unit 1

Which of the following would be defined as real estate as 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 a 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 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 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.