Chapter 1 Quiz

  1. Which Best defines real estate
    Land and all things permantly affixed to it
  2. The term nonhomogeneity refers to
    Uniqueness
  3. The bundle of legal rights is included in the definition of
    Real Property
  4. The bundle of legal rights does not include
    • use the property for any purpose, legal or otherwise
    • The bundle of legal rights recognizes the right of an owner to use the property for a legal purpose.
    • There is no legal right to use the property for an illegal purpose.
  5. The following would be considered real estate
    Fences, buildings and growing trees.  Farm equipment would not be.
  6. Cost of the item when purchased is not a consideration when determining whether an tiem is real property
    • The following are:
    • Method of attachment
    • Intended use of the item by it's owner
    • Manner in which the item is actually used with other real property
  7. The three Physical Characteristics of Real Estate are
    • Immobility
    • Indescturcabilty and 
    • Uniqueness
  8. Real property can be converted intp personal property through
    Severance--a groqing tree is real estate until the owner cuts it down, at which the lumber becomes personal property
  9. The tenant of a single family home installs an awning over the building's front windowd to keep the sun away from some delicate hanging plants.
    The awning is considered a fixture.
  10. A property pwner sell the rights ti nuberals located in the ground to an exploration company.  After selling the mineral ights, the woner no longer owns
    Subsurface rights.
  11. The term lands refers not just to the surface of the earth, but also to
    The underlying soil
  12. The term Real Estate includes natural componets of the land as well as
    Permanent man made improvements
  13. Which term refers to anything that can be owned
    Property
  14. The rights, privlidges and improvements that belong to the land and are conveyed when ownership transfers are
    Appurtenances
  15. PA Law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal.  This is known as
    Coal Notice
  16. While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining rooms table.  The seller had not indicated that the celing fan would be removed and the contract did not address this issue.  The following statement is true
    Ceiling fans are normally considered to be real estate.
  17. A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company.  The buyer gave up
    Subsurface rights
  18. A homeowner is building an enclosed front porch on a home.  A trucload if lumber that the homeowner purchased has been left in the driveway for use in building the porch.  At this point, the lumber is considered
    Personal Property
  19. Method of annexation, adaption to real estate and agreement between the parties are the legal tests for determing whether an item is
    A fixture or personal property
  20. A buyer is interested in a house that fits most of her needs, but is located in a busy area where she is not sure she wants to live.  Her concern about the properties location is called
    Area Preference
Author
mgferraro
ID
316924
Card Set
Chapter 1 Quiz
Description
Chapter 1 Quiz
Updated