Ch. 2 Quiz

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A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called
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Terms in this set (28)
A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called
area preference
All of the following are economic characteristics of land EXCEPT
Uniqueness
Another term for personal property is
Chattels
All of the following are treated as personal property EXCEPT
Fractus Naturales
An important characteristic of land is that it may be modified or improved at some point in time. Depending on its type,an improvement may increase the value of real estate greatly. All of the following are considered to improvements EXCEPT
Crops
A new owner received the right to use a parking space in the multi-unit building where she purchased a condominium. This right is an example of
an appurtenance
Kandace is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called
area preference
A bill of sale is used to transfer the ownership of
personal property
Real estate generally includes all the following EXCEPT
annual crops
While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?
Ceiling fans are usually considered real estate
All of the following are included in the bundle of rights EXCEPT:ExpansionLand, mineral, and air rights in the land are included in the definition of:Real PropertyOwners with littoral rights enjoyunrestricted use of available waters, but they own the land adjacent to the water only up to the average high-water mark.After the construction of a building in the air rights above a railroad right-of-way, the trains canOperate as usualWhich of the following is considered personal property?Patio Furniture (Moooovable)The seller asked the real estate agent to draw up several documents relating to seller financing. Under these circumstances, the agent should:Refer the seller to an attorneyA truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is consideredPersonal ProperyA man inherited a piece of vacant land, removed and sold all the topsoil, limestone, and gravel. At his death, he left the property to his daughter. Which is TRUE?The daughter inherits the property as is.An important characteristic of personal property is that it is:Mooovable.The developer added sewer lines and utilities and built two streets. What are these items called?ImprovementsMobile home, rather than manufactured housing, is the term used for a factory-built home that was built before1976A property owner's land is located along the banks of a river. This owner's water rights are calledRiparian RightsAccording to law, a trade fixture is usually treated asA personalty.Rights or privileges which are connected with real property, areappurtenanceThe rights of ownership of real property include all of the following EXCEPT the right ofcompatibilityLand is considered to beindestructibleAll of the following are physical characteristics of land EXCEPTScarcityReal Property can become personal property byseverance