Exam 2: Legal Foundations to Value

In some states,mining companies are deemed to own not only the minerals but also the space the minerals occupied before they were removed,thereby earning the distinction of ownership states.However,when the owner of an oil or gas well is able to claim all that is pumped from it,regardless of whether the oil or gas migrated from adjacent property,this is referred to as a _____________ state.

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?"

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?

Co-ownership can occur in a variety of ways,with significant variation in how the bundle of rights is jointly held.All of the following entities are forms of direct co-ownership EXCEPT:

When multiple individuals have use of a property,but their interests are not simultaneous,this type of co-ownership is referred to as a:

Suppose an older homeowner lives adjacent to an expanding university that is interested in acquiring her residence for future university use.To allow the homeowner to continue to retain all rights of exclusive possession,use,and enjoyment during her lifetime,yet provide the university with the right of disposition,the university may want to purchase a:

The City of Grand Rapids installed a new water main on Oak Street.The city then decided to charge the property owners along Oak Street a proportional cost of the new water main.If a property owner refuses to pay their proportional share of the cost,the city may file a(n):

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?

An important distinction both practically and conceptually is the difference between an easement and a license.In contrast to an easement,a license:

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?

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

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:

Which of the following items would most likely be considered a fixture?

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:

Which of the following types of direct co-ownership is a form of joint tenancy for husband and wife?

Jeff owns 150 acres between a highway and a public beach.The state would like to build a road directly from the highway to the beach across Jeff's property.The space for this road would be considered a(n):

Bill and Mike go in together to purchase 342 acres of land to use for hunting and family vacations.Ten years later,Bill dies and Bill's wife wants to sell his half of the land.Mike informs her that,unfortunately,she has no claim to the land and that upon Bill's death,his ownership interest transferred to Mike.What type of co-ownership did Bill and Mike have?

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

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

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