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WorksheetsChapter 1 Material
Total questions: 10
Worksheet time: 5mins
Which of the following best defines property as described in the text?
A. Only tangible items like cars or houses
Only land and buildings
The rights and interests a person has in an object they own
Government-granted ownership over private land
The bundle of legal rights associated with property ownership includes all of the following EXCEPT:
Possession
Enjoyment
Control
Tax exemption
What is the distinguishing characteristic of personal property?
It cannot be moved
It is attached to the land
It is mobile
It must be transferred by deed
Personal property is also known as:
Fixtures
Chattels
Appurtenances
Real property
When personal property is sold, ownership is transferred by a:
Deed
Mortgage
Lease
Bill of sale
Real estate consists of:
Only the surface of the land
Land and things permanently attached to it
Movable this like Cars and chairs
Only the building and structures not the land
Real property differs from real estate because it includes:
Only tangible items
The legal rights and interests associated with ownership
Only improvements to the land
Personal belongings
What term describes rights or improvements that automatically transfer with the ownership of real property?
Appurtenances
Chattels
Fixtures
Leases
The phrase “run with the land” refers to:
The mobility of personal property
The transfer of rights and responsibilities with ownership
Temporary possession of real estate
Land used for agricultural purposes
Items such as leases, mortgages, and contracts to purchase are known as:
Chattels personal
Chattels real
Appurtenances
Fixtures
