REE 3043 EXAM 1 FSU BAILEY 156 QUESTIONS & DEFINITIONS
What is the single largest asset category in the portfolio of a typical U.S. household?
Housing
Consumer durables
Stocks
Bonds - Answer: housing
Real estate markets differ from other asset classes by having all of the following char...
Which of the following is the least important to the location of commercial
properties?
Access to customers
Visibility
Access to schools
Availability of communications infrastructure - Answer: access to schools
Which of the following is not a form of real property right?
Lien
Easement
Leasehold
License - Answer: license
Which of these easements is most likely to be an easement in gross?
Common wall easement
Driveway easement
Drainage easement
Power line easement - Answer: power line easement
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,Rules used by courts to determine whether something is a fixture include all
except:
Intention of the parties
Manner of attachment
Law of capture
Character of the article and manner of adaptation - Answer: Law of capture
Which of the following is a titled estate?
Fee simple absolute
Fee simple conditional
Life estate
All of these - Answer: all of these
Which of these forms of co-ownership could best be described as "normal
ownership," except that multiple owners can have unequal ownership interest in
the same property?
Tenancy in common
Joint tenancy
Tenancy by the entirety
Condominium - Answer: tenancy in common
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, Which of these marriage-related forms of co-ownership gives each spouse a one-
half interest in any property that is "fruits of the marriage"?
Dower
Curtesy
Community property
Elective share - Answer: community property
Which of these liens has the highest priority?
First mortgage lien
Mechanics' lien
Property tax lien
Second mortgage lien - Answer: property tax lien
Restrictive covenants for a subdivision usually can be enforced by:
Subdivision residents
Lenders with mortgage loans in the subdivision
Local government
a and b, but not c - Answer: a and b, not c
Timeshare programs can involve which of the following claims or interests?
Fee simple ownership
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