| A | B |
|---|
| Methods for regulating land use: | building codes, zoning laws implemented by county or city government, deed restrictions listed in a subdivision's restrictive covenants |
| Separable ownerships in land: | surface of the land, area below the surface, air rights |
| Real property examples: | surface of the earth, area below the surface, area above the surface |
| Articles of personal property owned by a tenant and solidly installed in his rented space for use in the business he conducts are known as: | trade fixtures |
| Because no two pieces of property are identical is the reason for: | specific performance |
| Carl leases a building and installs shelves, cabinets and other articles for use in the business. When the lease expires: | Carl can remove the equipment installed before his lease expires |
| Condemnation of private property for public use is called the right of: | eminent domain |
| Economic characteristics of real property include which of the following? situs; immobility; indestructibility; nonhomogeneity | Situs |
| If a salesperson listed and sold a property for $190,000 and received 60% of the 7% commission paid to her employing broker, how much did the salesperson recieve? | $7,980 |
| In the absence of any agreement in the sale contract, which MOST likely would be considered personal property? | fuel in an oil tank |
| "It would NOT be an appurtenance" describes: | trade fixtures |
| Items of personal property are called: | chattels |
| Patents, copyrights, trademarks are BEST described as: | Incorporeal |
| Physical characteristics of real estate include: | Indestructibility |
| Police power is the government's right to: | enact laws for the common good |
| Public land-use controls exist in the form of: | zoning laws |
| Real estate includes: | fixtures |
| Real estate is BEST defined as: | Land, the buildings on it, and anything permanently attached to the land and/or buildings and all appurtenances |
| Taking property for public use utilizing the condemnation process is under the: | Power of Eminent Domain |
| The ability of the state to enact and enforce zoning ordinances is based on: | Police power |
| The agreement DOES NOT specify it, but a home sell can most likely remove: | the freestanding fireplace screen |
| The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of: | Immobility |
| The government may acquire private land for the public welfare through the right of: | eminent domain |
| The nonhomogeneity of land | results from the uniqueness of every parcel of real estate |
| The process for implementing the taking of private property for public use wherein just compensation is paid to the owner is called: | condemnation |
| The property of a person who dies intestate and has no heirs will escheat to: | State government |
| The quality of the location of land and consequently the value of the land can be changed by: | improvements to the land that result in accessibility not previously available |
| Under the Uniform Commercial Code, the document used to create an interest in personal property is: | a security agreement |
| Chattel is BEST described as: | personal property |
| If property passes back to the state it is called: | escheat |
| When property is taken for public use and compensation is given, then the following term would be used to describe what happened: | eminent domain |
| This is NOT an example of police power: | taking land for a parkway |
| Which of the following has the greatest effect on real property value? | location |
| Which of the following is an example of the PRIVATE control of land use? | restrictive covenants |
| This is NOT done under police power: | collect taxes |
| Which of the following is NOT used to determine whether an item is a fixture? method of attachment; intent of the annexor; cost of item; adaptability of item | cost of item |
| Which of the following is PERSONAL property? | mortgage note (you can sell it) |
| Which of the following is NOT included in the Bundle of Rights? encumberance; quiet enjoyment; freedom; control | freedom |
