REE 3043 EXAM 1 QUESTIONS WITH CERTIFIED ANSWERS
Rules used by courts to determine whether something is a fixture include all except:
a. Law of capture
b. Intention of the parties
c. Character of the article and manner of adaptation
d. Manner of attachment - Answer-Law of capture
Which...
REE 3043 EXAM 1 QUESTIONS WITH
CERTIFIED ANSWERS
Rules used by courts to determine whether something is a fixture include all except:
a. Law of capture
b. Intention of the parties
c. Character of the article and manner of adaptation
d. Manner of attachment - Answer-Law of capture
Which of the following is a titled estate?
a. Fee simple absolute
b. Fee simple conditional
c. Life estate
d. All of these - Answer-all of these
Which of these forms of co-ownership could best be described as "normal ownership,"
except that multiple owners can have unequal ownership interest in the same property?
a. Joint tenancy
b. Condominium
c. Tenancy by the entirety
d. Tenancy in common - Answer-tenancy in common
Which of these marriage-related forms of co-ownership gives each spouse a one-half
interest in any property that is "fruits of the marriage"?
a. Community property
b. Dower
c. Elective share
d. Curtesy - Answer-community property
Which of these liens has the highest priority?
a. First mortgage lien
b. Mechanics' lien
c. Property tax lien
d. Second mortgage lien - Answer-property tax lien
Restrictive covenants for a subdivision usually can be enforced by:
a. Subdivision residents
b. Lenders with mortgage loans in the subdivision
, c. Local government
d. a and b, but not c - Answer-a and b, but not c
Timeshare programs can involve which of the following claims or interests?
a. Fee simple ownership
b. Leasehold interest
c. License
d. All of these are possible - Answer-all of these are possible
c. Dedication Every condominium buyer needs to know the details of which
document(s):
a. Condominium declaration
b. Bylaws
c. Proprietary lease
d. a and b, but not c - Answer-a and b, but not c
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:
a. they apply only to tangible assets.
b. they are nonrevocable.
c. they are enforceable by the government.
d. they are enduring. - Answer-they apply only to tangible assets
Property rights can be divided into two classes, real and personal. Which of the
following is an example of real property?
a. Vehicles
b. Commercial building
c. Stocks and bonds
d. Patents - Answer-commercial building
A fixture is an object that formerly was personal property but has become real property.
Of the following four rules for determining whether an object has become a fixture,
which is the most dominant (i.e. if there is a conflict, which rule prevails)?
a. Manner of the attachment
b. Relation of the parties
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