Exam 48: Real Property

Like an easement, a license is a revocable interest in the land of another.

Real property includes land and all fixtures.

A personal, revocable privilege to perform an act or series of acts upon the land of another is called a(n): ______.

A license runs with the land and cannot be terminated at the will of the licensor.

A summarized report of title to property is called: ______.

A condominium and a cooperative are essentially the same.

In general, any form of property that may be sold or conveyed may be mortgaged.

An estate in fee simple grants ownership in property for a specific period of time.

Which statement is incorrect concerning mortgages?

A fixture is personal property that has been so attached to realty that removing it would cause damage.

A trade fixture is a fixture that is traded in by the owner when purchasing new fixtures.

A condominium is a combination of co-ownership and individual ownership.

A __________ is a combination of co-ownership and individual ownership.