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Chapter 1: Ownership
Terms in this set (10)
Which of the following BEST describes the extent of an owner's rights in land?
The land from the center of the earth up to infinity.
What document would be used in conveying personal property, such as a detached refrigerator and stove?
Bill of Sale
A farmer owned some agricultural property. The farmer rented the farm to a tenant who planted an 80-acre corn crop on the farm. The corn crop would be:
personal property of the tenant.
When viewing a property, a buyer notes automatic garage door openers have been installed for both garage doors in the home. After taking possession of his new home, the buyer realizes that the automatic garage door openers have been removed. Can the buyer get the garage door openers back?
Yes, it is a fixture and must stay with the property.
Which of the following statements best describes the removal of trade fixtures upon the termination of a lease?
They could be removed, even if it substantially damaged the property, as long as the tenant agreed to be responsible for the damages.
A public university is considering expansion plans for additional land and buildings. What power would the university use in acquiring the land?
In which of the following would government rights supersede private rights?
Land use controls
A real estate licensee was listing a property for sale. In trying to find out if the property was in a flood plain, the licensee should:
Contact FEMA- Federal Emergency Management Agency
A buyer purchased a listed residential property. Some months after closing, the homeowner decided to build an addition onto their home. Which of the following items would be needed right up front before proceeding with the addition?
Which is true when a property is taken by eminent domain?
It is done through the process of condemnation.
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