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PA RE Fundamentals Quiz -1 (1).
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PA RE Fundamentals Quiz -1 (1).
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PA RE Fundamentals Quiz #1Land is defined as the earth's surface extending downward to the center of the earth and
upward into space, excluding permanent natural objects such as trees and water.
a. True
b. False - ANS-B. FALSE
Land is defined as the earth's surface extending downward to the center of the earth and
upward into space, including permanent natural objects such as trees and water.
Real estate is defined as land at, above, and below the earth's surface, and all things attached
to it, whether permanent or chattel.
a. True
b. False - ANS-B. FALSE
Real estate is defined as land at, above, and below the earth's surface, and all things
permanently attached to it, whether natural or artificial.
Real property is defined as the physical land or real estate less the interests, benefits, and rights
that are associated with its ownership.
a. True
b. False - ANS-B. FALSE
Real property is defined as the physical land or real estate plus the interests, benefits, and
rights associated with its ownership.
Real property is the legal rights of ownership that attach to the physical surface of the land, to
what lies above and below it, and to what is permanently attached to it.
a. True
b. False - ANS-A. TRUE
Real property is the legal rights of ownership (the "bundle of rights") that attach to the physical
surface of the land, to what lies above and below it, and to what is permanently attached to it.
A property's air rights are considered unlimited, extending upward into the farthest reaches of
outer space.
a. True
, b. False - ANS-B. FALSE
Before air travel was common, a property's air rights were considered unlimited, extending
upward into the farthest reaches of outer space. Today, however, the courts permit reasonable
interference with these rights. Pennsylvania law permits local government authorities to obtain
aviation easements.
Personalty is considered to be all property that does not fit the definition of real property.
a. True
b. False - ANS-A. TRUE
Personal property, sometimes called personalty, is considered to be all property that does not fit
the definition of real property. An important distinction between the two is that personal property
is movable. Items of personal property are also called chattels.
Trees and crops are generally considered in two classes. Perennials are considered personal
property. Annuals, including emblements, are generally considered real estate.
a. True
b. False - ANS-B. FALSE
Trees, perennial bushes, and grasses that do not require annual cultivation are considered real
estate. Annual plantings or crops of wheat, corn, vegetables, and fruit, known as emblements,
are generally considered personal property.
Something that is affixed to the land to be a part of the real estate is a fixture.
a. True
b. False - ANS-A. TRUE
An article that was once personal property but has been affixed to the land or a building in such
a way that the law construes it to be a part of the real estate is a fixture.
A tenant's personal property that is attached to a rented space and is used in conducting a
business is a trade fixture.
a. True
b. False - ANS-A. TRUE
An article attached to a rented space or building for use in conducting a business, but which is
the personal property of the tenant, is a trade fixture.
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