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Real Estate-Unit 2: Real Property Law

Terms in this set (30)

A property owner's land is located along the banks of a river. This owner's water rights are called...
Riparian rights.
A bookstore rents a space in a commercial building. The book store owner installed books shelves and tables that are fastened to walls. Which BEST characterizes the contents of the bookstore?
The shelves and tables are trade fixtures and may properly be removed by owner before lease expiration. The owner is responsible for any damage done to property during removal.
Immobility, uniqueness, and indestructibility, are what type of characteristics of land?
Physical characteristics.
The development of a parcel of land can have a significant impact on its value because of the economic characteristic that considers...
Improvements to the land.
The right to use any water that is controlled by the state...
Prior appropriation.
Which of the following is personal property?
Emblements. (profit from crops, considered personal prop.)
Specific laws that are important to real estate professionals are, the law of contracts, general property law, the law of agency, and the SPECIFIC...
State real estate license law.
Which of the following is NOT a test to determine a fixture from a personal property?
Cost of item.
Method of annexation, adaptation to real estate, and agreement between the parties, are the legal tests for determining...
Whether an item is a fixture or personal property.
Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as...
Appurtenances.
The owner of a manufactured home has elected to classify it as real property. Which of the following would NOT support his goal?
Moving the house every 6 months.
What are ceilings (usually) classified as in a home?
Real estate.
A busy area is problematic for the buyer. The buyer's concern about the property's location is called...
Area preference.
The considerable amount of earth's undeveloped land contributes to which economic characteristic?
Scarcity.
Another name for personal property...
Chattels.
Any trade fixtures that remain on property after the end of a lease...
Became the real property of the landlord.
Land development costs for capital and labor contribute to economic characteristic of... (think of longevity)
Permanence of investment.
Land acquired through deposits from a river along an individual's property...
Accretion.
Real estate license laws are to protect consumers from...
Fraud, dishonesty, and incompetence.
An owner of vacant land removes and sells its topsoil, limestone, and gravel. At the owner's death, which is TRUE?
The heir inherits the property as is.
Real estate generally includes all of the following EXCEPT...
Annual Crops.
In addition to state licensing laws, other laws which have a significant effect on real estate practice include...
State and local land-use ZONING laws.
Real estate brokers and associate may NOT act as attorney's...
Unless they are licensed attorneys representing clients in that capacity.
The allocation of water rights is controlled by...
The doctrine of prior appropriation.
Which of the of the following is considered personal property?
Patio furniture.
Doctrine of Prior appropriation is...
Determined by priority of beneficial use towards water rights.
How can real property be converted to personal property?
Through severance.
What is a physical characteristic of land?
Indestructibility.
A property's bundle of legal rights entitles the owner to do all of the following except...
Exclude utility meter readers.
Laws that govern the ownership of water rights and adjacent land are closely linked to...
Climatic and topographical conditions.
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