Real Estate Principles Quiz
48 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

Which of the following is considered real property?

  • Rose bushes planted in yard (correct)
  • Chandelier in front hall
  • Stove and refrigerator (free standing)
  • Mahogany chest in dining room

Personal property is considered to be that which is immovable.

False (B)

What is the primary distinction that determines whether items are considered real property or personal property?

The distinction between real property and personal property.

_____ includes the land and the rights associated with it.

<p>Real property</p> Signup and view all the answers

Match the following items with their classification (real property or personal property):

<p>Wall-to-wall carpeting = Real property Portable dishwasher = Personal property Built-in bookcases = Real property Free-standing stove = Personal property</p> Signup and view all the answers

Under what condition would personal property be included in the sale of a house?

<p>If the seller and buyer agree to include it (B)</p> Signup and view all the answers

All rights in a landowner's bundle of rights are absolute and cannot be restricted.

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

What is included in real property during a sale?

<p>Everything considered part of the real property is transferred to the buyer, unless otherwise agreed.</p> Signup and view all the answers

Which of the following is an implicit inclusion in a transfer of real property?

<p>Mineral deposits underneath the land (D)</p> Signup and view all the answers

A legal description of property is not necessary when purchasing land.

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

Which of the following best defines real property?

<p>Land and anything attached to it (A)</p> Signup and view all the answers

What does property refer to in its broadest sense?

<p>Rights or interests one has in something that is owned</p> Signup and view all the answers

A township contains _____ square miles.

<p>36</p> Signup and view all the answers

Personal property refers to items that are immovable.

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

What are appurtenances in relation to real property?

<p>Rights or interests that accompany ownership of land.</p> Signup and view all the answers

Why is it important to have a legal description in a property purchase contract?

<p>It is necessary for title searches. (C)</p> Signup and view all the answers

A __________ right allows a landowner to use the airspace above their property.

<p>air</p> Signup and view all the answers

Match the following terms with their definitions:

<p>Township = An area of 36 square miles Easement = A right to cross or use someone's land Trade fixture = An item installed for a tenant's business Real property = Land and anything permanently attached to it</p> Signup and view all the answers

What are the two systems for allocating water rights?

<p>Riparian rights and appropriative rights (A)</p> Signup and view all the answers

A permanent structure can be removed by the tenant upon their departure.

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

What is meant by 'riparian rights'?

<p>Rights related to the water source adjacent to the land.</p> Signup and view all the answers

Appurtenances can be sold separately from the land.

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

Real property includes the __________ to possess and sell the property.

<p>right</p> Signup and view all the answers

Match the following types of appurtenances with their definitions:

<p>Air Rights = Right to use airspace above property Water Rights = Rights related to surface or subsurface water Mineral Rights = Rights to minerals beneath the land Support Rights = Rights to structural support from adjacent properties</p> Signup and view all the answers

What takes precedence in the event of discrepancies in property descriptions?

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

Government lots are always square sections of land.

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

How many sections are in a township?

<p>36</p> Signup and view all the answers

A recorded map method describes property by mapping the boundaries of lots and blocks on a __________.

<p>plat map</p> Signup and view all the answers

What is the primary function of range lines in government survey descriptions?

<p>They divide land into columns called ranges. (D)</p> Signup and view all the answers

Each township in a government survey contains 36 sections that are one square mile each.

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

Match the method of land description with its characteristics:

<p>Government survey method = Grid of lines established by federal surveyors Recorded map method = Describes boundaries on a plat map Elevation description = Describes property above ground level Other methods = Referencing existing public records</p> Signup and view all the answers

In which method is land primarily described by township tiers and range lines?

<p>Government survey method (B)</p> Signup and view all the answers

How many acres are there in one section?

<p>640 acres</p> Signup and view all the answers

A street address is always considered an adequate legal description.

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

A township in a government survey is __________ square miles.

<p>36</p> Signup and view all the answers

Match the following terms with their correct definitions:

<p>Principal Meridian = Main north-south line Base Line = Main east-west line Range Lines = North-south lines dividing land into columns Township Lines = East-west lines dividing land into rows</p> Signup and view all the answers

What is the purpose of a datum in legal descriptions?

<p>To establish a plane of elevation</p> Signup and view all the answers

How wide is each range in a government survey?

<p>6 miles (D)</p> Signup and view all the answers

A section in a government survey can be represented as a fraction.

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

What are the grid lines in a government survey that run parallel to the principal meridian called?

<p>Range lines</p> Signup and view all the answers

Which of the following methods includes the name of the principal meridian?

<p>Government survey method (B)</p> Signup and view all the answers

A recorded map method must include the section, township, and range.

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

What is the standard method for describing property in towns and cities?

<p>Recorded map method</p> Signup and view all the answers

A ______ shows lots and blocks in a subdivision.

<p>plat</p> Signup and view all the answers

Match the following land description methods with their characteristics:

<p>Metes and bounds method = Uses physical features and distance measurements Government survey method = Includes section, township, range, and principal meridian Recorded map method = Involves lot and block numbers within a subdivision Other methods = Can include general descriptions or references to earlier documents</p> Signup and view all the answers

What typically happens when land is subdivided?

<p>A map is recorded showing the subdivision. (B)</p> Signup and view all the answers

Street addresses and tax numbers are usually adequate for property identification.

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

What is typically included in a documented plat map?

<p>Lot and block numbers, name of subdivision, county or city</p> Signup and view all the answers

Flashcards

Metes and Bounds

A legal description that starts at the beginning point, outlines all sides of the property using courses and distances and returns to the starting point.

Monuments take precedence

Monuments take precedence over courses and distances in a property description. For example, a monument such as a tree or stream is considered more accurate than measurements alone.

Government Survey Method

A legal description based on a grid system created by the federal government, primarily used in Western states.

Principal Meridian

The main north-south reference line for the government survey method.

Signup and view all the flashcards

Base Line

The main east-west reference line for the government survey method.

Signup and view all the flashcards

Township Lines

Lines running east-west in the government survey method that divide the land into township tiers.

Signup and view all the flashcards

Range Lines

Lines running north-south in the government survey method that divide the land into ranges.

Signup and view all the flashcards

Township

A square of land measuring 6 miles by 6 miles, formed by the intersection of a township tier and a range line, containing 36 square miles.

Signup and view all the flashcards

Real Property

Items that are permanently attached to a property and considered part of the real estate.

Signup and view all the flashcards

Personal Property

Items that are not permanently attached to a property and can be moved.

Signup and view all the flashcards

Bundle of Rights

A legal concept that encompasses the land, its subsurface, the airspace above it, and all the rights and privileges associated with it.

Signup and view all the flashcards

Limitations on Property Rights

Rights associated with land ownership are not absolute and can be restricted by government regulations.

Signup and view all the flashcards

Fixture

Items that are attached to a property but can be removed without significant damage, such as a chandelier or a free-standing refrigerator.

Signup and view all the flashcards

Conveyance

The legal transfer of ownership of real property along with any fixtures.

Signup and view all the flashcards

Items Included in Real Property

Items that are considered part of the real property and typically transfer with the property unless specifically excluded.

Signup and view all the flashcards

Items Excluded from Real Property

Items that are considered personal property and are not automatically included in the transfer of real property unless specifically agreed upon.

Signup and view all the flashcards

Trade Fixtures

Items that are installed by a tenant for business purposes and can be removed at the end of the lease.

Signup and view all the flashcards

Legal Description

The legal description of a property that identifies its exact location and boundaries.

Signup and view all the flashcards

Riparian Rights

The right of a landowner to use water from a nearby source, usually a river or stream.

Signup and view all the flashcards

Freehold Estate

A right of ownership that includes all the benefits and rights associated with owning property - the full bundle of rights.

Signup and view all the flashcards

Mineral Rights

Mineral rights are the owner's rights to extract minerals from the land. These can be sold separately from the surface ownership.

Signup and view all the flashcards

Diverting Surface Water

The right to divert surface water from a property only by agreement with other landowners.

Signup and view all the flashcards

Government Survey

A method of legal description that uses a grid system created by the federal government.

Signup and view all the flashcards

Section

Smaller divisions within a township, each measuring one square mile (640 acres).

Signup and view all the flashcards

Acre

A measurement of land equal to 43,560 square feet.

Signup and view all the flashcards

Appurtenances

Rights or interests that are connected to the ownership of land, such as air rights, water rights, mineral rights, and support rights.

Signup and view all the flashcards

Air rights

The right to use the airspace above your property; they can be sold separately from the land itself.

Signup and view all the flashcards

Appropriative rights

The right to use water obtained from a source, like a well, where you have permission to access water.

Signup and view all the flashcards

Subsurface water rights

The right to use water beneath the surface of the land, often associated with mineral resources.

Signup and view all the flashcards

Recorded Map Description

A legal description of property in a subdivision that uses a recorded map, showing the precise location and dimensions of each lot.

Signup and view all the flashcards

Plat Map

A map that shows the lots and blocks within a subdivision, used to identify individual parcels of land.

Signup and view all the flashcards

Lot and Block Method

A method of describing property in a subdivision using lot and block numbers, subdivision name, and county or city location.

Signup and view all the flashcards

Government Survey Description

A legal description that identifies a parcel of land using its section, township, and range within the government survey system.

Signup and view all the flashcards

Study Notes

Learning Objectives

  • Students will be able to define real property and distinguish it from personal property
  • Students will be able to explain the concept of an appurtenance to real property
  • Students will be able to list the five main types of appurtenant rights
  • Students will be able to contrast riparian and appropriative water rights systems
  • Students will be able to describe natural attachments and understand the circumstances under which they are transferred with real property
  • Students will be able to discuss the tests used to determine whether an item is a fixture or personal property
  • Students will be able to summarize the special rules that apply to trade fixtures or mobile homes
  • Students will be able to compare the three major methods of land description and recognize examples of each

Suggested Lesson Plan

  • Briefly describe Chapter 1, "The Nature of Real Property," and review the objectives of the chapter.
  • Use Exercise 1.1 to generate interest and check baseline understanding of the topics.

Real Property

  • Real property includes the land, anything permanently attached to it, and anything associated with the land
  • Personal property is movable property, not permanently attached to land

Appurtenances

  • Rights or interests associated with property ownership, including air, water, mineral, and support rights
  • Air rights are rights to utilize the space above the land
  • Water rights differ depending on the location of the water—riparian rights are associated with flowing water, while appropriative rights are from the government
  • Mineral rights allow the extraction of resources from below the surface
  • Oil and gas rights apply to moving resources
  • Other appurtenances include easements and restrictions

Attachments

  • Natural attachments such as roots/bushes/trees are considered real property
  • Man-made attachments are fixtures, initially personal property
  • Fixtures become part of the real property when permanently attached
  • Five tests determine if an item is a fixture: method of attachment, adaptation, relationship of parties, intention of annexor, and written agreement
  • Trade fixtures are attached by tenants to conduct business—they become personal property at the end of the lease unless agreed upon

Mobile Homes

  • Mobile homes are personal property until permanently attached to land
  • Certification as real property is required for transfer

Land Description

  • Metes and bounds: uses distances and directions to describe property boundaries
  • Government survey: uses sections, townships, and ranges in land survey systems
  • Recorded map: descriptions are from recorded plats, showing lots and blocks within subdivisions

Studying That Suits You

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

Quiz Team

Related Documents

The Nature of Real Property PDF

Description

Test your knowledge on the distinctions between real property and personal property with this quiz. It covers concepts such as the bundle of rights, appurtenances, and conditions related to property sales. Perfect for real estate students and enthusiasts!

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser