Exam (elaborations)
FNAN 304 ch 2
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FNAN 304 ch 2 FNAN 304 ch 2 FNAN 304 ch 2
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FNAN 304 ch 2Fundamental characteristics of rights include which three of these? - They are enduring or
permanent.
They are non-revocable.
Obligation of government to uphold or protect them.
Which of these terms best characterizes the meaning of personal rights? - Freedom
Which two of these best demonstrate personal rights rather than property rights? - Right to post
election campaign signs on your lawn.
Right to invite a group into your home.
If you own a condominium where there is a restriction on the color or character of window
treatments (drapes or blinds) what aspect of property rights is being curtailed? - Right of use and
enjoyment
Which of these items is(are) real property? - Air space just above the ground
Minerals yet to be extracted
Land
A utility company goes through proper legal procedure to acquire a portion of your property for a
transmission line. However, it pays you only a small fraction of what the property it acquired is
worth, and the city where your property is located refuses to intervene. What fundamental
characteristic of rights does this violate? - Government is obligated to protect your rights.
From what two sources do personal rights in the United States most directly derive?
Multiple select question. - Other amendments to the U.S. Constitution.
The Bill of Rights to the U.S. Constitution
Real property, by definition includes rights in _______________and its_____________
_______________ - Blank 1: land
Blank 2: permanent
Blank 3: structures
, Which kind of right is older, personal or property? - Property rights
Which of these items most likely is(are) personal property? - A very large television
Patio furniture
An oriental rug
A vacant lot has existed in an old neighborhood as far back as anyone can remember. Over time the
sequence of owners of an adjacent house have fenced it in and used it for a garden. Suddenly
another adjacent owner on the opposite side of the lot finds a survey indicating that the lot was
purchased by their great great grandfather nearly a century ago. By what aspect of rights must this
claim be taken seriously?
Multiple choice question. - Rights are enduring.
Which of these items is (are) likely to be a fixture? - Standard wall-to-wall carpeting
Pews that are custom designed for a house of worship
By the definition of real property, which of these is most likely to be included? - Free standing garage
Which statements are correct concerning the impact of fixtures on real estate transactions? - The
potential for fixtures arises in most real estate transactions.
Misunderstandings about potential fixtures can be costly, time consuming and disruptive.
A "bundle of rights" in property is some combination of - exclusive possession
use and enjoyment
right of disposition
Which of these statements is (are) true regarding fixtures? - The dominant rule for determining what
is a fixture is called "intention of the parties."
Fixtures are personal property that has become real property.
Altogether, there are 4 traditional rules for determining whether something is a fixture.
In a single family home transaction, which three of these articles are most likely to be a fixture? -
Vinyl floor covering
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