PA RE Fundamentals Quiz #1 with Complete Solutions

PA RE Fundamentals Quiz #1 with Complete Solutions Land 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 - ANSWER-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 - ANSWER-B. FALSE ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 2/30 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 - ANSWER-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 - ANSWER-A. TRUE ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 3/30 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 - ANSWER-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 ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 4/30 b. False - ANSWER-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 - ANSWER-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. ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 5/30 a. True b. False - ANSWER-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