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Property Ownership (well answered)rated A+
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Property OwnershipHow much would a lot that is 400 feet wide by 500 feet long cost at $900 per acre? - correct answer
✔✔4,132
The lot would cost approximately $4,132. Find the area of the lot by multiplying 400 by 500 (this equals
200,000 sq feet). Convert the area to acres by dividing 200,000 by 43,560 (the number of sq feet in an
acre). Multiply this number by $900 per acre.
Elvin owns 150 acres of prime hunting land. Every year, he gets requests from private groups that would
like to use his land for a day or two during hunting season. He sometimes grants these requests, but this
year, he's decided to only use it himself with his friends. Which right in the bundle of rights says that he
can say no to these requests? - correct answer ✔✔The right of exclusion gives Elvin the right to refuse
others the use of his own property.
A homeowner's credit card company sued them in civil court for nonpayment. There was a judgment
against them, and so now the homeowner has to sell their classic car and their primary residence to pay
the credit card company. What type of lien did the company have? - correct answer ✔✔General
Your client, a builder, is considering buying three adjacent lots. They each have the same depth: 275 feet.
Lot A is 35,750 s.f., Lot B 53,900 s.f., and Lot C is 33,000 s.f. If your client buys all three lots, what total
street frontage will he have? - correct answer ✔✔446 feet
Add all then divide by 275
An investor bought a vacant lot in a development that was 85% completed. When they started working
with the builder to lay out where the house and driveway would lie, it was determined that they would
need an easement because their driveway would spill over onto the adjacent lot by a few feet. What
type of easement is this? - correct answer ✔✔An easement appurtenant is attached to a parcel of land
and transfers with the land. It grants the right to use adjoining land.
Philip owns land in a state where growing marijuana is illegal. He wants to set up a small marijuana
growing operation and export to states where marijuana has been legalized. He asks his attorney about
the possibility. "No," his attorney explains. "It's not possible. Although you own the property outright,
, the right of ______ only allows you to manage the property in ways that are legal in this jurisdiction. -
correct answer ✔✔Control
What's the best definition of real property? - correct answer ✔✔Real estate, plus all of the interests,
benefits, and rights included in ownership
What does the metes and bounds system use to develop a property's legal description? - correct answer
✔✔Compass headings and directions
Physical characteristics of land include its immobility, indestructibility, and ______. - correct answer
✔✔Uniqueness
A couple bought a property that backed up to a neighborhood park. The previous owner mentioned that
ever since the park was built eight years ago, the next-door neighbor who works at the park has cut
through the yard to get to the park rather than going around via the streets, which saves about half a
mile. What kind of easement is this? - correct answer ✔✔Easement by prescription
Sebastian owns a country house and vacations there every summer and on holiday weekends. As much
as he'd like to will it to his niece when he passes, his ownership of the house ends when he dies. What
type of estate does Sebastian own? - correct answer ✔✔Life Estate
Ken, Dale, and James were brothers who owned more than 100 acres as tenants in common. The
relationship between Ken and James disintegrated, and so James initiated a lawsuit. The end result was
that the court gave each brother a designated set of acres to own. What did the court grant? - correct
answer ✔✔partition
Richard is interested in purchasing some rural land and included outbuildings. When reviewing the legal
description, he sees the name of a principal meridian. What type of legal description is this? - correct
answer ✔✔Rectangular government survey
How many acres are in a parcel described as, "The E 1/2 SE 1/4 NE 1/4 Section 3, Township 4 North,
Range 2 East of the 6th PM"? - correct answer ✔✔This legal description defines half of a quarter-quarter
section. A quarter-quarter section is 40 acres; half of a quarter-quarter section is 20 acres. Alternatively,
multiply the three fractions' denominators (2 × 4 × 4) and divide into 640 (640 ÷ 32 = 20).
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