Final Exam 2 80-40

Which of the following is not personal property?

• a corn crop

• trees

• a free standing (unattached) bookcase

• a car

A property abuts a navigable river. What does the owner own?

• Land up to 15 feet from the water's edge

• Land to the water's edge

• All the land under water

• All land under water to the middle of the waterway

A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following?

• Trade fixtures and therefore real property

• Trade fixtures and therefore personal property

• Real property, since the trade fixtures were abandoned

• Personal property that must be returned to the retailer

Which of the following is/are not a conventional life estate?

• Ordinary Life Estate Estate

• Legal Life Estate

• Pur Autre Vie

• All of the above

John Jones, a single man, owns his house outright; his name is the only name on the deed. This type of ownership is

• joint tenancy

• tenancy by the entireties

• tenancy in common

• tenancy in severalty

A condominium estate is distinguished by

• ownership of a share in an association and a condominium lease on the owned unit

• tenancy in common interest in airspace and common areas of the property

• fee simple ownership of a unit and an undivided share of the common areas

• fee simple ownership of an equal share of the entire property

An easement by prescription requires that

• the use be continuous, known, and permitted by the owner for a period of time

• the use be continuous, open, and hostile for a required period of time

• the owner of an adjoining property be landlocked

• the owner of the affected property be an adverse possessor

A lender lends money to a homeowner and takes legal title to the property as collateral. They are in a

• lien-theory state

• title-theory state

• state allowing land trusts

• state where hypothecation is illegal

Five liens have been recorded against a certain house, in the following order: first mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment lien. Which lien will be the first one to be paid from the proceeds of the sale of the house?

• Special assessment lien

• Second mortgage lien

• Real estate tax lien lien

• Mechanics lien

For a conveyance by deed between private parties to be valid, the deed must be

• warranted by the grantor

• recorded by the grantee

• signed by the grantee

• None of the others answers are required for a valid deed