Ch1: Ownership

Which of the following BEST describes the extent of an owner's rights in land?
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Terms in this set (17)
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 proprety, 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 agrees 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?
Eminent Power
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?
Building permit
Which is true when a property is taken by eminent domain?
It is done through the process of condemnation
A lender tried to force a homeowner to sell her home to pay the lender for personal debts incurred by the homeowner. Which of the following could the homeowner claim to stop the sale of her home?HomesteadA person owns a particular house in fee simple. She deeds a life estate in that house to her uncle. She also deeds the remainder interest to her cousin. If her uncle dies, what estate does the cousin hold?Fee simple estateWhich of the following terms BEST describes one or more persons' right to use a property to the exclusion of all others?Ownership (Fee simple)Two people wanted to purchased property together but did not want the property to go to their heirs upon the death of either person. Which type of ownership should they choose?Joint tenancyTwo unmarried people wanted to purchase property with the right of survivorship. What ownership form should they choose?Joint tenancyTwo people own a property under Tenancy-In-Common. Which of the following would be true?When one of the owners dies, their ownership interest would pass to their heirsThree parties own a residence as tenants in common but only two live there. The third party non-resident wants to sell the property, but the other two living there disagree and do not want to sell. In order to get the property sold, the third party would need to:initiate a lawsuit for partition