Rights, Interests&Estates;Ownership

Which of the following would be defined as real estate opposed to real property?

• Wells, driveways and signs on a parcel of land.

• Mobile homes temporarily parked on a parcel of land.

• Timber that has been cut and is lying on a parcel of land.

• Business equipment an owner or tenant has placed on a parcel of land.

Which of the following would be considered a property improvement?

• An alteration to land to make it more useful.

• An increase in the value of a property.

• A chicken coop permanently attached to land.

• A parcel of land that has passed a percolation test.

Which of the following best describes the physical boundaries of land?

• The surface of the earth and infinite space above the surface.

• The center of the earth and infinite space above the earth.

• The surface of the earth and all water and minerals on or below the surface to the center of the earth.

• The surface of the earth and the air rights above the surface to the point defined by local zoning.

The "bundle of rights" refers to a set of rights

• enjoyed by the owner of a property.

• that is synonymous with the Bill of Rights.

• guaranteed to citizens by the Statute of Rights.

• specified in a deed or land contract.

Which of the following best describes the legal concept of personal property?

• Any item which is acquired in a fee simple sale transaction.

• Any item of property that is not definable as real property.

• Any movable property owned by an individual, partnership, or corporation.

• Any item that is not a natural item affixed to the earth.

The right to encumber a property means that the owner can

• sell the property to an encumbered party.

• pledge the property as collateral for debt.

• lease the property.

• assign the bundle of rights to another.

A property owner leases 60 acres of agricultural land for renewable period of 5 years. In the context of real estate rights, this lease represents a(n)

• transfer of a portion of the bundle of rights.

• encroachment on the bundle of rights.

• conveyance of the complete bundle of rights.

• encumbrance of the tenant's rights.

A homeowner is very upset over a drone that a neighbor flies over his house. He takes his case to court to end this possible violation of rights. Does he have a case and on what basis?

• No. The neighbor is not physically on his property.

• No. The drone is in the air, so he cannot exercise any surface rights.

• Yes. The owner has the right to stop the encroachments.

• Yes. The drones infringe on his air rights.

Littoral rights apply to which of the following?

• Boatable ponds entirely contained within the boundaries of an owner's property.

• Streams and rivers.

• Navigable lakes, seas and oceans.

• Navigable streams and rivers.

A retired couple has just bought a retirement home with a pier on a large lake. In this case the retiree's water rights extend to

• the high water mark of the body or water at the shoreline.

• the low water mark of the body of water at the shore line.

• the center of the lake.

• the end of the pier.