Real Estate Property Quiz

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Questions and Answers

What is one method used to determine if an item is a fixture or personal property?

Method of attachment (correct)

Size of the item

Color of the item

Cost of the item

What document should be used to convey title to personal property in a real estate transaction?

Lease agreement

Real estate contract

Bill of sale (correct)

Purchase offer

Which of the following statements is true regarding the intention of the annexor?

It is irrelevant if the item is attached.

It is only considered after a court case.

It only matters for items under a certain value.

It helps determine if an item is a fixture. (correct)

What should be included in a purchase agreement if the seller plans to remove certain items before the transaction closes?

An explicit statement regarding the removal Signup and view all the answers

Which of the following is typically considered part of the real property?

Chandelier Signup and view all the answers

What happens if there is no written agreement between parties regarding fixtures?

Courts will use a series of tests to classify items. Signup and view all the answers

Which of the following scenarios exemplifies a permanent attachment to real property?

Trees with roots in the soil Signup and view all the answers

Which of the following could be classified as a fixture based on adaptation to the real property?

A fence surrounding a yard Signup and view all the answers

What is the primary purpose of a plat map in property subdivision?

To make legal descriptions of subdivided land more convenient Signup and view all the answers

Which of the following describes a method used by surveyors to create subdivision maps?

Metes and bounds method Signup and view all the answers

What information does a referenced lot number provide in legal descriptions of property?

It serves as a sufficient legal description of the lot Signup and view all the answers

What additional information might be found on a plat map aside from lot boundaries?

Dimensions of easements and location of survey markers Signup and view all the answers

When can a simple reference to a recorded document be used as a property description?

When there is an adequate description already in public record Signup and view all the answers

Which of the following is NOT included in the information provided by a plat map?

Location of nearby schools Signup and view all the answers

What must be ensured for a tax assessor's map to be used in property description?

It must be recorded in the county where the property is located Signup and view all the answers

What is the term used for groups of lots surrounded by streets in a subdivision?

Blocks Signup and view all the answers

What happens to a house when it is purchased separately from the land?

It becomes personal property. Signup and view all the answers

Which of the following is NOT a method of legal description for a property?

Geographical coordinates Signup and view all the answers

What is the initial step in a metes and bounds description?

Specify a point of beginning. Signup and view all the answers

Why is it important for the legal description of a property to be accurate?

To facilitate future transactions without confusion. Signup and view all the answers

In a metes and bounds description, what do 'courses' refer to?

The compass readings indicating directions. Signup and view all the answers

What kind of objects can serve as monuments in a metes and bounds description?

Either natural or man-made objects. Signup and view all the answers

What might happen if a legal description of a property is ambiguous?

It could invalidate contracts or deeds. Signup and view all the answers

When does a house that is personal property transform back into real property?

When it is installed on a new site. Signup and view all the answers

What divides the land into rows or tiers in the government survey system?

Township lines Signup and view all the answers

Which line is used as a reference for identifying townships in the government survey system?

Principal meridian Signup and view all the answers

How is a township identified in the government survey system?

By its position relative to the principal meridian and base line Signup and view all the answers

What is the area of each township in the government survey system?

36 square miles Signup and view all the answers

What is the naming convention for a township located in the fourth tier north and the third range east?

T4N, R3E Signup and view all the answers

What is the purpose of a guide meridian in the grid system?

To mark every fourth range line Signup and view all the answers

How many sections does each township contain?

36 sections Signup and view all the answers

Which of the following principal meridians is NOT one of the three mentioned for California?

Los Angeles Signup and view all the answers

Which method of legal description involves the use of monuments, courses, and distances?

Metes and bounds Signup and view all the answers

What type of water rights do landowners have when their property borders a stationary body of water?

Littoral rights Signup and view all the answers

In the government survey system, what is a 'township'?

A division comprised of 36 sections Signup and view all the answers

Which term refers to crops produced annually through the labor of the cultivator?

Emblements Signup and view all the answers

What is the function of a 'point of beginning' in a metes and bounds description?

It serves as the starting point for measurements Signup and view all the answers

Which of the following describes the term 'riparian rights'?

The rights to reasonable use of flowing water Signup and view all the answers

Which legal term is used to refer to personal property that a tenant attaches to real property for business purposes?

Trade fixtures Signup and view all the answers

What is the principal meridian used for in the government survey system?

As a reference point for land description Signup and view all the answers

Which of the following is typically included in real property?

Kitchen sink Signup and view all the answers

What legal principle protects tenant farmers when they have planted crops?

Doctrine of emblements Signup and view all the answers

How many acres are there in a standard section of a township?

640 Signup and view all the answers

What is the area of a parcel that measures 1/4 of a mile by 1/4 of a mile?

1/16 of a section Signup and view all the answers

What is the distance between the east and west boundary lines of a township?

Six miles Signup and view all the answers

In a township consisting of 36 sections numbered consecutively, where is the last section located?

Southeast corner Signup and view all the answers

What defines ownership of oil and gas extracted from beneath a property?

Rule of capture Signup and view all the answers

What is required to obtain a water appropriation permit?

No necessity to own riparian or littoral land Signup and view all the answers

Study Notes

Principles of California Real Estate

This book covers various aspects of California real estate law, including contracts, financing, and appraisal.
The book is the 19th edition, published in 2021 by Rockwell Publishing Company.
The ISBN is 978-1-950728-00-8
The book is printed in the United States of America.
It includes chapters on the nature of real property, transfer of real property, encumbrances, public restrictions, contracts, agency law, financing, appraisal, and closing transactions, among other topics.

Chapter 1: The Nature of Real Property

Real property encompasses land, improvements, and rights associated with ownership, including appurtenances (air, water, mineral, oil, and gas rights).
Attachments include natural (trees, plants) and manmade (fixtures) items permanently affixed to the land.
Fixtures are items that were originally personal property but are now legally considered real property due to their attachment or adaptation to the property.
Mobile homes are categorized as either personal or real property based on their attachment/registration status.
Legal descriptions of land (metes and bounds, government survey, and recorded maps) are essential for transactions.

Chapter 2: Estates in Land and Methods of Holding Title

Examines different types of estates in land (e.g., fee simple, life estate).
Explains methods of holding title, such as tenancy in common, joint tenancy, and community property.

Chapter 3: Transfer of Real Property

Explains processes for voluntary and involuntary transfer of title.
Discusses the role of title insurance in protecting interests in real estate transactions.

Chapter 4: Encumbrances

Covers various types of encumbrances (financial and non-financial).
Defines and explains liens, easements, and other real estate restrictions.

Chapter 5: Public Restrictions on Land

Outlines rules and regulations regarding land use, often controlled by local and state governments.
Discusses eminent domain and taxation of real property.

Chapter 6: Contract Law

Details various types of real estate contracts
Provides insights into the essential elements of valid contracts and rules to follow during transactions
Explains breach of contract and how to resolve various problems using applicable laws

Chapter 7: Types of Real Estate Contracts

Covers various aspects of contracts, including Listing Agreements, Buyer Representation Agreements, Purchase Agreements, Land Contracts, Option Agreements, and Leases.

Chapter 8: Real Estate Agency Law

Explains the fundamental concepts of agency relationships in real estate transactions.
Discusses the duties and responsibilities of real estate agents.

Chapter 9: Principles of Real Estate Financing

Discusses the economics of real estate finance and real estate finance markets.
Explores various real estate financing documents, such as mortgages and other forms of lending.

Chapter 10: Applying for a Residential Loan

Covers choosing a lender, the loan application process, common loan features, as well as options available for residential financing, including programs and predatory lending.

Chapter 11: Real Estate Appraisal

Introduction to real estate appraisal, including the appraisal process and methods.

Chapter 12: Closing Real Estate Transactions

Discusses escrow, closing costs, and settlement statements.
Details aspects of income taxes tied to closing a property.

Chapter 13: Income Taxation and Real Estate

Explains fundamental taxation related to property, including exclusions and deductions related to real estate.

Chapter 14: Antidiscrimination Laws and Other Marketing Regulations

Outlines federal and state laws to ensure fairness when considering property and related services, including advertising regulations.

Chapter 15: Real Estate Construction, Ownership, and Investment

Provides an overview of construction, ownership, and investment opportunities in real estate.

Chapter 16: California Real Estate License Law

Explores California regulations regarding license requirements, and related issues.

Chapter 17: Real Estate Math

Deals with mathematical problems related to real estate, including calculations for area, volume, percentages, assessments, and prorations

Glossary

Definitions for key terms throughout the book are provided in the Glossary.

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Description

Test your knowledge on the distinctions between fixtures and personal property in real estate. This quiz covers key concepts such as purchase agreements, plat maps, and legal descriptions. Perfect for students and professionals looking to enhance their understanding of property laws.