Real Estate Principles Quiz

How many square miles are in one township?

Which of the following terms refers to the rights given to a non-riparian landowner for water usage?

What is the total acreage owned by a single family home if it is described as having a bearing wall?

Which item determines the rule of capture in terms of water rights?

Which of the following is NOT a characteristic of real property?

Which type of contract cannot be conveyed separately from the surrounding real property?

Which of the following statements about surface water rights is true?

What is the least satisfactory source for obtaining a legal description of a parcel of real property?

Which statement regarding the permanent foundation of real property is false?

Which of the following sources is least likely to provide reliable evidence of real property status?

What is considered real property?

What is a legal description typically used for in real estate?

Which of the following influences whether a fixture is considered real property?

Under the prior appropriation system, what can be transferred with real property?

In real estate, what does the term 'property' often refer to?

Chapter 1 Quiz

Township Size: A township contains 36 square miles.
Non-Riparian Water Rights: A non-riparian owner may be granted permission by the state to use water from a nearby lake, known as appropriation.
Real Property vs. Personal Property: A bearing wall in a home is real property, while trade fixtures (removable without damage) are personal property. A maturing grape crop (to be harvested later) and a refrigerator built into a mobile home are also personal property.
Real Property Instruments: Documents like land contracts, mortgages, and deeds are used in transferring real property interests. Bills of sale are for personal property.
Real Property Examples: Fixtures, like a stud in a wall, are considered real property, unlike temporary items like shrubs that haven't been planted or harvested crops.
Land Ownership Calculation: Luisa owns 30 total acres, comprising two parcels of farm property described using fractional sections of a township.
Mineral Rights: Mineral rights automatically transfer with the sale of real property, unless otherwise agreed upon.
Legal Property Descriptions: Deeds, preliminary title reports, and escrow instructions are all acceptable sources for legal property descriptions; real property tax bills are less reliable.
Fixtures: Fixtures, such as a permanently installed water heater, are part of real property and transferred with it. Temporarily installed items, like a fence pulled down, become personal property and aren't included unless explicitly specified in the transaction.
Township Conversion: 28 miles square is equivalent to 16 townships.
Legal Description Importance: A legal description is essential in property transactions to avoid confusion, particularly concerning multiple properties owned by the seller.
Property Definition: Property rights include intangible things such as appurtenances (like the right to extract minerals) along with tangible items.
Real Property vs. Personal Property: Real property is defined by including natural attachments and appurtenant rights (such as easements). A building on land is real property, unlike personal property.

Test your knowledge on key concepts in real estate, including land rights, property characteristics, and legal descriptions. This quiz covers various aspects of real property and water rights, helping you understand foundational principles. Perfect for students in real estate courses or professionals looking to refresh their knowledge.