Real Estate Unit 2 Quiz

Personal property generally includes

• trees

• air rights

• annual crops

• mineral rights

A bookstore rents space in a commercial building. The bookstore has large reading tables fastened to the walls and bookshelves bolted to the ceiling and floor that create aisles from the front of the store to the back. These were all installed by the bookstore owner. Which of the following BEST characterizes the contents of the bookstore?

• The shelves and tables are trade fixtures and will transfer when the property owner sells the building.

• The shelves and tables are trade fixtures and may properly be removed by the bookstore's owner before the lease expires, with the tenant responsible to the landlord for any damage that the removal causes to the premises.

• Because the business is a tenant, the shelves and tables are fixtures and may not be removed except with the building owner's permission.

• Because the shelves and tables are attached to the building, they are treated the same as other fixtures.

The term nonhomogeneity refers to

• scarcity

• immobility

• uniqueness

• indestructibility

Another term for personal property is

• realty

• fixtures

• chattels

• fructus naturales

A property owner wants to use water from a river that runs through the property to irrigate a potato field. To do so, the owner is required by state law to submit an application to the Department of Water Resources describing in detail the plan for beneficial use of the water. If the department approves the owner's application, it will issue a permit allowing a limited amount of river water to be diverted onto the property. Based on these facts, it can be assumed that this property owner's state relies on which rule of law?

• Riparian rights

• Littoral rights

• Doctrine of prior appropriation

• Doctrine of highest and best use

The owner of a piece of vacant land removed and sold all the topsoil, limestone, and gravel. At the owner's death, which is TRUE?

• The property no longer exists.

• The heir of the deceased inherits the property.

• The heir of the deceased owns the gravel, limestone, and topsoil, no matter where it is.

• The estate of the deceased must restore the property to its original condition.

In determining whether an item is real or personal property, a court would consider which of the following?

• Any relevant agreement of the parties in their contract of sale

• The current value of the item

• Whether the item can be resold

• The cost of the item when it was purchased

Which of the following is a physical characteristic of land?

• Indestructibility

• Improvements

• Area preference

• Scarcity

Which of the following describes the act by which real property can be converted into personal property?

• Severance

• Accession

• Conversion

• Attachment

While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?

• Ceiling fans are usually considered real estate.

• The ceiling fan belongs to the seller.

• Ceiling fans are considered trade fixtures.

• Ceiling fans are considered personal property.