Real Property Quiz

What is included in real property (realty) as opposed to personal property?

• Land, improvements, attached things, ownership benefits

• Unattached, movable items, intangible assets

• Stocks and mortgages

• Only mineral rights

Which of the following is a characteristic of personal property?

• Immobility

• Permanence

• Uniqueness

• Movable items

What are trade fixtures?

• Tenant's removable property used for business

• Permanent additions to the land

• Rights running with the land

• Crops owned by tenants

What is an easement by prescription?

• Easements without dominant tenement

• Adverse use leading to protected easement

• Overlapping property use

• Rights attached to the land

Which of the following is an economic characteristic of land?

• Immobility

• Permanence of investment

• Uniqueness

• Indestructibility

What is a characteristic of the Metes and Bounds property description method?

• Uses a grid system based on axes

• Describes property with distances and landmarks

• Divides land into six-mile squares

• Uses air rights for surveys

Which type of survey uses a grid system based on axes?

• Metes and Bounds

• Vertical Land Descriptions

• Lot and Block

• Township and Sections

What is the primary focus of a Vertical Land Description and Geodetic Survey?

• Monetary encumbrances

• Air rights and reference markers

• Overlapping property use

• Shared ownership of condominiums

What type of encumbrance involves non-monetary restrictions?

• Liens

• Easements

• Encroachments

• Priority of Liens

What does a Clear, Marketable, Equitable Title ensure?

• Shared ownership of townhouses

• Rights upon termination of life estate

• Ownership evidence acceptable to buyers

• Overlapping property use