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Questions and Answers
Which of these options describes the annexing party's intent to make it permanent?
Which of these options describes the annexing party's intent to make it permanent?
The method of land description which identifies a parcel by specifying its boundary lines along with the terminal points and the bearing of each side is known as:
The method of land description which identifies a parcel by specifying its boundary lines along with the terminal points and the bearing of each side is known as:
Which of the following is NOT an acceptable method of legally describing a parcel of real estate?
Which of the following is NOT an acceptable method of legally describing a parcel of real estate?
A base point from which height or depth can be measured to describe air rights or subsurface rights is a:
A base point from which height or depth can be measured to describe air rights or subsurface rights is a:
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Approximately how many acres are there in a farm that measures 470 feet along the road and 556 feet in depth?
Approximately how many acres are there in a farm that measures 470 feet along the road and 556 feet in depth?
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If Mr. Shern's lot has 65 front feet and contains 7,150 square feet, how deep is it?
If Mr. Shern's lot has 65 front feet and contains 7,150 square feet, how deep is it?
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Real estate investors are not generally interested in how long buildings will last, but in how long they will be profitable. This characteristic is called:
Real estate investors are not generally interested in how long buildings will last, but in how long they will be profitable. This characteristic is called:
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The government's right to make laws and regulations for the general welfare is known as:
The government's right to make laws and regulations for the general welfare is known as:
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The City of Atlanta has condemned Nelson's land in order to extend its rapid transit services. This procedure is made possible because of the city's right of:
The City of Atlanta has condemned Nelson's land in order to extend its rapid transit services. This procedure is made possible because of the city's right of:
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A private landowner has the right to:
A private landowner has the right to:
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In order to be effective, a lien should be:
In order to be effective, a lien should be:
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The total collection of rights that may be claimed by private ownership is best described as:
The total collection of rights that may be claimed by private ownership is best described as:
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In real estate law, the word fee is closest in meaning to:
In real estate law, the word fee is closest in meaning to:
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Which of the following is correct about an estate:
Which of the following is correct about an estate:
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Bob gives an estate to Jim for the life of Sue. Which of the following is true?
Bob gives an estate to Jim for the life of Sue. Which of the following is true?
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A right or claim of a creditor to have a debt satisfied from the proceeds of the sale of the debtor's property in the event of default is:
A right or claim of a creditor to have a debt satisfied from the proceeds of the sale of the debtor's property in the event of default is:
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Except for property tax liens and in some cases mechanic's liens, priority of liens is determined by the:
Except for property tax liens and in some cases mechanic's liens, priority of liens is determined by the:
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Jones, a life tenant, grants Smith an easement across Jones's land. Later, Jones dies. The easement will:
Jones, a life tenant, grants Smith an easement across Jones's land. Later, Jones dies. The easement will:
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The Joneses have purchased an acre of land in Elite Acres subdivision and are aware that covenants might limit the ways in which they use their property. Which is true of private restrictions?
The Joneses have purchased an acre of land in Elite Acres subdivision and are aware that covenants might limit the ways in which they use their property. Which is true of private restrictions?
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Unauthorized intrusion of a building, improvement, or other attachment onto neighboring land is:
Unauthorized intrusion of a building, improvement, or other attachment onto neighboring land is:
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Smith signs an agreement with Jones to use and possess Jones's land until May 1st. Their agreement creates:
Smith signs an agreement with Jones to use and possess Jones's land until May 1st. Their agreement creates:
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All of the following can be characteristics of an easement EXCEPT:
All of the following can be characteristics of an easement EXCEPT:
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Telephone lines are examples of:
Telephone lines are examples of:
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The law allows a person furnishing labor or materials for the improvement of real property to file a mechanic's lien against the property if he/she is not paid. Which of the following is correct concerning such liens?
The law allows a person furnishing labor or materials for the improvement of real property to file a mechanic's lien against the property if he/she is not paid. Which of the following is correct concerning such liens?
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All of the following can be acceptable methods of terminating an easement EXCEPT:
All of the following can be acceptable methods of terminating an easement EXCEPT:
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Farmer Brown is tired of hard work. He is deeding 165 acres of his farm to his son and keeping only 5 acres and a house for his own use. He will need an easement across his son's land so that he can get to his own. How is the easement created?
Farmer Brown is tired of hard work. He is deeding 165 acres of his farm to his son and keeping only 5 acres and a house for his own use. He will need an easement across his son's land so that he can get to his own. How is the easement created?
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Which of the following is INCORRECT concerning a conventional life estate?
Which of the following is INCORRECT concerning a conventional life estate?
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A freehold estate is defined as one that:
A freehold estate is defined as one that:
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A 'homestead' might be defined as a family home. Some states have Homestead Laws which afford some protection for the home from seizure to pay debts of a deceased owner/breadwinner. These laws are designed to protect:
A 'homestead' might be defined as a family home. Some states have Homestead Laws which afford some protection for the home from seizure to pay debts of a deceased owner/breadwinner. These laws are designed to protect:
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Revocable permission granted to hunt on another's land is an example of:
Revocable permission granted to hunt on another's land is an example of:
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What do dower and curtesy rights have in common?
What do dower and curtesy rights have in common?
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Which of the following phrases would be most typical of a fee simple determinable estate?
Which of the following phrases would be most typical of a fee simple determinable estate?
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All of the following items are personal property EXCEPT:
All of the following items are personal property EXCEPT:
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A seller wishes to remove certain shrubs planted in the front yard and not include them in the sales price of the home. What is true?
A seller wishes to remove certain shrubs planted in the front yard and not include them in the sales price of the home. What is true?
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A permanent addition to a building is:
A permanent addition to a building is:
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The transfer of land ownership automatically includes:
The transfer of land ownership automatically includes:
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Water rights along a large, navigable lake or ocean are known as:
Water rights along a large, navigable lake or ocean are known as:
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Water table refers to the:
Water table refers to the:
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Of the following items which is considered real property?
Of the following items which is considered real property?
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All of the following are appurtenances EXCEPT:
All of the following are appurtenances EXCEPT:
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Real property is changed into personal property by:
Real property is changed into personal property by:
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Which of the following would be considered an artificial monument when used in a metes and bounds legal description?
Which of the following would be considered an artificial monument when used in a metes and bounds legal description?
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An adequate metes and bounds description will have all of the following EXCEPT:
An adequate metes and bounds description will have all of the following EXCEPT:
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The point of beginning on a plat of survey is marked with reference to a:
The point of beginning on a plat of survey is marked with reference to a:
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If a man has 6 acres of land and deeds 3/4 of it to a son and the remainder to a nephew, how many square feet of land does the nephew acquire?
If a man has 6 acres of land and deeds 3/4 of it to a son and the remainder to a nephew, how many square feet of land does the nephew acquire?
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How many cubic feet of space is there in a warehouse that is 610 feet wide by 140 feet deep and has an 18 foot ceiling?
How many cubic feet of space is there in a warehouse that is 610 feet wide by 140 feet deep and has an 18 foot ceiling?
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Which of the following would be acceptable on a sales contract?
Which of the following would be acceptable on a sales contract?
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When it is necessary to prepare a new metes and bounds description, it should be done by:
When it is necessary to prepare a new metes and bounds description, it should be done by:
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You have a prospective purchaser for a home, and the listing agent has not been able to provide you with a legal description. Which statement describes your best course of action?
You have a prospective purchaser for a home, and the listing agent has not been able to provide you with a legal description. Which statement describes your best course of action?
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If the only land description you have provided on your offer is the street address:
If the only land description you have provided on your offer is the street address:
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A metes and bounds description must have all the following EXCEPT:
A metes and bounds description must have all the following EXCEPT:
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A metes and bounds description might be insufficient if:
A metes and bounds description might be insufficient if:
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Which of the following best describes a parcel of land?
Which of the following best describes a parcel of land?
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In determining whether an item is a fixture, which of the following would not be considered?
In determining whether an item is a fixture, which of the following would not be considered?
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The characteristic that distinguishes personal property from real property is:
The characteristic that distinguishes personal property from real property is:
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When used in a deed or other real estate document, legal description describes only the land because:
When used in a deed or other real estate document, legal description describes only the land because:
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An item that was personal property but has been attached to and become part of the real property is known as:
An item that was personal property but has been attached to and become part of the real property is known as:
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Crops planted and harvested each year are:
Crops planted and harvested each year are:
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The most distinctive physical characteristic of land is:
The most distinctive physical characteristic of land is:
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All of the following are real property EXCEPT:
All of the following are real property EXCEPT:
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The law of capture refers to the:
The law of capture refers to the:
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The sum of all factors that affect value is called:
The sum of all factors that affect value is called:
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Ownership of personal property is transferred by:
Ownership of personal property is transferred by:
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A landowner's right to use water from a bordering stream or river is called:
A landowner's right to use water from a bordering stream or river is called:
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If Smith builds a fence on Jones' land by mistake, in good faith, and thinks the fence is on Smith's land, then:
If Smith builds a fence on Jones' land by mistake, in good faith, and thinks the fence is on Smith's land, then:
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The fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land describes the economic characteristic of:
The fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land describes the economic characteristic of:
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All of the following are true about a trade fixture EXCEPT:
All of the following are true about a trade fixture EXCEPT:
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Dawson sold a 500-acre farm to Harris but reserved the right to drill for oil. Later, when Dawson arrives with oil drilling equipment, he is denied the right access to the land. Which party has correctly interpreted the agreement?
Dawson sold a 500-acre farm to Harris but reserved the right to drill for oil. Later, when Dawson arrives with oil drilling equipment, he is denied the right access to the land. Which party has correctly interpreted the agreement?
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A township contains how many square miles?
A township contains how many square miles?
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Which of the following statements about air rights is true?
Which of the following statements about air rights is true?
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Study Notes
Real Estate Exam Key Concepts
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Police Power: The authority of the government to regulate for public welfare, distinct from eminent domain and other rights.
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Eminent Domain: The government's power to seize private property for public use after fair compensation, as demonstrated by the City of Atlanta.
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Bundle of Rights: Refers to the total collection of rights associated with property ownership, including the right to sell, lease, or use the property.
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Lien Recording: For a lien to be enforceable, it must be recorded; this establishes priority over debts.
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Estate Types:
- A fee simple estate is inheritable.
- An estate pur autre vie is measured by the life of someone other than the owner.
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Easements: Rights to use another person's land for a specific purpose.
- Easements can be created through deeds or by necessity.
- They do not automatically continue after the dominant tenant’s death if granted for a life estate.
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Servient vs Dominant Estate:
- The servient estate is the property burdened by the easement.
- The dominant estate is the property that benefits from the easement.
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Marketable Title: A property title that is clear and free of disputes, which will support real estate sales.
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Real vs Personal Property:
- Real property includes land and structures permanently affixed to it.
- Personal property is movable and includes items such as furniture or vehicles.
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Fixture: An item initially considered personal property but attached to real property, becoming part of it unless specified otherwise.
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Trade Fixtures: Items used for business that can be removed by the tenant, unlike ordinary fixtures which belong to the property owner if not removed timely.
Water Rights and Land Descriptions
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Riparian Rights: Rights of a landowner to water from a bordering river or stream.
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Littoral Rights: Rights pertaining to bodies of water like lakes or oceans.
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Land Description Methods:
- Metes and Bounds: This method defines a parcel based on measurements and boundaries.
- Lot and Block: Descriptions that rely on recorded plats.
- Rectangular Survey System: Division of land into townships and sections.
Legal Terms and Their Implications
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Homestead Laws: Protects a family home from being seized for debts, safeguarding the bereaved family.
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Dower and Curtesy: Legal rights granted to a spouse to inherit a portion of the other spouse's estate upon death.
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Mechanics' Lien: A security interest in the property for contractors and suppliers who have not been paid for their work, with priority dependent on recording.
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Encroachment: The unauthorized intrusion of a building or structure onto another person's property.
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Liabilities and Easements: Easements can terminate under certain conditions, such as abandonment or if the use is continuously obstructed.
Calculations and Real Estate Math
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Township Size: Each township consists of 36 square miles, equating to 640 acres.
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Area Calculations:
- To determine the acres or square footage, formulas involving length and width are applied.
- Remember: 1 acre = 43,560 square feet.
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Volume Measurements: For cubic spaces, multiply width, depth, and height.
Characteristics of Real Estate
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Immobility: Land cannot be moved; it is fixed in location.
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Uniqueness: No two parcels of land are the same, a principle that drives real estate value.
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Economic Characteristics: Factors like scarcity, location, and improvements substantially impact property value and desirability.
This summary encapsulates key concepts, terms, and calculations relevant to real estate, aiming to aid in exam preparation and understanding of the subject.
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Description
Test your knowledge on key concepts in real estate such as police power, eminent domain, and different types of estates. This quiz covers essential terminology and principles you need for your real estate examination. Prepare for your exam by reviewing these critical concepts!
