Exam 2: Legal Foundations to Value

Based on your understanding of the rules for determining when an object becomes a fixture,which of the following items would most likely be considered a fixture at the time of sale?

A lien is an interest in real property that serves as security for an obligation.Which of the following is an example of a general lien?

A principal definition of real estate is as a bundle of rights associated with the possession,use,and disposition of property.Each of the following is a fundamental characteristic of property rights EXCEPT:

While leasehold interests are considered estates,they differ from freehold estates in all of the following respects EXCEPT:

An easement is the right to use land for a specific and limited purpose.Which of the following easements involves a relationship between two parcels of land,is a permanent feature of both parcels involved,and gives the dominant parcel some intrusive use of the servient parcel?

Which of the following types of direct co-ownership combines single person ownership with tenancy in common?

An important distinction both practically and conceptually is the difference between an easement and a license.All of the following characteristics pertain to a license EXCEPT:

Many states have enacted laws that determine the flow of ownership rights of real property in the case of the owner's death.For example,in the state of Florida if a family residence is declared a homestead and the owner of the property passes away,the surviving spouse and children will have automatic interests in the property.This type of estate is more commonly referred to as:

Property rights can be dismantled into lesser bundles,referred to as interests,which can then be held by different individuals.Interests in real property that include possessions are referred to as:

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails)?

Nonposessory interests (i.e.bundles of real property rights that do not include possession)include all of the following EXCEPT:

Property rights created from marriage have a clear implication for real estate transactions.Which of the following marital property rights gives a spouse a one-half claim on all property acquired "from the fruits of the marriage?"

Brian just began graduate school at the local university and is looking to rent an apartment.A family friend has decided to lease him a two bedroom,one bathroom cottage through an oral agreement with no definite lease period outlined.Which of the following leasehold estates best describes Brian's situation?

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Tom recently purchased a home in a residential subdivision.While mowing his lawn and planting new shrubs for the first time since moving in,Tom's neighbor came outside to inform him that he was violating one of the subdivision's rules which required the use of a specific professional lawn service for all property landscaping needs.Assuming this requirement can be enforced by the subdivision authority,this would be an example of a(n):

Real estate can be viewed as a bundle of rights.How these bundles of rights are grouped together determines the type of ownership interest an individual (or group of individuals)can stake claim to.In an ordinary life estate with remainder interests,which of the following rights is detached from the traditional bundle of rights that typically defines a fee simple absolute interest?

Which of the following types of liens is automatically superior to any other lien?

When identifying an easement appurtenant,the parcel of land that benefits from the right to use the land in question is referred to as the:

Which of the following forms of co-ownership,historically used for apartment buildings,is not considered a form of true direct co-ownership,but rather qualifies as a proprietary corporation?

Which of the following is an example of a negative easement appurtenant?