Real Estate Principles TEST Q&A LATEST UPDATE

Real Estate Principles TEST Q&A LATEST UPDATE Items of personal property that are attached or incorporated into the land in such a manner as to become real property are called: - ANSWER fixtures Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called: - ANSWER improvements Township lines divide the land into a series of east-west strips called: - ANSWER tiers An area of land that contains 43,560 sq feet is called: - ANSWER an acre Which of the following can transfer ownership of trade fixtures and personal property? - ANSWER Bill of Sale How many principal base and meridian line intersections does California have? - ANSWER 3 Which of the following is NOT a basic right if ownership included in the "Bundle of Rights"? - ANSWER Sustainablility Anything permanently attached or affixed to the land is called: - ANSWER Real Property An interest, share, right, or equity in real estate that varies from the minimal right of a renter to the maximum right of full owner is called a(n): - ANSWER estate Susie owns a life estate based upon her own life. She leases the property to a tenant on a 3 yr lease. Susie dies 2 yrs later. What happens to the lease? - ANSWER The lease is terminated A signed or verbal statement by the named person that he or she signed that document of his or her own free will is known as: - ANSWER Acknowledgement When 2 or more people have identical interests in the whole property with the same right of possession and the right of survivorship it is called: - ANSWER joint tenancy All property acquired by a husband and wife during their marriage other than separate property is called: - ANSWER community property The two major types of freehold estates are: - ANSWER fee simple and life estate When a landlord discovers that work is being done on the property without the landlord's consent he or she should: - ANSWER post a Notice of Non-Responsibility on the property A document that uses a property to secure the payment of a debt or the discharge of an obligation is called a(n) : - ANSWER lien An easement that is "created for and beneficial to" the owner of adjoining or attached lands is which type of easement? - ANSWER Easement appurtenant An Easement by Prescription requires which of the following to be valid? - ANSWER 5 yrs continuous use Open and notorious use Hostile use Property is defined as: - ANSWER The rights or interests that a person has in the thing owned The initials RSS refer to: - ANSWER Really Simple Syndication "Potable Water" refers to: - ANSWER water suitable for drinking Which is considered real property? - ANSWER Vegetation The ownership of personal property is transferred by using a - ANSWER Bill of Sale A loan secured by personal property usually consists of - ANSWER a security agreement Which of the following is not a test for a fixture? - ANSWER Cost and size of the item Which method of land description is the oldest and least reliable? - ANSWER Metes and Bounds A township consists: - ANSWER a 6-mile by 6- mile square of land & 36 square miles A commercial acre is: - ANSWER an acre less the amount of land dedicated for public improvements Which of the following is a type of freehold estate? - ANSWER Estate in fee Which of the following is an example of a freehold estate? - ANSWER a life estate A seven year lease would be considered: - ANSWER an estate for years, personal property and chattel real.