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Principles I 1-3 Quiz

Total questions: 41

Worksheet time: 23mins

Name
Class
Date
1.

The permanence of land is known as

a)

Fixity

b)

Situs

2.

Who is responsible for enforcing TRELA?

a)

SHREK

b)

TREC

c)

TREK

d)

TRAC

3.

Imagine you own a piece of land. This ownership includes not only the trees and grass you can see on the surface, but also the minerals below the ground and the air above. What is this called?

a)

Land

b)

Real Property

c)

Improvement

d)

Subsurface Rights

4.

Personal property can be turned into real estate. This is accomplished by making that piece of personal property a _____.

a)

fixture

b)

chattel

c)

fructus naturales

d)

common element

5.

Includes ownership of the unit itself and a share of the interest in the common elements, but not the land that it sits on.

a)

Condominium

b)

Townhouse

c)

Single Family Home

d)

Timeshare

6.

The house payment typically includes

a)

Principal & Interest

b)

Taxes

c)

Insurance

d)

All are correct

7.

Arrears means it is paid _____ it's received/issued.

a)

before

b)

after

8.

You as a realtor owe this person Obedience, Confidentiality and Loyalty.

a)

Client

b)

Customer

9.

____________ is made up of the land AND any improvements attached to it (but not the bundle of rights)

a)

Real Estate

b)

Real Property

10.

When you're talking about real estate PLUS the bundle of rights that come with ownership of it, you would use the term ___________.

a)

Real Estate

b)

Real Property

11.

Every parcel of land is unique. There is no parcel of land that is exactly the same as another parcel of land

a)

True

b)

False

12.

Prospective license holders must meet all requirements set by the Commission:

a)

18 years of age or older

b)

A citizen of the United States OR have the legal right to work in the U.S.

c)

Both are correct

d)

Neither are correct

13.

_______ rights relate to everything beneath the surface of a tract of land

a)

Subsurface

b)

Air

c)

Water

d)

Minecraft

14.

Personal property is transferred through a _____

a)

Bill of Sale

b)

Deed

15.

annually cultivated crops

a)

Fructus industriales

b)

Fructus naturales

16.

A tax calculated according to the assessed value of a piece of real estate

a)

ad valorem tax

b)

bill of sale tax

c)

proration tax

d)

tax exemption tax

17.

The process of paying off a debt/mortgage in regular installments based on a fixed payment schedule

a)

amortization

b)

arrears

18.

What is the difference between land and real estate?

a)

improvements

b)

bundle of rights

c)

mineral rights

d)

who owns it

19.

What is the difference between real estate and real property?

a)

improvements

b)

bundle of rights

c)

mineral rights

d)

who owns it

20.
An "improvement" is
a)
a modification of land to make it more useful.
b)
a modification of a structure to enhance its value.
c)
a structure intended as a permanent attachment to land.
d)
a parcel of land that has been prepared for development.
21.
"Real estate" includes such things as
a)
fences, sidewalks, and peirs on a parcel of land.
b)
mobile homes temporarily parked on a parcel of land.
c)
timber that has been cut and is lying on a parcel of land.
d)
business equipment an owner or tenant has placed on a parcel of land.
22.
The "bundle of rights" refers to a set of rights
a)
enjoyed by the owner of a property.
b)
that is inseperable from a parcel of real estate.
c)
guaranteed to citizens by the Declaration of Independence.
d)
specified in a deed or land contract.
23.
By definition, personal property
a)
includes real property.
b)
is any property that is not real property.
c)
is any property owned by an individual.
d)
is real property that is not attached to real estate
24.
Littoral rights concern which of the following bodies of water?
a)
Lakes entirely contained within the boundaries of an owners property.
b)
Streams and rivers.
c)
Navigable lakes, seas, and oceans.
d)
Navigable streams and rivers.
25.

Which of the following is true of littoral rights?

a)
They revert to the state when the property is sold.
b)
They cannot be transferred.
c)
They are a personal right belonging to an individual owner, not attaching to the real property.
d)
They transfer with the property when the property is sold.
26.
Riparian rights concern which of the following bodies of water?
a)
Lakes.
b)
Seas and oceans.
c)
Streams and rivers.
d)
Navigable lakes.
27.
Who owns the land under a navigable river?
a)
Owners of the property that abut the river.
b)
No one.
c)
The state.
d)
The municipality, if the area is incorporated.
28.
If a property has riparian rights, the owner has the right to
a)
pollute the water for a legitimate business purpose.
b)
build a dam.
c)
require downstream property owners to pay a fee for use of the water.
d)
use the water in a way that does not infringe on another's riparian rights.
29.
What is a "fixture?"
a)
Any items of personal property located within the boundaries of a percel of real estate.
b)
An item of personal property that has been converted to real property.
c)
An item of real property temporarily placed on land for the purpose of conducting a business.
d)
An item of personal property that has been left in one location for a period of one year.
30.

Fructus Industriales  or _________ – are annually cultivated crops and are generally considered to be personal property

a)

emblements

b)

fixture

c)

Trees

d)

annexation

31.
a)
House
b)
Duplex
c)
Condo
d)
Apartment
32.
a)
House
b)
Duplex
c)
Apartment
d)
Condo
33.
a)
Condo
b)
Townhouse
c)
Apartment
d)
Duplex
34.
a)
Houseboat
b)
Mobile Home
c)
Nursing Home
d)
Shelter
35.

Accession is when a tenant does what?

a)

Leaves their trade fixture after the lease ends

b)

Leaves their trade fixture before the lease end

c)

Damages the property from removing the trade fixture

d)

Adds a trade fixture

36.

All are common elements except which item in a condo?

a)

Hallway

b)

Pool

c)

Parking Lot

d)

Kitchen Sink

37.

What do owners in co-op buildings actually own?

a)

shares of stock

b)

the common elements

c)

the unit and the land

d)

ability to use the entire property

38.

A _________ usually includes the unit and the land

a)

Condo

b)

Town House

39.

What type of property has multiple owners and is typically located in a recreational environment?

a)

timeshares

b)

co-operatives

c)

condominiums

d)

townhouses

40.

What does PITI include?

a)

Principal, interest, taxes and insurance

b)

Principal, interest, title and insurance

c)

Principal, interest, taxes and investment

d)

Party, interest, taxes and insurance

41.

Insurance policies cover loss or damage from flooding most of the time.

a)

True

b)

False

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