Question 1

What is the major difference between an easement by reservation and an implied easement?

Accepted Answer

An easement by reservation is created when a property owner sells part of his or her land but wants to keep some use of the property to benefit property that he or she still owns. Such easements are created at the time the property is sold and are a part of the deed. On the other hand, implied easements exist without any written documentation.

Question 2

An easement can be created by:

Accepted Answer

A)  an owner of real property. 
B)  an adjoining landowner. 
C)  neither the owner of real property nor the adjoining landowner. 
D)  either an owner of real property or an adjoining landowner. 
A)  an owner of real property. 
B)  an adjoining landowner. 
C)  neither the owner of real property nor the adjoining landowner. 
D)  either an owner of real property or an adjoining landowner. D

Question 3

An easement that benefits another parcel of land is called a(n):

Accepted Answer

A)  appurtenant easement. 
B)  easement in gross. 
C)  littoral right. 
D)  riparian right. 
A)  appurtenant easement. 
B)  easement in gross. 
C)  littoral right. 
D)  riparian right. A

Question 4

Rights to use water from a lake that abuts your property are called:

Accepted Answer

A)  riparian water rights. 
B)  percolating water rights. 
C)  littoral water rights. 
D)  surface water rights. 
A)  riparian water rights. 
B)  percolating water rights. 
C)  littoral water rights. 
D)  surface water rights.

Question 5

Title defects might include which of the following?

Accepted Answer

A)  A gap in the chain of title 
B)  A deed executed by someone who has never had an interest in the property 
C)  Failure to include a spouse who might have had a claim on the property in a deed 
D)  All of the above 
A)  A gap in the chain of title 
B)  A deed executed by someone who has never had an interest in the property 
C)  Failure to include a spouse who might have had a claim on the property in a deed 
D)  All of the above

Question 6

Subsurface rights affect the area defined by imaginary straight lines that run from a property's boundaries to:

Accepted Answer

A)  a depth of five miles. 
B)  a distance adequate to lay a foundation and plant trees and other vegetation. 
C)  the center of the earth. 
D)  the water table. 
A)  a depth of five miles. 
B)  a distance adequate to lay a foundation and plant trees and other vegetation. 
C)  the center of the earth. 
D)  the water table.

Question 7

An encumbrance is any interest in or right to real property that is held by someone other than the property owne.

Accepted Answer

A) True 
 B)False

Question 8

Jane Smith conveyed a fee simple determinable estate to her son Bob, with the condition that he build a residential property on the parcel. In this situation, who has the fee simple title? Who has the possibility of reverter?

Accepted Answer

Here, Jane Smith has

Question 9

The right of quiet enjoyment means:

Accepted Answer

A)  an owner can prevent a neighbor from building a nightclub next door to his or her property. 
B)  an owner can expect that the previous owner will not come onto his or her property to harvest pecans. 
C)  an owner can prevent the city from widening the road in front of his or her property. 
D)  an owner can stay on his or her property as long as he or she does not disturb the neighbors. 
A)  an owner can prevent a neighbor from building a nightclub next door to his or her property. 
B)  an owner can expect that the previous owner will not come onto his or her property to harvest pecans. 
C)  an owner can prevent the city from widening the road in front of his or her property. 
D)  an owner can stay on his or her property as long as he or she does not disturb the neighbors.

Question 10

An easement must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 11

Bob Smith owns a home in a city. His neighbor built a new driveway that accidentally crosses part of Smith's land. What may happen if Smith never says anything to his neighbor about the driveway?

Accepted Answer

In this situation, t

Question 12

In a lease, what is a right of refusal or a right of first refusal?

Accepted Answer

A right of refusal means that

Question 13

If you buy a landlocked parcel of land, you might be able to access a nearby lake by getting an easement across an adjoining parcel of land. This easement would be called:

Accepted Answer

A)  an easement by necessity. 
B)  an easement by right of way. 
C)  an easement reservation. 
D)  a negative easement. 
A)  an easement by necessity. 
B)  an easement by right of way. 
C)  an easement reservation. 
D)  a negative easement.

Question 14

A grantor (seller) puts in a warranty deed that the grantee (the buyer) can only use the land being conveyed for a school. This is called:

Accepted Answer

A)  a deed restriction. 
B)  an easement by prescription. 
C)  a littoral right. 
D)  an invalid conveyance. 
A)  a deed restriction. 
B)  an easement by prescription. 
C)  a littoral right. 
D)  an invalid conveyance.

Question 15

The estate in land in which the holder has all of the rights associated with owning real property is called:

Accepted Answer

A)  a leasehold estate. 
B)  a defeasible fee estate. 
C)  a fee simple absolute. 
D)  a fee simple subject to a condition subsequent. 
A)  a leasehold estate. 
B)  a defeasible fee estate. 
C)  a fee simple absolute. 
D)  a fee simple subject to a condition subsequent.

Question 16

Holders of a life estate have which of the following duties and rights?

Accepted Answer

A)  They have no duties. 
B)  They may live in the property until their death. 
C)  They do not have to pay taxes or do any maintenance. 
D)  They must reside at the property to preserve their life estate. 
A)  They have no duties. 
B)  They may live in the property until their death. 
C)  They do not have to pay taxes or do any maintenance. 
D)  They must reside at the property to preserve their life estate.

Question 17

In a fee simple determinable estate situation, if the condition is not met, the person with the possibility of reverter:

Accepted Answer

A)  automatically regains fee simple title. 
B)  must go to court to regain the fee simple title. 
C)  must allow the person who owns the fee simple, after notice, an opportunity to meet the condition. 
D)  loses all claims to fee simple title. 
A)  automatically regains fee simple title. 
B)  must go to court to regain the fee simple title. 
C)  must allow the person who owns the fee simple, after notice, an opportunity to meet the condition. 
D)  loses all claims to fee simple title.

Question 18

It is possible for a property's surface rights, subsurface rights, and supersurface or airspace rights to be owned by several different people.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is a right of ownership?

Accepted Answer

A)  The right of possession 
B)  The right of control 
C)  The right of disposition 
D)  All of the above 
A)  The right of possession 
B)  The right of control 
C)  The right of disposition 
D)  All of the above

Question 20

Discuss the different types of water rights. Why are these rights so valuable? Include in your discussion the limitations that are imposed on water rights.

Accepted Answer

Water rights fall into three categories:

What is the major difference between an easement by reservation and an implied easement?

An easement can be created by:

An easement that benefits another parcel of land is called a(n):

Rights to use water from a lake that abuts your property are called:

Title defects might include which of the following?

Subsurface rights affect the area defined by imaginary straight lines that run from a property's boundaries to:

An encumbrance is any interest in or right to real property that is held by someone other than the property owne.

Jane Smith conveyed a fee simple determinable estate to her son Bob, with the condition that he build a residential property on the parcel. In this situation, who has the fee simple title? Who has the possibility of reverter?

The right of quiet enjoyment means:

An easement must be in writing to be enforceable.

Bob Smith owns a home in a city. His neighbor built a new driveway that accidentally crosses part of Smith's land. What may happen if Smith never says anything to his neighbor about the driveway?

In a lease, what is a right of refusal or a right of first refusal?

If you buy a landlocked parcel of land, you might be able to access a nearby lake by getting an easement across an adjoining parcel of land. This easement would be called:

A grantor (seller) puts in a warranty deed that the grantee (the buyer) can only use the land being conveyed for a school. This is called:

The estate in land in which the holder has all of the rights associated with owning real property is called:

Holders of a life estate have which of the following duties and rights?

In a fee simple determinable estate situation, if the condition is not met, the person with the possibility of reverter:

It is possible for a property's surface rights, subsurface rights, and supersurface or airspace rights to be owned by several different people.

Which of the following is a right of ownership?

Discuss the different types of water rights. Why are these rights so valuable? Include in your discussion the limitations that are imposed on water rights.

Introduction to the Real Estate Business

Concepts of Home Ownership

Forms of Real Estate Ownership

Real Estate, Taxes and Other Liens

Legal Descriptions

Real Estate Financing

Real Estate Foreclosures

Real Estate Agency and Brokerage

Real Estate Appraisal

Real Estate Contracts

Closing the Real Estate Transaction

Property Management and Leasing

Land-Use Controls and Property Development

Federal Income Taxes and Real Estate

Understanding Real Estate: A Comprehensive Guide to Ownership, Rights, and Legalities

Filters

Exam 3: Interests in Real Estate

What is the major difference between an easement by reservation and an implied easement?

An easement can be created by:

An easement that benefits another parcel of land is called a(n):

Rights to use water from a lake that abuts your property are called:

Title defects might include which of the following?

Subsurface rights affect the area defined by imaginary straight lines that run from a property's boundaries to:

An encumbrance is any interest in or right to real property that is held by someone other than the property owne.

Jane Smith conveyed a fee simple determinable estate to her son Bob, with the condition that he build a residential property on the parcel. In this situation, who has the fee simple title? Who has the possibility of reverter?

The right of quiet enjoyment means:

An easement must be in writing to be enforceable.

Bob Smith owns a home in a city. His neighbor built a new driveway that accidentally crosses part of Smith's land. What may happen if Smith never says anything to his neighbor about the driveway?

In a lease, what is a right of refusal or a right of first refusal?

If you buy a landlocked parcel of land, you might be able to access a nearby lake by getting an easement across an adjoining parcel of land. This easement would be called:

A grantor (seller) puts in a warranty deed that the grantee (the buyer) can only use the land being conveyed for a school. This is called:

The estate in land in which the holder has all of the rights associated with owning real property is called:

Holders of a life estate have which of the following duties and rights?

In a fee simple determinable estate situation, if the condition is not met, the person with the possibility of reverter:

It is possible for a property's surface rights, subsurface rights, and supersurface or airspace rights to be owned by several different people.

Which of the following is a right of ownership?

Discuss the different types of water rights. Why are these rights so valuable? Include in your discussion the limitations that are imposed on water rights.

Introduction to the Real Estate Business

Concepts of Home Ownership

Forms of Real Estate Ownership

Real Estate, Taxes and Other Liens

Legal Descriptions

Real Estate Financing

Real Estate Foreclosures

Real Estate Agency and Brokerage

Real Estate Appraisal

Real Estate Contracts

Closing the Real Estate Transaction

Property Management and Leasing

Land-Use Controls and Property Development

Federal Income Taxes and Real Estate

Understanding Real Estate: A Comprehensive Guide to Ownership, Rights, and Legalities

Filters