Real Estate Fundamentals Quiz

Tenancy in severalty refers to a

• Ownership by a married couple

• Ownership of one person

• Ownership by blood relationship

• Ownership by unrelated people

Answer explanation

Tenancy in severalty means ownership by a single individual. This distinguishes it from other forms of ownership, such as joint tenancy or tenancy by the entirety, which involve multiple owners.

Eminent domain is

• The right of the government to take private property for public use.

• The power of the government to take private property for future use

• The ancient form of ownership not common today

• The right of the people to take government property for housing

Answer explanation

Eminent domain refers to the government's right to take private property for public use, ensuring that the needs of the community can be met, such as building roads or schools.

Real Estate is defined as

• Land and building

• Land and all permanent attachments to it.

• Land and everything growing on it.

• Land only

Answer explanation

Real Estate encompasses land and all permanent attachments to it, such as buildings and structures. This definition is broader than just land or what grows on it, making 'Land and all permanent attachments to it' the correct choice.

Real Property is defined as

• Real estate owned by someone

• Land and all the improvements

• Land plus title

• Real estate and the bundle of rights.

Answer explanation

Real Property encompasses not just the physical land and structures, but also the rights associated with ownership, making 'Real estate and the bundle of rights' the most comprehensive definition.

Which of the following is not realty

• Fee simple estate

• Leasehold for indefinite duration

• Lumber

• Life estate

Answer explanation

Lumber is a physical material and not a type of real estate. In contrast, fee simple estate, leasehold for indefinite duration, and life estate are all forms of realty, which pertain to ownership or rights in land.

An easement in gross

• Covers an entire property and all parts of it

• Extends to one person only

• Extends to the general public.

• Occurs when the public has used private land.

Answer explanation

An easement in gross is a type of easement that benefits a specific individual rather than a piece of land. Therefore, it extends to one person only, making this the correct choice.

If government takes private property it must

• Make just compensation

• Require the property for public use

• Both A and B

• Neither A nor B

Answer explanation

When the government takes private property, it must do so for public use and provide just compensation to the owner. Therefore, the correct answer is both A and B.

An item of personalty that is affixed to realty so as to be used as a part of it is

• Trade Fixture.

• Chattel

• Personal property

• Fixture

Answer explanation

A fixture is an item of personalty that is permanently attached to realty, making it a part of the property. Unlike trade fixtures or chattels, fixtures are considered real property due to their attachment.

The right of the state to take title to real estate for which no legal owner can be found is called

• Police power

• Tenancy

• Eminent domain

• Escheat

Answer explanation

The right of the state to take title to real estate with no legal owner is known as escheat. This process allows the state to claim property when the owner cannot be identified, unlike eminent domain, which involves compensation.

Which of the following has the right of survivorship?

• JOINT TENANT

• Tenancy in severalty

• Tenancy in common

• Life tenant

Answer explanation

Joint tenants have the right of survivorship, meaning if one tenant dies, their share automatically passes to the surviving tenant(s). In contrast, tenancy in severalty, tenancy in common, and life tenancy do not provide this right.