D cancel the motor vehicle title with an affidavit.
C remove the HUD label from the exterior of the home.
Which of the following would typically be considered a fixture?
A A portable basketball goal on the parking pad
B A custom-made mailbox attached to the house
C Curtains in the master bedroom that match the wallpaper
D A porch swing that is hanging from hooks on the front porch
B A custom-made mailbox attached to the house
Which of the following would NOT be considered in determining if an item is a fixture? A Intent B Adaptability C Value D Method of attachment
C Value
Which of the following items would normally convey as a fixture with the property?
A Refrigerator and countertop microwave
B Free-standing butcher block table in the kitchen
C Decorative lights draped around the enclosed patio
D The large mirror bolted over the fireplace mantel
D The large mirror bolted over the fireplace mantel
A seller spent $5,000 to have custom-made awnings installed over her backyard patio. According to the NCBA/NCAR 2-T Offer to Purchase and Contract, what is the status of the awnings?
A The seller can remove the awnings at closing.
B The awnings are considered real property and must stay.
C It is at the discretion of the seller whether the seller can take the awnings.
D The awnings are considered trade fixtures and must stay.
B The awnings are considered real property and must stay.
A purchaser of real estate learns that her ownership rights will continue forever and that no other person has any ownership control over the property. This person owns a
A fee simple interest.
B life estate pur autre vie.
C determinable fee estate.
D fee simple subject to a condition subsequent.
A fee simple interest.
A fee simple estate has all the following characteristics EXCEPT that it is
A of indefinite duration.
B free of encumbrances.
C transferable by deed or by will.
D transferable with or without valuable consideration.
B free of encumbrances.
A freehold estate in land that will automatically extinguish upon the cessation of a specified condition is called a
A fee simple subject to condition subsequent.
B fee simple determinable.
C fee simple absolute.
D fee simple unmarketable title.
B fee simple determinable.
A property owner wanted to donate to the hospital a vacant lot she owned adjacent to a hospital for expansion purposes. She wanted to make sure the land was used as she intended, so her attorney prepared the deed to convey ownership of the lot to the hospital “so long as it is used for hospital purposes.” Upon receipt of the gift, the hospital owned a A fee simple absolute estate. B conventional life estate. C fee simple determinable estate. D leasehold estate.
C fee simple determinable estate.
A property owner has a freehold estate in a single-family home. He rents the home to a young couple. Which of the following statements is TRUE?
A The man no longer has a freehold estate because a freehold estate and a leasehold estate cannot exist in the same property.
B The man must give up his freehold estate in order to rent the property to others.
C The tenants now hold the freehold estate in the property.
D The man has a freehold estate in the property, and the tenants have a leasehold estate in the property.
D The man has a freehold estate in the property, and the tenants have a leasehold estate in the property.
An example of a condominium limited common element would be A a storage locker. B a complex’s swimming pool. C a condo community’s tennis court. D a clubhouse.
A a storage locker.
If property is held by two or more owners as tenants in common, the interest of a deceased co-owner will pass to the
A remaining owner or owners.
B heirs of the deceased owner.
C trust under which the property was owned.
D state by the law of escheat, regardless of whether the deceased has any heirs.
B heirs of the deceased owner.
