Property Ownership and Real Estate Concepts, Exams of Nursing

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EXAM 1 - Property Ownership

The main difference between the terms real estate, and real property is that only real property includes: A. fences B. improvements C. ownership rights D. landscaping - correct answer ✔✔B. improvements; Real property consists of land and everything permanently attached to land, as well as the rights of ownership The "bundle of rights" refers to: A. condemnation B. water rights only C. real property rights D. chattel - correct answer ✔✔C. real property rights; The bundle of rights refers to all rights an owner may have in real property. Condemnation is an action to take property after a government's claim of eminent domain. Water rights are a one stick or ownership right in the bundle of rights. Chattel is a term for personal property. Which of the following is evidence of a definite ownership right in real property? A. Lease B. Occupy C. Possess D. Sell - correct answer ✔✔D. Sell;

Possession, leasing real property, or occupying real property are part of a leasehold estate and do not necessarily include other ownership rights. Of the choices in the question, only the right to sell is evidence of ownership rights. Sima's property borders a gorgeous lake. She owns..... A. Riparian rights B. Legal rights C. Littoral rights D. Squatter's rights - correct answer ✔✔C. Littoral rights Littoral rights apply to a property bordering a stationary body of water, such as a lake or a sea. In contrast, riparian rights belong to the owner of property bordering a flowing body of water. The land and improvements, and all legal rights, powers, and privileges of real estate ownership are called: A. license B. real property C. subsurface rights D. personal property - correct answer ✔✔B. real property Real property is the land and improvements, and all legal rights, powers, and privileges of real estate ownership. Personal property is readily movable. A license is a personal privilege to do a particular act or series of acts on the land of another. Subsurface rights of a property include the right to the area below the ground. All property that is readily movable is known as: A. real property B. realty

C. personal property D. real estate - correct answer ✔✔C. Personal property Personal property is everything that is not real property; and not attached to land. Real property is a term for land and its legal rights and that does not have readily movable attachments. Real estate is the land and all of its improvements and is not readily movable. Hal plans to sell his tired, worn out household furnishings when he sells his house. He will most likely use a document called a: A. purchase offer B. transfer affidavit C. bill of sale D. sales contract - correct answer ✔✔C. bill of sale Sales contracts and purchase offers are used in the sale of real property. Hal will most likely use a bill of sale to sell personal belongings such as household furnishings. The process of the gradual addition to one's land by the deposit of soil from a flowing river or stream is: A. accrual B. avulsion C. accretion D. alluvion - correct answer ✔✔C. accretion The gradual building up of land in a watercourse over time by deposits of silt, sand, and gravel is called accretion. Alluvion is increased soil, gravel, or sand on a stream bank resulting from the flow or current of the water. Isaac bought a property that borders a river that also has a quarry on the land. What are the rights that Isaac has in the property?

A. All of the answers shown B. Mineral rights C. Riparian rights D. Subsurface rights - correct answer ✔✔A. All of the answers shown Because of the quarry, Isaac possesses subsurface and mineral rights. Riparian rights also belong to the owner of property bordering a flowing body of water such as a river. The legal notice that a lawsuit is pending affecting title or possession of a specific property is called a(n): A. transcript of judgment B. general lien C. involuntary lien D. lis pendens - correct answer ✔✔D. lis pendens Lis pendens is the legal notice that a lawsuit is pending affecting title or possession of a specific property. A general lien is a claim against a person and all of his/her property. Chattel is another name for: A. real property B. air rights C. personal property D. cattle - correct answer ✔✔C. personal property Chattel is another name for personal property. Real property is the land, improvements to the land, and the rights of property owners. Rights to the area above the earth are air rights. Ownership rights that belong to the owner of property bordering a flowing body of water are:

A. riparian rights B. river rights C. littoral rights D. percolating water - correct answer ✔✔A. riparian rights Riparian rights belong to the owner of property bordering a flowing body of water. Percolating water is underground water drawn by wells. Littoral rights apply to property bordering a stationary body of water, such as a lake or sea. An accurate legal description on a deed must include: A. a legal description of the land B. assessor's tax number only C. a picture of the property D. street address of the property only - correct answer ✔✔A. a legal description of the land A formal legal description of the land such as a metes and bounds description or reference to a plat, lot, or block, is necessary for a deed. A description by reference: A. may refer to a plat as part of a subdivision that has been recorded B. refers to all of the answers shown C. may be the only description in the deed D. may be in addition to another description - correct answer ✔✔B. refers to all of the answers shown A description by reference in a deed refers to a description that is in another document. Therefore, the description is not always repeated in a document such as a deed but refers to another already recorded document. Therefore, all of the statements in the question apply.

A reference to a lot and block number can be generally found on a: A. closing statement B. deed C. mortgage D. contract of sale - correct answer ✔✔B. deed A reference to a lot and block number is generally found on municipal tax maps and various forms of deeds. A mortgage is a written instrument used to pledge a title to a real property to secure payment of a promissory note. One of the most important recognizable factors of the metes and bounds description is the: A. size of the property being described B. point of beginning C. number of degrees north D. placement of the monuments - correct answer ✔✔B. point of beginning A metes and bounds description on a deed can be recognized by the fact that the description starts at a point of beginning. The number of degrees in a direction may be in a metes and bounds description, and also the size of the property, but it is not the describing factor. The placement of monuments is another type of property description. The metes and bounds description is generally: A. used only if a survey is not available B. written by the real estate agent C. written from a survey of the property D. made up by an attorney - correct answer ✔✔C. written from a survey of the property

A metes and bounds description is created from a survey of the property by a licensed surveyor. Tayisha had attached built in bookshelves to the walls of her retail store and removed them when her lease was up. These items are called: A. trade fixtures B. a stick in the bundle of rights C. estates in land D. common elements - correct answer ✔✔A. trade fixtures Trade fixtures are items of personal property that a business operator installs in rented building space, and they are presumed to remain personal property. Items become fixtures and part of real property in a number of ways. Which of the following is NOT a method by which an item becomes a fixture? A. Agreement B. Adaptation C. Application D. Attachment - correct answer ✔✔C. Application Application is not a method by which items become fixtures in real property. Personal property that attaches permanently to the land or improvements and becomes part of the real property is a: A. attachment B. chattel C. common elements

D. fixture - correct answer ✔✔D. Fixture Habib deeds his land to his friend, Selena, with the condition that she only uses it for residential purposes. This deed is an example of a..... A. life estate B. fee simple defeasible estate C. partnership D. tenancy in common - correct answer ✔✔B. fee simple defeasible estate A fee simple defeasible estate is similar to a fee absolute except that there are conditions of ownership as in the question. A life estate is only owned for the owner's lifetime. Tenancy in common refers to two or more people holding title to a property at the same time. In a partnership, a business is owned by two or more people. Ownership, possession, and control of a property that is contingent upon living and lost at death define a: A. cooperative B. joint tenancy C. life estate D. fee simple absolute - correct answer ✔✔C. life estate