Real Estate Montana final exam solution
personal property that, by its attachment to real property, is regarded as real estate is called
a fixture
An object that is affixed to commercial property and used to generate income is called a
trade fixture
real property given in a will is referred ...
Real Estate Montana final exam solution
personal property that, by its attachment to real property, is regarded as real
estate is called
a fixture
An object that is affixed to commercial property and used to generate income is
called a
trade fixture
real property given in a will is referred to as a
devise
Joe and Kathy want to purchase a home in a neighborhood where they are
familiar with the school system, and know the teachers in the public school that
their son will attend. Their interest in this type of property is called
area preference
Real estate is considered to be immobile and indestructible. Another physical
characteristic of all real estate parcels is that they
are unique because no two parcels area is the same
What is the main purpose of police power
To protect the health, safety, and welfare of the community.
Harry purchased a 3 acre parcel in the Big Rive County. One day when he was
walking his property, he discovered a gigantic oil deposit. Does Harry own the oil
rights
Yes, unless his purchase of the property did not include the oil rights
Jack and Mona own a 10 acre parcel of property. Paul runs a rock quarry on 4
acres of the property, from which he excavates and sells stone in all shapes and
sizes. Paul keeps all profits from the sale of the stone, and pays Jack and Mona
an annual fee for the use of the land to get the equipment and trucks to the
quarry. With this arrangement, which is the likely scenario
Jack and Mona own the land, and Paul owns the mineral rights
Many states determine the order of water rights by a "first-in-time-first-in-right"
theory. The person or entity who requests use of the water source first is granted
water rights to the source. This theory is called
the doctrine of prior appropriation
Billy Big Mouth inherits a home from his wealthy uncle, and decides to host a
party and provide all guests over the age of 21 with free booze. Eventually, the
partiers get out of control, and the loud music disturbs the neighbors. When the
police arrive to tell Billy to turn the music down, and keep his guests under
control, Billy asserts that the property belongs to him, and he has the right to
enjoy the property in whatever way he chooses. He further asserts that since he
enjoys loud music and boisterous guests, he is simply exercising his right of
enjoyment. Why is Billy incorrect in his assertion?
The bundle of rights for property ownership does not include the right to disturb
neighbors
A home is burning, with smoke billowing from the windows. The fire department
arrives to manage the fire and put it out, and the property owner stands in the
,driveway and prohibits the fire fighters from entering the property. Is the property
owner within his rights?
No, because the right of exclusion is subject to the health and safety of the community
Helga and Ron Slobbe own a salvage business. In an effort to save money on the
lease of industrial property to run their salvage yard, they move their salvage
business to their home, and set up a salvage yard in their front yard. Neighbors
complain about the mess in the front yard, and the city threatens to evict the
Slobbes from their home, clean up the yard; and force them to reimburse the city
for the cost of the cleanup as a condition of moving back into the home. Can the
city do this?
Yes, because the Slobbes property right of possession is subject to the rules
established by the city zoning laws
If a person has complete control over their property, and the ownership in the
property is not defeasible, what interest does the person have in the property?
fee simple estate
Patricia held fee simple title to a vacant lot adjacent to Mt. Olive Church. She
wanted to donate the lot to Mt. Olive, and her attorney prepared a deed conveying
all rights of the vacant lot to the church "...so long as the lot is used for church-
related purposes." After the completion of the gift, the church will own a
determinable fee estate
Typically, owners of property in a residential subdivision take title subject to
certain covenants, conditions, and restrictions (CC&Rs). Since ownership of the
property is conditional upon the owner obeying these conditions, the estate held
is a defeasible fee with a condition subsequent. Is this type of estate
automatically terminated if the property does not comply with the CC&Rs?
No, the right of reentry is not automatic, it must be granted by a court.
A covenant that becomes part of the property rights and binds successive
property owners is a covenant that
runs with the land
Gabe was the owner of parcel A. By a deed dated February 12, Gabe conveyed
parcel A "to Nephew for the term of his life; and upon Nephew's death, to
Charitable Organization #2. In this scenario, Charitable Organization #2 has what
kind of future interest in parcel A?
Charitable organization #2 has a valid remainder interest in Parcel A
Real estate is not a condominium unless the ___________ interests in the
common areas are vested in the unit owners.
undivided
Individuals who own their primary residence property for at least two years, and
sell it can realize a gain of up to _____________ without any income tax liability.
$250,000
Steve and Nina bought a store building and took title as joint tenants. Nina died
testate, and she willed all of her property (including her interest in the store) to
Phillip, her son. What result?
Steve owns the store building in severalty, because a joint tenancy interest is not
devisable
The principal benefit of joint tenancy is the right of
, survivorship
A metes-and-bounds legal description
must commerce and finish at the same identifiable point
a strip of land six miles wide running North and South is called a
range
If section 16, T12N, R16W is a standard section what would the perimeter of it be?
4 Miles
The township section number that is directly north of section 7 is
section 6
Undersized or oversized sections along the northern and western borders of
every fourth township that are created as a result of the correction lines are
called
fractional sections
How many acres are contained in a parcel described as follows: "The NE ¼ of the
NW ¼; and the N ½ of the NE ¼ of Section 10"?
120 acres
-640 acres in a section
Joni owns a parcel of property that is 1/4 mile wide by 1/4 mile long. How many
acres does Joni have
40
=1/4 x 1/4 x640
A three-acre parcel of land is being divided into lots. Each lot will measure 75 feet
wide by 100 feet deep. How many lots of this size will be created?
17
how many feet are in one acre
43,560
A lot with a depth of 60 feet and an area of 5400 square feet was solve for $350
per front foot, what was the total sales price
$31,500
Tommy owns 4.5 acres of land for which he paid $200,000. Ken owns the lot
adjacent to Tommy; and needs room to build a chicken shed on his property, and
wants to buy a strip of Tommy's land measuring 250 feet by 100 feet. How much
would Ken pay for this strip of land if Tommy sells it for the same price he
originally paid? (Round your answer to the nearest dollar.)
$25,500
Farmer Rastus owned the entire Section 17 parcel; and sold the northern half of
the north half. He put a fence around the remainder of the section. How many
linear feet of fencing did he use?
18,480
Your neighbors use a portion of your property to reach their guest apartment,
which is on their property. As far as you can recall, you never gave them
permission to use your property, and you discuss with your attorney the
possibility of preventing the neighbors from using your property. Your attorney
explains that the ownership of the neighbors' real estate includes an easement
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