Test 1 real estate exam

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 and 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 the 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 a renewable period of 5 years. in the context of real estate rights, this lease represents a

• 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 tenants right

a retired couple has just bought a retirement home with a pier on a large lake. in this case the retirees water rights extend to

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

• the low water mark of the body of water at the shoreline

• the center of the lake

• the end of the pier

two people own a house, each having an undivided equal interest. which of the following best describes what each party owns?

• 50% of the physical house and the land it rests on

• 100% of the home and the land

• 50% of the estate consisting of the indivisible whole of the real property.

• each owns 100% of the estate represented by the real property and 50% of the physical house and the land it rests on

a real property interest that includes the right to possess is considered

• an estate in land

• a leasehold estate

• a fee simple estate

• the bundle of rights