Question 1

Real property consists of land, and does not include anything attached to it.

Accepted Answer

A) True 
 B)False  False

Question 2

Presidio Homes is interested in buying a large tract of land west of Heber City to develop a subdivision. The property currently is owned by Melissa Hakes. Melissa's family has owned that property for several generations. She has cousins who own property on both sides of the tract Presidio is interested in buying. Because the property has stayed in the family, no one has measured the boundaries or had any appraiser come out to determine if fence lines are on the property lines. Discuss Presidio's options for deeds and what sort of deed is most likely going to be used for this sale.

Accepted Answer

Because the boundaries of the property are not easily or clearly determined to follow the outlines of the fences, Melissa may feel the need to use a quitclaim deed. That way she is only selling what she actually has. If her property is not as large as the boundaries look, she would not be responsible for the defect in title. And if there was a lawsuit about the boundaries, Melissa would not have to defend the lawsuit. Presidio will want a warranty deed which promises that Melissa has good title to everything she is purporting to sell. If any dispute about title comes about, Melissa would be responsible for paying for any loss to Presidio. It is likely in this case that a quitclaim deed would be used.

Question 3

Alexis sells half of her land, including a reservoir, to Bev. In the deed, Alexis retains the right to remove a limited amount of water per day from the reservoir. This right is

Accepted Answer

A)  a fee simple absolute. 
B)  a license. 
C)  an easement. 
D)  a profit. 
A)  a fee simple absolute. 
B)  a license. 
C)  an easement. 
D)  a profit. D

Question 4

If the owner of land dies without a will, state inheritance statutes prescribe how and to whom the property will pass.

Accepted Answer

A) True 
 B)False

Question 5

A fee simple is limited in duration to the life of the owner.

Accepted Answer

A) True 
 B)False

Question 6

The interests in land that do not include any rights to possess the property include

Accepted Answer

A)  a fee simple absolute. 
B)  a life estate. 
C)  an easement. 
D)  an easement and a life estate. 
A)  a fee simple absolute. 
B)  a life estate. 
C)  an easement. 
D)  an easement and a life estate.

Question 7

Owen owns a farm in Pennsylvania. Owen's brother Quentin owns the subsurface rights to the farm. Either brother can pass title to what he owns

Accepted Answer

A)  without the other's consent. 
B)  only with the other's consent. 
C)  only when the other also passes title to what he owns. 
D)  only by first offering to buy out the other's rights. 
A)  without the other's consent. 
B)  only with the other's consent. 
C)  only when the other also passes title to what he owns. 
D)  only by first offering to buy out the other's rights.

Question 8

Mike owns a beach house in North Carolina in fee simple. This ownership interest is

Accepted Answer

A)  potentially infinite in duration. 
B)  limited to the period of Mike's life . 
C)  limited to the period of the lives of Mike and his immediate heir. 
D)  subject to the withdrawal or recall of the previous owner. 
A)  potentially infinite in duration. 
B)  limited to the period of Mike's life . 
C)  limited to the period of the lives of Mike and his immediate heir. 
D)  subject to the withdrawal or recall of the previous owner.

Question 9

With few exceptions, the owner of life estate has an exclusive right to possession during his or her life.

Accepted Answer

A) True 
 B)False

Question 10

Carl has an easement that allows him to drive across Dave's land to get to Carl's house. With respect to Dave's land, Carl right is

Accepted Answer

A)  a possessory interest. 
B)  a nonpossessory interest . 
C)  a right to adverse possession. 
D)  the power of eminent domain. 
A)  a possessory interest. 
B)  a nonpossessory interest . 
C)  a right to adverse possession. 
D)  the power of eminent domain.

Question 11

Ownership in fee simple passes to the state if the owner does not have a will to transfer the ownership.

Accepted Answer

A) True 
 B)False

Question 12

Land includes the soil on the surface of the earth, but not the waters contained on it.

Accepted Answer

A) True 
 B)False

Question 13

When a parcel of land is sold, and the land has crops growing on it, the sale does not include the crops, unless specified in the sales contract.

Accepted Answer

A) True 
 B)False

Question 14

Jack owns a parcel of land. Jack tows a mobile home to the parcel and attaches it to the utility system near a stand of Douglas fir trees. Jack's real property consists of

Accepted Answer

A)  the land and trees only. 
B)  the land only . 
C)  the land, trees, and mobile home. 
D)  the mobile home only. 
A)  the land and trees only. 
B)  the land only . 
C)  the land, trees, and mobile home. 
D)  the mobile home only.

Question 15

Commonly, ownership interests in land are transferred by sale.

Accepted Answer

A) True 
 B)False

Question 16

In many states, a subsurface owner who excavates is responsible for any damage that the excavation causes to buildings on the surface.

Accepted Answer

A) True 
 B)False

Question 17

The most important factor in determining whether an item is a fixture is the perception of a disinterested third party.

Accepted Answer

A) True 
 B)False

Question 18

Fact Pattern 38-1 Allen owns the Buffalo Ranch in California. Allen's ownership rights include the right to sell or give away the property without restriction, and the right to use the property for whatever purpose he sees fit.
Refer to Fact Pattern 38-1. Allen's ownership interest is

Accepted Answer

A)  a fee simple absolute. 
B)  a license. 
C)  a life estate. 
D)  a profit. 
A)  a fee simple absolute. 
B)  a license. 
C)  a life estate. 
D)  a profit.

Question 19

The government has the right to acquire possession of real property whenever the public interest requires it.

Accepted Answer

A) True 
 B)False

Question 20

Frank tells Grover that he can swim in Frank's lake whenever he wants. With respect to Grover's right to swim in the lake,

Accepted Answer

A)  Frank can withdraw or recall the right at any time. 
B)  Grover can exercise the right for the duration of his life . 
C)  Grover can pass title to the right to his heirs. 
D)  Grover can force his way into Fran's lake whenever he sees fit. 
A)  Frank can withdraw or recall the right at any time. 
B)  Grover can exercise the right for the duration of his life . 
C)  Grover can pass title to the right to his heirs. 
D)  Grover can force his way into Fran's lake whenever he sees fit.

Exam 38: Real Property

Real property consists of land, and does not include anything attached to it.

Alexis sells half of her land, including a reservoir, to Bev. In the deed, Alexis retains the right to remove a limited amount of water per day from the reservoir. This right is

If the owner of land dies without a will, state inheritance statutes prescribe how and to whom the property will pass.

A fee simple is limited in duration to the life of the owner.

The interests in land that do not include any rights to possess the property include

Owen owns a farm in Pennsylvania. Owen's brother Quentin owns the subsurface rights to the farm. Either brother can pass title to what he owns

Mike owns a beach house in North Carolina in fee simple. This ownership interest is

With few exceptions, the owner of life estate has an exclusive right to possession during his or her life.

Carl has an easement that allows him to drive across Dave's land to get to Carl's house. With respect to Dave's land, Carl right is

Ownership in fee simple passes to the state if the owner does not have a will to transfer the ownership.

Land includes the soil on the surface of the earth, but not the waters contained on it.

When a parcel of land is sold, and the land has crops growing on it, the sale does not include the crops, unless specified in the sales contract.

Jack owns a parcel of land. Jack tows a mobile home to the parcel and attaches it to the utility system near a stand of Douglas fir trees. Jack's real property consists of

Commonly, ownership interests in land are transferred by sale.

In many states, a subsurface owner who excavates is responsible for any damage that the excavation causes to buildings on the surface.

The most important factor in determining whether an item is a fixture is the perception of a disinterested third party.

Fact Pattern 38-1 Allen owns the Buffalo Ranch in California. Allen's ownership rights include the right to sell or give away the property without restriction, and the right to use the property for whatever purpose he sees fit. Refer to Fact Pattern 38-1. Allen's ownership interest is

The government has the right to acquire possession of real property whenever the public interest requires it.

Frank tells Grover that he can swim in Frank's lake whenever he wants. With respect to Grover's right to swim in the lake,

Introduction to the Law

Ethics in Business

The Courts and Our Legal System

Constitutional Law

Business Torts

Intellectual Property

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Introduction to Contracts

Offer and Acceptance

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The Legality of Agreements

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Written Contracts

Third Party Rights

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Introduction to Sales and Lease Contracts

Title and Risk of Loss

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The Essentials of Negotiability

Negotiable Instruments: Transfer and Liability

Banking in the Digital Age

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Types of Business Organizations

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