Chapter 1 Quiz - Principles of California Real Estate Instructor Materials PDF

Chapter 1: Nature of Real Property Chapter 1 Quiz   +RZPDQ\VTXDUHPLOHVDUHLQRQHWRZQVKLS"   :KLFKRIWKHIROORZLQJZRXOGEHFRQVLGHUHG A. 1 UHDOSURSHUW\" B. 6...

Chapter 1: Nature of Real Property Chapter 1 Quiz   +RZPDQ\VTXDUHPLOHVDUHLQRQHWRZQVKLS"   :KLFKRIWKHIROORZLQJZRXOGEHFRQVLGHUHG A. 1 UHDOSURSHUW\" B. 6  $ )L[WXUHVWKDWDWHQDQWLQWHQGVWRUHPRYH  &   % $VWXGIRUPLQJSDUWRIDZDOO D. 43,560  & 6KUXEVWKDWKDYHQRW\HWEHHQSODQWHG  ' &URSV WKDW KDYH QRW EHHQ KDUYHVWHG EXW ZKHUHDVDOHDJUHHPHQWKDVEHHQUHDFKHG   $QRQULSDULDQRZQHULVJLYHQSHUPLVVLRQE\ WKHVWDWHWRXVHZDWHUIURPDQHDUE\ODNH7KLV ULJKWLVNQRZQDV   /XLVDRZQVWZRSDUFHOVRIIDUPSURSHUW\2QH  $ WDNLQJV LVGHVFULEHGDVWKH³1RIWKH6RIWKH B. percolation (RIWKH:RIWKH1:RI6HFWLRQ  & WKHUXOHRIFDSWXUH ´ZKLOHWKHRWKHULVWKH³(RIWKH1( D. appropriation RIWKH1(RI6HFWLRQ´+RZPDQ\WRWDO DFUHVGRHVVKHRZQ" A. 30 acres   :KLFKRQHRIWKHIROORZLQJLWHPVLVUHDOSURS- B. 40 acres HUW\"  & DFUHV  $ $EHDULQJZDOOLQDVLQJOHIDPLO\KRPH D. 80 acres  % 7UDGH¿[WXUHVLQVWDOOHGE\DWHQDQWUHPRY- DEOHZLWKRXWGDPDJH  & $PDWXULQJJUDSHFURSWREHKDUYHVWHGODWHU 8. Mineral rights, unless there is an agreement under a sale contract RWKHUZLVH D. A refrigerator built in to a mobile home that  $ DUHDXWRPDWLFDOO\WUDQVIHUUHGZLWKWKHVDOH is not on a permanent foundation of real property  % DUHDOZD\VNHSWE\WKHRULJLQDORZQHURI the property   $OORIWKHIROORZLQJLQVWUXPHQWVPD\EHXVHG  & FDQQRW EH FRQYH\HG VHSDUDWHO\ IURP WKH in a transfer of an interest in real property, surrounding real property except a: D. cannot be leased A. land contract B. mortgage  & ELOORIVDOH   :KLFKRIWKHIROORZLQJVWDWHPHQWVDERXWZDWHU D. deed ULJKWVLVWUXH"  $ 6XUIDFHZDWHULQFOXGHVÀRRGZDWHU  % 6XUIDFHZDWHUDQGÀRRGZDWHUDUHV\QRQ\-   :KLFKRIWKHIROORZLQJVRXUFHVZRXOGEHWKH mous least satisfactory for obtaining a legal descrip-  & 6XUIDFHZDWHUDQGJURXQGZDWHUDUHV\Q- WLRQRIDSDUFHORIUHDOSURSHUW\" onymous A. Deeds  ' 6XUIDFHZDWHUDQGÀRRGZDWHUDUHWUHDWHG B. Preliminary title reports GL൵HUHQWO\  & (VFURZLQVWUXFWLRQV  ' 5HDOSURSHUW\WD[ELOOV 9  Principles of California Real Estate Instructor Materials  :KLFKRIWKHIROORZLQJVWDWHPHQWVUHJDUGLQJ  :KLFKRIWKHIROORZLQJLVUHDOSURSHUW\" ¿[WXUHVLVIDOVH" A. Land and buildings  $ )L[WXUHVZKLFKDUHLQVWDOOHGDIWHUDPRUW-  % 1DWXUDOLPPRYDEOHREMHFWV JDJHEHFRPHVH൵HFWLYHDUHVXEMHFWWRWKH  & $QHDVHPHQWRUULJKWRIZD\RQDQDGMDFHQW lien of the mortgage property  % 7UDGH¿[WXUHVLQVWDOOHGE\DWHQDQWPD\EH  ' $OORIWKHDERYH UHPRYHGE\WKHWHQDQWXSRQKLVGHSDUWXUH  & $ ZDWHU KHDWHU LQVWDOOHG LQ DQ DSDUWPHQW XQLWLVD¿[WXUH D. A fence that has been permanently torn GRZQDQGLVQRZDSLOHRIOXPEHULVFRQ- sidered real property  +RZ PDQ\ ZKROH WRZQVKLSV FRXOG ¿W LQWR D SDUFHORIODQGWKDWLVPLOHVVTXDUH" A. 28 B. 22  &  D. 16  :K\ LV D OHJDO GHVFULSWLRQ DOZD\V UHFRP- PHQGHGLQDFRQWUDFWWRSXUFKDVHSURSHUW\"  $ ,WLVDUHTXLUHPHQWRIIHGHUDOO\UHODWHGOHQG- ers  % ,WZLOOSUHYHQWFRQIXVLRQLIWKHVHOOHUKDV other properties in the area  & ,WZLOOKHOSFRRSHUDWLQJEURNHUVORFDWHWKH property D. It is necessary in order to be able to perform a title search  ,QLWVEURDGHVWVHQVHWKHGH¿QLWLRQRISURSHUW\ refers to:  $ WKLQJVRZQHGE\EX\HUVRUVHOOHUV B. rights or interests one has in something that LVRZQHG  & UHDOW\RZQHGRUDFTXLUHGE\DQLQGLYLGXDO D. only a freehold estate  8QOHVVH[FHSWHGIURPDJUHHPHQWZKLFKRIWKH IROORZLQJDUHLPSOLFLWO\LQFOXGHGLQDWUDQVIHU RIUHDOSURSHUW\" A. A building constructed on land B. Mineral deposits underneath the land  & 5LSDULDQULJKWVDSSXUWHQDQWWRWKHODQG  ' $OORIWKHDERYH 10  Chapter 1: Nature of Real Property Answer Key  & $WRZQVKLSFRQWDLQVVTXDUHPLOHV  $ 0LQHUDOULJKWVZLOODXWRPDWLFDOO\ ,WFRQWDLQVVHFWLRQVHDFKRIZKLFK pass from the seller to the buyer of LVRQHVTXDUHPLOH real property. Mineral rights can be FRQYH\HGRUOHDVHGZLWKRXWWKHVXU- 2. D. Under the prior appropriation system, rounding real property. DQRZQHURIODQGORFNHGSURSHUW\PD\ UHFHLYHWKHULJKWWRWDNHZDWHUIURPD  ' $ODQGRZQHUPD\EXLOGGLNHVLQRUGHU GLVWDQWVRXUFHIRUDSDUWLFXODUEHQH¿- WRGLYHUWÀRRGZDWHUVEXWPD\GLYHUW FLDOXVH XVXDOO\LUULJDWLRQ  VXUIDFHZDWHUVRQO\E\DJUHHPHQW  $ $EHDULQJZDOOLVDSHUPDQHQWSDUWRI ' (YHQWKRXJKWKHIHQFHZDVDPDQPDGH WKHUHDOSURSHUW\7KHRWKHURSWLRQVDUH DWWDFKPHQWLWVUHPRYDOFRQVWLWXWHVD all personal property. VHYHUDQFHDQGLWKDVEHFRPHSHUVRQDO property again.  & $ELOORIVDOHLVXVHGWRWUDQVIHUDQLQ- WHUHVWLQSHUVRQDOSURSHUW\7KHRWKHU ' 5HPHPEHUWKDWDWRZQVKLSLVVL[PLOHV RSWLRQVDOOFDQEHXVHGLQDFRQYH\- on each side. If a parcel is 28 miles long ance of real property. RQHDFKVLGH\RXFRXOG¿WIRXUWRZQ- VKLSVDORQJWKHOHQJWKDQGWKHZLGWKRI  ' $UHDOSURSHUW\WD[ELOOXVXDOO\ZLOO WKHSDUFHO 7KHSDUFHOLVQ¶WELJHQRXJK refer to the property by the tax asses- WR¿W¿YHDORQJHDFKVLGH 0XOWLSO\ VRU¶VSDUFHOQXPEHUUDWKHUWKDQDOHJDO IRXUE\IRXUWR¿QGWKDWWRZQVKLSV¿W description of the property. in the parcel.  % 6LQFHDVWXGLVSDUWRIDKRXVH¶VIUDPH 12. B. A legal description is particularly it is a permanent part of the real es- LPSRUWDQWLIDVHOOHURZQVPXOWLSOH WDWH7KHRWKHURSWLRQVDUHDOOSHUVRQDO SURSHUWLHVLQRUGHUWRDYRLGDQ\FRQ- property. IXVLRQDVWRZKLFKSURSHUW\LVWREH FRQYH\HG 7. A. Start by determining the size of the ¿UVWSDUFHODFUHVGLYLGHGE\ 13. B. Property is not limited to tangible LVDFUHVDFUHVGLYLGHGE\ things. It can also include appurtenanc- LVDFUHVDFUHVGLYLGHGE\LV HVZKLFKDUHLQWDQJLEOHULJKWVVXFKDV DFUHVDFUHVGLYLGHGE\LV the right to extract minerals. DFUHV$QGDFUHVGLYLGHGE\LV DFUHV1RZ¿QGWKHDUHDRIWKHVHFRQG SDUFHODFUHVGLYLGHGE\LV DFUHVDFUHVGLYLGHGE\LV DFUHV$QGDFUHVGLYLGHGE\LV acres. Add 10 acres to 20 acres for a total area of 30 acres. 11  Principles of California Real Estate Instructor Materials 14. D. A building attached to the land is con- VLGHUHGD¿[WXUHDQGWKHUHIRUHLVD part of the real property that passes to a buyer in a transaction. If the parties VSHFL¿FDOO\H[FOXGHD¿[WXUHLWFDQEH excepted from the sale. ' 5HDOSURSHUW\LQFOXGHVQRWMXVWODQG and buildings, but also natural attach- ments and any appurtenant rights, ZKLFKLQFOXGHHDVHPHQWV 12