Unit 2 real estate Flashcards


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1

Is the oil that is being removed from under the neighbors' land limited to what is under that property only?

no

2

Can mineral rights to land be sold separately from the land itself

A)Yes, mineral rights can be sold separately from the land itself.

3

Property may be used in any legal manner

RIght of enjoyment

4

Deed COnveys title to property

Right of ownership

5

Property may be controlled within the framework of the law

Right to control

6

Others may be prevented from entering or using the property

Right of exclusion

7

Property may be sold, willed, transferred, or encumbered

Right of dispostiton

8

Homeowner’s property is washed down from hillside by a sudden landslide during a storm

Avulsion

9

Sudden removal of soil by an act of nature

Avulsion

10

Landowner’s property becomes unstable due to rock on which it is built wearing gradually away from repetitive water movement

Erosion

11

Landowner’s beach area increases in acreage due to waves washing up additional sand on shore

Accretion

12

Increase in land resulting from the deposit of soil by the water’s action

Accretion

13

Gradual and imperceptible wearing away of the land by natural forces

Erosion

14

Traditionally, ownership rights of real property are described as a barrel of legal rights.

False

15

Real estate is defined as land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial.

True

16

Annexation

Concrete poured to create a driveway

17

Severance

Apples picked from a tee are sold in the market

18

Accession

Tenant Vacates a space leaving trade fixtures behind

19

Trade fixtures that are not removed become the real property of the landlord. Acquiring the property in this way is known as accession and is related to the legal principle of constructive annexation.

true

20

Real property is also called chattels.

False

21

Agency Law

representation of clients

22

Contract Law

Agreement between the parties in a real estate brokerage, agency relationship, or transaction

23

Federal Tax Law

Deduction of interest paid on a home mortgage

24

Zoning Law

regulations on use of land

25

Real estate liscense law

requirements to become a real estate professional

26

Environmental law

disposition of hazardous material found on a property

27

A real estate licensee must be an expert in all areas of real estate law.

False

28

All 50 states have passed laws that require real estate brokers and real estate salespeople to be licensed.

true

29

Which of the following describes the act by which real property can be converted into personal property?

Severance

30

The sudden removal of soil by an act of nature is called

avulsion.

31

In determining whether an item is real or personal property, a court would NOT consider which of the following?

The cost of the item when it was purchased

32

The development of a parcel of land can have a significant impact on its value, as well as the value of nearby parcels, because of the economic characteristic that considers

improvements to the land.

33

All of the following are economic characteristics of land EXCEPT

uniqueness.

34

Land development costs for capital and labor contribute to the economic characteristic of

permanence of investment.

35

Which of the following is considered an improvement?

sewer

36

A commercial building with eight storefront spaces rented to eight tenants was sold. The new owner has acquired

none of the trade fixtures installed by the tenants.

37

Real estate professionals can't be experts in all areas of real estate law,

but they should know and understand some basic principles.

38

Which of the following is NOT a test in determining whether the intent of the person who installed an item was that it be a fixture or personal property?

Cost of the item

39

Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is

a fixture or personal property.

40

The owner of a piece of vacant land removed and sold all the topsoil, limestone, and gravel. At the owner's death, which is TRUE?

The heir of the deceased inherits the property as is.

41

The specific areas of law that are important to the real estate professional do NOT include

maritime law.

42

Real estate generally includes all the following EXCEPT

annual crops

43

The real estate professional should be familiar with the state real estate licensing law and

know enough about federal, state, and local laws relevant to real estate practice to recommend that clients and customers seek help from an attorney or other appropriate professional when necessary.

44

Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as

appurtenances.

45

A property owner wants to use water from a river that runs through the property to irrigate a potato field. To do so, the owner is required by state law to submit an application to the Department of Water Resources describing in detail the plan for beneficial use of the water. If the department approves the owner's application, it will issue a permit allowing a limited amount of river water to be diverted onto the property. Based on these facts, it can be assumed that this property owner's state relies on which rule of law?

Doctrine of prior appropriation

46

An owner of land is entitled to all land created through an increase in the land resulting from the deposit of soil by the water's action called

accretion.

47

Real estate brokers and sales associates may NOT act as attorneys unless they

are also licensed attorneys representing clients in that capacity.

48

In addition to state licensing laws, other laws that have a significant effect on the practice of real estate include

state and local land-use and zoning laws.

49

The specific areas of law that are important to the real estate professional include the law of contracts, the general property law, the law of agency, and specific

state real estate license law.

50

The purpose of real estate license laws is to protect the public in real estate transactions from fraud, dishonesty, and

incompetence.