Pearson Vue Exam Questions and Correct
Answers
Real property interests include...
an appurtenance that goes with the land.
Examples: buildings, fences, trees, water rights, the ground below, mineral rights, air
rights, easements
What is a form of ownership that is restricted to husbands and wives?
Tenancy by the entirety.
Each owns the entire parcel. Neither can separately convey and interest during the
other's life time. On the death of a spouse, the survivor owns the property
Divorce would change this ownership to a tenancy in common
What would result from a condition in a deed?
a. fee simple
b. defeasible fee
c. chattels real.
d. nonfreehold estate
B. Defeasible Fee
Fee simple determinable is a defeasible estate that could be lost lost upon the
happening of a specified condition.
If a deed specifies that a grant shall be only "for as long as"; or while a property is in a
particular use, the length of the estate is really determined by the deed
J installed central air-conditioning in his home. the compressor unit, which was
located outside the home, would be regarded as what?
Real property
an investor's personal assets could be subject to a creditor's claim in a...
General Partnership
An active partner and has unlimited personal liability for the debts of the partnership.
One general partner can personally obligate the other general partners (Part of Tenancy
in Partnership)
How does an S corporation differ from other corporations?
Its investors have no personal liability
A tenant in a commercial building installed a large sign that was anchored to the
building with steel rods. Which term properly describes the sign?
A.Fixture
B. Trade fixture
, C. Real Property
D. Emblement
B. Trade Fixture
Installed by a tenant for the purpose of conducting a business or trade.
A tenant can remove a trade fixture but is liable for removal damage to real property .
What type of real property description would include reference to an iron stake?
Metes and bounds (aka measurements and directions)
Shows the boundaries of parcel by measuring from point to point. The measuring points
in a metes-and-bounds description are known as monuments.
Two types of monuments:
-natural monuments: tress, rocks, rivers
-artificial monuments: iron stakes, fences, roads
A tenancy in common differs from a joint tenancy in that...
tenants in common may have unequal interests
Chattels real differ from appurtenances in that they
Are personal property
The definition of chattel refers to all personal property (things you own other than real
estate).
An example of chattel is your furniture and car.
Rights, benefits, and improvements that go with the land are known as
Appurtenances
which would be classified as real property?
A. Trade Fixtures
B. Chattels Real
C. Water rights
D. Mortgages
C. Water Rights
What are three of the tests of a fixture?
1. Adaptability: Legal rather than a physical attachment. If an item is reasonably
necessary for the normal use of the property, it probably is a fixture, even though it is
not attached
2. Intent: Intent is considered the most important test of a fixture when there isn't an
agreement. Did the parties intend that property would become part of the real estate?
Can be hard to prove intent.
3. Attachment: Can the item be removed w/o causing major damage to the real
property? Is the method of attachment of a permanent nature?
4. Agreement: A written agreement of the parties as to whether an item is a fixture and
Answers
Real property interests include...
an appurtenance that goes with the land.
Examples: buildings, fences, trees, water rights, the ground below, mineral rights, air
rights, easements
What is a form of ownership that is restricted to husbands and wives?
Tenancy by the entirety.
Each owns the entire parcel. Neither can separately convey and interest during the
other's life time. On the death of a spouse, the survivor owns the property
Divorce would change this ownership to a tenancy in common
What would result from a condition in a deed?
a. fee simple
b. defeasible fee
c. chattels real.
d. nonfreehold estate
B. Defeasible Fee
Fee simple determinable is a defeasible estate that could be lost lost upon the
happening of a specified condition.
If a deed specifies that a grant shall be only "for as long as"; or while a property is in a
particular use, the length of the estate is really determined by the deed
J installed central air-conditioning in his home. the compressor unit, which was
located outside the home, would be regarded as what?
Real property
an investor's personal assets could be subject to a creditor's claim in a...
General Partnership
An active partner and has unlimited personal liability for the debts of the partnership.
One general partner can personally obligate the other general partners (Part of Tenancy
in Partnership)
How does an S corporation differ from other corporations?
Its investors have no personal liability
A tenant in a commercial building installed a large sign that was anchored to the
building with steel rods. Which term properly describes the sign?
A.Fixture
B. Trade fixture
, C. Real Property
D. Emblement
B. Trade Fixture
Installed by a tenant for the purpose of conducting a business or trade.
A tenant can remove a trade fixture but is liable for removal damage to real property .
What type of real property description would include reference to an iron stake?
Metes and bounds (aka measurements and directions)
Shows the boundaries of parcel by measuring from point to point. The measuring points
in a metes-and-bounds description are known as monuments.
Two types of monuments:
-natural monuments: tress, rocks, rivers
-artificial monuments: iron stakes, fences, roads
A tenancy in common differs from a joint tenancy in that...
tenants in common may have unequal interests
Chattels real differ from appurtenances in that they
Are personal property
The definition of chattel refers to all personal property (things you own other than real
estate).
An example of chattel is your furniture and car.
Rights, benefits, and improvements that go with the land are known as
Appurtenances
which would be classified as real property?
A. Trade Fixtures
B. Chattels Real
C. Water rights
D. Mortgages
C. Water Rights
What are three of the tests of a fixture?
1. Adaptability: Legal rather than a physical attachment. If an item is reasonably
necessary for the normal use of the property, it probably is a fixture, even though it is
not attached
2. Intent: Intent is considered the most important test of a fixture when there isn't an
agreement. Did the parties intend that property would become part of the real estate?
Can be hard to prove intent.
3. Attachment: Can the item be removed w/o causing major damage to the real
property? Is the method of attachment of a permanent nature?
4. Agreement: A written agreement of the parties as to whether an item is a fixture and
