Prepared by: Kent Sakamoto
1. In which case of real estate, government infringement on private porperty rights is necessary for what purpose(s)?
A) Creation of regulations to manage impact of externalities
B) Enforcement of regulations
C) Creation and maintenance of public infrastructure
D) All of the above (p. 163)
2. The broadest and most complete bundle of rights that private citizens can possess in real property is called...
A) Enabling act
B) Spatial monopoly
C) Fee simple estate (p. 164)
3. What is the main source of funding for the local government?
A) Property tax (p. 168)
B) Eminent domain
C) Ad valorem tax
D) None of the above
4. Dying without a valid will is called intestate.
5. Personal property can be best described as all property and the real property it sits on.
False (p.172) Does not include real property
6. Air rights are the ownership and usage rights to the space above land.
True (p. 177)
7. Estates in land are ownership interests in real property.
False (p. 177) Freehold Estates
8. An equal interest in property co-ownership is called tenancy in common.
False (p. 186) Joint Tenancy