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EXAM 1 - Property Ownership questions with complete solutions
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EXAM 1 - Property Ownership questions with complete solutions
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EXAM 1 - Property OwnershipThe main difference between the terms real estate, and real property is that only real property includes:
A. fences
B. improvements
C. ownership rights
D. landscaping - correct answer ✔✔B. improvements; Real property consists of land and everything
permanently attached to land, as well as the rights of ownership
The "bundle of rights" refers to:
A. condemnation
B. water rights only
C. real property rights
D. chattel - correct answer ✔✔C. real property rights; The bundle of rights refers to all rights an owner
may have in real property.
Condemnation is an action to take property after a government's claim of eminent domain. Water rights
are a one stick or ownership right in the bundle of rights. Chattel is a term for personal property.
Which of the following is evidence of a definite ownership right in real property?
A. Lease
B. Occupy
C. Possess
D. Sell - correct answer ✔✔D. Sell;
, Possession, leasing real property, or occupying real property are part of a leasehold estate and do not
necessarily include other ownership rights. Of the choices in the question, only the right to sell is
evidence of ownership rights.
Sima's property borders a gorgeous lake. She owns.....
A. Riparian rights
B. Legal rights
C. Littoral rights
D. Squatter's rights - correct answer ✔✔C. Littoral rights
Littoral rights apply to a property bordering a stationary body of water, such as a lake or a sea. In
contrast, riparian rights belong to the owner of property bordering a flowing body of water.
The land and improvements, and all legal rights, powers, and privileges of real estate ownership are
called:
A. license
B. real property
C. subsurface rights
D. personal property - correct answer ✔✔B. real property
Real property is the land and improvements, and all legal rights, powers, and privileges of real estate
ownership. Personal property is readily movable. A license is a personal privilege to do a particular act or
series of acts on the land of another. Subsurface rights of a property include the right to the area below
the ground.
All property that is readily movable is known as:
A. real property
B. realty
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