Term
The Term "property" refers to: a. the rights or interests in the thing owned. b. a freehold estate c. personal property only d. land and buildings only |
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Definition
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Answer: A the rights or interests in the thing owned Property refers to the bundle of rights or interests a person has in the thing owned
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Term
Which of the following is considered real property? A. Lumber B. Airspace above the land C. Unharvested crops under a prior sales contract. D. Landfill soil being hauled |
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Definition
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Answer: B
Land includes the surface and the space above and beneath for an indefinite distance is included with land. Lumber, crops, and landfill soil are movable personal property.
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Term
Which of the following is considered personal property? A. Mineral rights B. Leasehold estates C. Unharvested crops under a prior sales contract D. Landfill soil being hauled |
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Definition
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Answer: B Leasehold Estates is concered personal property.
Mineral rights, improvements to land, and trees growing in a forst are real property. A leasehold estate, also known as a less-than-freehold estate, is a personal property of the tenant.
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Term
Which of the following is considered personal property? A. Improvements B. Apple Trees C. Emblements D. Trees growing in a natural forest |
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Definition
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Answer: C The fruit (apples) from orchards in a commercial grove & crops, which are grown & cultivated annualy for sale, are called emblements. Emblements, or fructus industriales, are crops produced by human labor such as lettuce, grapes, fruits, nuts, wheat, corn, cotton, etc. Emblements, the crops are the personal property, not the trees or plants on which they grow.
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Term
The highest quality & quanity of ownership in real property is: A. determinable fee B. allodial ownership C. life estate D. fee simple |
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Definition
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The Answer: D Ownership in fee simple or fee simple absolute conveys the highest quanity and quality of ownership in the property.
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Term
Which test is not a general test of a fixture? A. Method of attachment B. Time of attachment C. Adaptability of the item D. Intention of the parties |
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Definition
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Answer: B The test to determine a fixture are adaptation and agreement of the parties, intention of the parties, and method of attachement.
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Term
Which of the following is a less-than-freehold estate? A. Life estate B. Estate of Inheritance C. Estate for years D. Estate in remainder |
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Definition
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Answer: C
An estate for years is one of the four types of less-than-freehold estates. They are: (1) estate for years, (2) estate from period to period (3) estate at will, and (4) estate at sufferance. Choices (a),(b), and (d) are freehold estates.
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Term
An uncle left his nephew 2/3 interest & left his nephew's wife 1/3 interest in real property jointly and without the right of survivorship. The nephew and his wife will the assume title to an estate that is classfied: A: community property B. joint tenancy C. tenancy in common D. sole ownership |
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Definition
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Answer: C Tenancy In Common - would be created It is not community property because the interests are unequal. Joint tenancy is impossible due to the unequal interest and lack of surviorship. two or more owners can not create sole ownership. A tenancy in common would be created.
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Term
Ownership in severalty would most likely involve: A. a fee simple defeasible estate B. tenancy in common C. ownership with other parties D. sole ownership |
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Definition
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Answer: D Severalty means you are servered from other owners
Property owned by one person or enity is known as sole and separate, or ownership in severality. Severalty means you are servered from other owners.
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