Exam 49: Real Property

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

Real property includes:

A covenant that passes with the land so that whoever owns the land is bound by or entitled to the benefit of the covenant

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

The general view is that the owner of land owns the space above the land,subject to the rights of flying aircraft,even if the aircraft interferes with the use of the land and represent a danger to persons or property on the land.

Characteristics of the fee simple estate include all of the following except:

An easement may be created only by deed.

Small children who trespass on land may be owed a special duty of care based on the doctrine of:

Under a freehold estate,a person owns property only for a specified number of years.

An unrecorded mortgage is not valid and binding between the parties.

Which of the following represents a duty owed by a landowner to a trespasser?

Personal property generally becomes a fixture if it is so attached to the realty that it cannot be removed without materially damaging the realty.

A deed,like a contract,must be supported by consideration to be effective.