Nature of Real Property Quiz
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Minerals become personal property when they are:

  • taken to a refinery
  • claimed
  • extracted from the land (correct)
  • surveyed

    • A section of a township contains the following number of acres:

  • 580
  • 640 (correct)
  • 560
  • 360

    • A parcel that measures 1/4 of a mile by 1/4 of a mile is:

  • 1/8 of a section
  • 1/4 of a section
  • 1/36 of a section
  • 1/16 of a section (correct)

    • A right that goes with or pertains to real property is called:

    <p>an appurtenance (D)</p> Signup and view all the answers

    Sometimes personal property is referred to as that which is immovable.

    <p>False (A)</p> Signup and view all the answers

    When property is sold, everything considered to be part of the real property is transferred to the buyer, unless otherwise agreed.

    <p>True (A)</p> Signup and view all the answers

    Rights to oil and gas are determined by:

    <p>the rule of capture (D)</p> Signup and view all the answers

    What legal term refers to a permanent addition to real estate?

    <p>Fixture (B)</p> Signup and view all the answers

    Which of the following correctly defines the term 'real property'?

    <p>Property that includes both land and anything permanently attached (C)</p> Signup and view all the answers

    A fixed item that is a part of the property and typically stays with the land is called:

    <p>Fixture (B)</p> Signup and view all the answers

    Flashcards

    What happens to minerals when extracted from the land?

    They become personal property, meaning they are movable and can be owned independently from the land.

    How many acres does a section of a township contain?

    A section of a township contains 640 acres.

    What is a parcel measuring 1/4 mile by 1/4 mile?

    A parcel measuring 1/4 mile by 1/4 mile is 1/16 of a section.

    What is an appurtenance?

    An appurtenance is a right that is attached to and passes with real property, such as easements or water rights.

    Signup and view all the flashcards

    Is personal property immovable?

    False. Personal property is movable, while real estate is immovable.

    Signup and view all the flashcards

    What is transferred when property is sold?

    Everything considered part of the real property is transferred to the buyer, unless specifically excluded in the contract.

    Signup and view all the flashcards

    How are oil and gas rights determined?

    Rights to oil and gas are primarily determined by the rule of capture, meaning the person who extracts the resources owns them.

    Signup and view all the flashcards

    What is the rule of capture?

    The rule of capture states that whoever extracts oil or gas from the ground owns it, regardless of who owns the land.

    Signup and view all the flashcards

    Study Notes

    Quiz Instructions - Nature of Real Property

    • Quiz includes True/False, Multiple Choice, and Matching questions.
    • Questions are randomly selected from course question banks.

    Question 1: Mineral Rights

    • Minerals become personal property when extracted from the land.

    Question 2: Township Acreage

    • A section of a township contains 640 acres.

    Question 3: Parcel Dimensions

    • A parcel measuring 1/4 mile by 1/4 mile is 1/16 of a section.

    Question 4: Real Property Rights

    • A right that goes with or pertains to real property is called an appurtenance.

    Question 5: Immovable Property

    • Sometimes personal property is referred to as that which is immovable, therefore the answer is True.

    Question 6: Property Transfer

    • When property is sold, everything considered part of the real property transfers to the buyer unless otherwise agreed. The answer is True

    Question 7: Oil and Gas Rights

    • Rights to oil and gas are determined by the rule of capture.

    Question 8: Land Measurement Methods

    • Match methods of land measurement with their definitions. (Note: this requires a table to be visible to provide the matching details)

    Question 9: Water Rights

    • A landowner's rights regarding water in a stream flowing through her land are called riparian rights

    Question 10: Real Property Components

    • Real property comprises more than just land. It includes other aspects as well. The statement that the only component is land is false.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Quiz 1: Nature of Real Property Quiz PDF

    Description

    Test your knowledge of real property concepts with this comprehensive quiz. It includes various question formats like True/False, Multiple Choice, and Matching to challenge your understanding of real estate rights, mineral rights, and property dimensions. Ideal for students studying real estate or related fields.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser