Real Estate MOD 1

Parking spaces in multiunit buildings, water rights, and similar things of value convey with property are classified as _______

Appurtenances

Which of the following describes the act by which real property is converted into personal property?

A - Severance B- Conversion C- Accession D- Attachment

A- Severance

A resort purchases a large tract of scenic forest land and puts several prefabricated steel buildings on foundations to store landscaping equipment, fuel oil, and propane canisters. Which statement is true?

A- the resorts action constitutes improvement of the property B- The chemicals are considered appurtenances C- The buildings are considered trade fixtures D- Storing fuel oil, which is highly flammable, is not included in the bundle of rights

A- The resorts action constitutes improvement of the property

The type of easement that is a right-of-way for utility company’s power lines is ______

Easement in gross

The physical limits of land are:

The center of the earth and infinite space above the earth

A professional opinion of a property’s market value, based on established methods and using trained judgment, is preformed by an:

Appraiser

A landowner has divided a large parcel of land into smaller parcels and has recently sold a tract near a nature preserve that is landlocked and cannot be entered except through one of the other tracts. The buyer of that property will probably be granted what type of easement by court action?

Easement by necessity

Riparian rights concern which of the following bodies of water?

A- Streams and rivers B-Navigable lakes C-The ocean D- Land-locked ponds

A- Streams and rivers

Because a homeowner failed to pay the real estate taxes on time, the taxing authority imposed a claim against the homeowners property. This claim is known as a/an:________

Lien

The difference between the cost basis of property and its net selling price is known as ___________

Capital Gain