front 1 Is the oil that is being removed from under the neighbors' land limited to what is under that property only? | back 1 no |
front 2 Can mineral rights to land be sold separately from the land itself | back 2 A)Yes, mineral rights can be sold separately from the land itself. |
front 3 Property may be used in any legal manner | back 3 RIght of enjoyment |
front 4 Deed COnveys title to property | back 4 Right of ownership |
front 5 Property may be controlled within the framework of the law | back 5 Right to control |
front 6 Others may be prevented from entering or using the property | back 6 Right of exclusion |
front 7 Property may be sold, willed, transferred, or encumbered | back 7 Right of dispostiton |
front 8 Homeowner’s property is washed down from hillside by a sudden landslide during a storm | back 8 Avulsion |
front 9 Sudden removal of soil by an act of nature | back 9 Avulsion |
front 10 Landowner’s property becomes unstable due to rock on which it is built wearing gradually away from repetitive water movement | back 10 Erosion |
front 11 Landowner’s beach area increases in acreage due to waves washing up additional sand on shore | back 11 Accretion |
front 12 Increase in land resulting from the deposit of soil by the water’s action | back 12 Accretion |
front 13 Gradual and imperceptible wearing away of the land by natural forces | back 13 Erosion |
front 14 Traditionally, ownership rights of real property are described as a barrel of legal rights. | back 14 False |
front 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. | back 15 True |
front 16 Annexation | back 16 Concrete poured to create a driveway |
front 17 Severance | back 17 Apples picked from a tee are sold in the market |
front 18 Accession | back 18 Tenant Vacates a space leaving trade fixtures behind |
front 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. | back 19 true |
front 20 Real property is also called chattels. | back 20 False |
front 21 Agency Law | back 21 representation of clients |
front 22 Contract Law | back 22 Agreement between the parties in a real estate brokerage, agency relationship, or transaction |
front 23 Federal Tax Law | back 23 Deduction of interest paid on a home mortgage |
front 24 Zoning Law | back 24 regulations on use of land |
front 25 Real estate liscense law | back 25 requirements to become a real estate professional |
front 26 Environmental law | back 26 disposition of hazardous material found on a property |
front 27 A real estate licensee must be an expert in all areas of real estate law. | back 27 False |
front 28 All 50 states have passed laws that require real estate brokers and real estate salespeople to be licensed. | back 28 true |
front 29 Which of the following describes the act by which real property can be converted into personal property? | back 29 Severance |
front 30 The sudden removal of soil by an act of nature is called | back 30 avulsion. |
front 31 In determining whether an item is real or personal property, a court would NOT consider which of the following? | back 31 The cost of the item when it was purchased |
front 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 | back 32 improvements to the land. |
front 33 All of the following are economic characteristics of land EXCEPT | back 33 uniqueness. |
front 34 Land development costs for capital and labor contribute to the economic characteristic of | back 34 permanence of investment. |
front 35 Which of the following is considered an improvement? | back 35 sewer |
front 36 A commercial building with eight storefront spaces rented to eight tenants was sold. The new owner has acquired | back 36 none of the trade fixtures installed by the tenants. |
front 37 Real estate professionals can't be experts in all areas of real estate law, | back 37 but they should know and understand some basic principles. |
front 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? | back 38 Cost of the item |
front 39 Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is | back 39 a fixture or personal property. |
front 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? | back 40 The heir of the deceased inherits the property as is. |
front 41 The specific areas of law that are important to the real estate professional do NOT include | back 41 maritime law. |
front 42 Real estate generally includes all the following EXCEPT | back 42 annual crops |
front 43 The real estate professional should be familiar with the state real estate licensing law and | back 43 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. |
front 44 Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as | back 44 appurtenances. |
front 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? | back 45 Doctrine of prior appropriation |
front 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 | back 46 accretion. |
front 47 Real estate brokers and sales associates may NOT act as attorneys unless they | back 47 are also licensed attorneys representing clients in that capacity. |
front 48 In addition to state licensing laws, other laws that have a significant effect on the practice of real estate include | back 48 state and local land-use and zoning laws. |
front 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 | back 49 state real estate license law. |
front 50 The purpose of real estate license laws is to protect the public in real estate transactions from fraud, dishonesty, and | back 50 incompetence. |