KSCORE Study Night Quiz- 10/8/24

Property is

• real if tangible

• personal if a fixture

• personal if not real

• all of these.

Answer explanation

All property is either real property or personal property

There are two classifications of property; real property and fixtures

• True

• False

Answer explanation

The two classifications of all property are real property and personal property

Real property is often described as a bundle of rights

• True

• False

Answer explanation

The bundle of rights includes the legal rights of ownership (possession, use, enjoyment, disposition, and exlcusion)

Involuntary alienation of an estate means

• the estate cannot be transferred without the consent of the owner

• ownership of estates may be transferred by operation of law

• aliens are forbidden to own estates in fee simple in California

• no one can be compelled to transfer title without giving consent

Answer explanation

Alienation means to transfer the title to real property from one person to another. Involuntarily alienation could occur by the operation of law, as in the case of foreclosure due to nonpayment of taxes or other lawful debts.

Real property is movable

• True

• False

Answer explanation

Real property can not be moved

Mineral rights refer to the right to remove substances from the land

• True

• False

Answer explanation

Mineral rights include solid minerals, such as gold, coal, and iron, as well as fluid minerals, such as oil and gas

Air rights extend as high as can be reasonably used

• True

• False

Answer explanation

The government controls the airspace and can impose building height restrictions

An example of an appurtenance is land bordering a river

• True

• False

Answer explanation

Land bordering a river is an example of riparian rights. Examples of appurtenances include easements, rights-of-way, and condominium parking spaces

Tenants in common must own equal shares

• True

• False

Answer explanation

With tenancy in common, shares can be unequal- for example, 60% / 40% or 70% / 30%

In joint tenancy, the joint tenants do not benefit from the right of survivorship

• True

• False

Answer explanation

Right of survivorship means that when a cotenant dies, the survivors receive the deceased's share