Real Estate Appraisal - Chapter 2: Real Property Concepts and Characteristics

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Real Estate Appraisal - Chapter 2: Real Property Concepts and Characteristics
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2012-12-31 00:05:37
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Real Estate Appraisal - Chapter 2: Real Property Concepts and Characteristics
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  1. A property owners' bundle of rights includes all of the following except:

    a. the right to enjoy the property

    b. the right to borrow against the property

    c. the right to dispose of real property

    d. the right to build any structure desired on the property
    (d) Property rights are the rights someone has in something and are known as the bundle of rights. This important package includes the right to own, possess, use, enjoy, borrow against, and dispose of real property. Page 22
  2. Real property includes:

    a. the land, anything immovable by law, the airspace, anything permanently attached to the land.

    b. anything permanently attached to the land, anything appurtenant to the land, the land, the airspace

    c. anything appurtenant to the land, the land, the airspace, anything immovable by law

    d. anything immovable by law, anything appurtenant to the land, anything permanently attached to the land, the land
    (d) Real property includes four things: the land, anything permanently attached to the land, anything appurtenant to the land, and anything immovable by law. Airspace is a part of the land, and the land is a part of real property. However, choice d is most correct. Page 22
  3. Land does not include:

    a. airpsace rights

    b. water rights

    c. riparian rights

    d. mineral rights
    (c) Land includes airspace, surface rights, mineral rights, and water rights. Riparian rights are a type of water right. Page 23
  4. What is the difference between riparian and littoral rights?

    a. Littoral property owners own to the average low water mark

    b. Littoral refers to land bordering a lake and riparian refers to land bordering a river.

    c. Riparian property owners have a reasonable use of flowing water

    d. Riparian refers to land bordering an ocean and littoral refers to land bordering a lake
    (b) The owner of property bordering a stream or river has riparian rights. Owners of land bordering a lake possess littoral rights. Page 23
  5. A tree purchased at a nursery and then planted in a backyard is not considered:

    a. real property

    b. immovable by law

    c. chattel

    d. a fixture
    (c) Any growing thing attached by roots (trees, shrubs, and flowers) are real property and established trees are considered immovable by law. By definition, a fixture is real property that used to be personal property. When the nursery sold the tree sapling, it was personal property at that time, but became a fixture once it was planted. Page 24
  6. A commercial orange grove is sold one week before the harvest. What happens to the orange crop?

    a. The new owner takes possession

    b. The previous owner retains possession

    c. It is up to a court to decide

    d. The new owner must split the proceeds from this crop with the seller
    (b) Crops ready for harvest are emblements and are personal property. Page 24
  7. Teresa rents a condominium to three college kids. While tenants, they install a custom sprinkler system in the lawn and garden. There is no agreement. When they move out the sprinklers are:

    a. Teresa's because of the sprinklers' method of attachment

    b. The tenants' unless specified in writing

    c. The tenants' because of the sprinkler's adaptation

    d. Teresa's because of the relationship of the parties
    (a) The sprinklers are permanently attached and custom-made for the property. There is no expressed intention or clear agreement that the tenants would take the sprinklers, so they are real property. When tenants move out, they take personal property with them. Real property remains with the landlord. Page 27
  8. The following legal description, the SW 1/4 of the S 1/2 of the E 1/2 of Section 27 in T7S, R8E, contains how many acres?

    a. 40

    b. 60

    c. 80

    d. 160
    (a) Each section is one mile by one mile and contains 630 acres. 640 acres times 1/4 times 1/2 times 1/2 = 40 acres. Pages 31-32
  9. Which type of legal description does the following refer to:

    Starting from the south west corner of Smyth Street and Barney Avenue, traveling north 158 yards, thence north easterly for 91 yards until the great pine tree, thence directly south 167 yards to the south east corner of Smyth Street and Westin Lane, thence along the southern border of Smyth Street to the point of beginning.

    a. Lot and block

    b. Metes and bounds

    c. Rectangular Survey

    d. Recorded map
    (b) A metes and bounds description of land delineates boundaries and measures distances between landmarks like trees, boulders, creeks, fences, etc. This method describes the dimensions of the property as measured by distance and direction. Page 34
  10. While appraising in a metropolitan area, which type of legal description is an appraiser most likely to encounter?

    a. Government Survey System

    b. Metes and Bounds

    c. Rectangular Survey System

    d. Recorded Map System
    (d) The Recorded Map System is another name fo the Lot and Block system and is most common in metropolitan areas. Page 28

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