Real Estate Quiz - Levels 1-3

What does real property include that is often associated with owning a home?

• A bundle of rights

• A set of appliances

• A list of previous owners

• A collection of furniture

What is important to clarify when it comes to the sale of personal and real property?

• The color of the property

• The size of the property

• How one may be converted to the other

• The age of the property

Which of the following is a unique characteristic of land ownership?

• Scarcity and modification

• Unlimited supply

• Depreciation over time

• Standardization

Which set of rights is associated with land ownership?

• Shareholder and voting rights

• Riparian and littoral rights

• Intellectual and copyright rights

• Mineral and air rights

What are accession and accretion examples of?

• Factors that only affect land

• Financial terms in real estate

• Types of real estate investments

• Legal processes in property disputes

What does the term "real estate" refer to?

• The land plus any buildings or structures on it

• The land plus all improvements made by man or nature

• The rights associated with the ownership of personal property

• The act of converting personal property into real property

What is included in the "bundle of rights" associated with land ownership?

• The right to use the land for any purpose

• The rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber

• The right to transfer the land without any legal formalities

• The right to change the zoning regulations of the land

What is considered "personal property"?

• Land and anything permanently attached to it

• An unattached, moveable asset not considered real estate

• Plants or crops intended for harvest

• Any item that can be owned, including land

What does "chattel" refer to in the context of real estate?

• A type of real estate contract

• A commonly used term for personal property in the world of real estate

• A legal document transferring ownership of land

• A permanent improvement made to land

What are "fructus industriales"?

• Industrial machinery attached to real estate

• Trees and perennial plants considered real property

• Plants or crops intended for harvest and treated as personal property

• Buildings and structures considered improvements to real estate