Unit 2: Real Property and the Law

A buyer is interested in a house that is well designed, but is located in a busy area that is problematic for the buyer. The buyer's concern about the property's location is called
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A buyer is interested in a house that is well designed, but is located in a busy area that is problematic for the buyer. The buyer's concern about the property's location is called
area preference.
In determining whether an item is real or personal property, a court would NOT consider which of the following?
.The cost of the item when it was purchased
Real estate professionals can't be experts in all areas of real estate law,
but they should know and understand some basic principles.
Which of the following is NOT a test in determining whether the intent of the person who installed an item was that it be a fixture or personal property?
Cost of the item
Which of the following is a physical characteristic of land?
Indestructibility
An owner of land is entitled to all land created through an increase in the land resulting from the deposit of soil by the water's action called
accretion.
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?
Subsurface rights
The right to use any water (other than for limited domestic use) that is controlled by the state rather than the landowner adjacent to the water is called
prior appropriation.
The considerable amount of undeveloped land available on the earth's surface contributes to land's economic characteristic of
scarcity.
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.
The purpose of real estate license laws is to protect the public in real estate transactions from fraud, dishonesty, andincompetence.The term nonhomogeneity refers touniqueness.The owners of littoral rights enjoyunrestricted use of available watersWhich of the following is considered an improvement?SewerReal estate generally includes all the following EXCEPTannual crops.A buyer particularly liked the ornate brass lighting fixtures in a seller's house and immediately made an offer, which the seller accepted. On moving day, the buyer discovered that the seller had replaced all the ornate brass lighting fixtures with plain chrome ones. Which of these is MOST likely a correct assumption?Buyer: "Lighting fixtures are normally considered to be real property."The real estate licensing laws passed by all 50 states, the District of Columbia, and all Canadian provincesdiffer in some details, such as prelicensing education requirements.A property owner's bundle of legal rights entitles the owner to do all of the following EXCEPTexclude utility meter readers.When an owner of real estate sells the property to someone else, which of the "sticks" in the bundle of legal rights is the owner as seller using?DispositionTo determine whether an item is a fixture, the MOST important test is whetherthe person who installed it intended for it to be permanent.A right or privilege tied to real property, although not necessarily part of the property, is calledan appurtenance.The need for regulation of the activities of real estate brokers and salespeople has long been recognized becausetheir work involves other people's real estate and money.Manufactured housing is the term used for a factory-built home as of1976.An important characteristic of personal property is that it ismovable.The specific areas of law that are important to the real estate professional include the law of contracts, the general property law, the law of agency, and specificstate real estate license law.A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to bereal estate.