Saturday, September 28, 2013

Chater 7 Political and Legal Environments

 Questions and Answers.

1)                                A qualification on the fee simple interest.
A.      Perfect
B.      Personal property
C.      Real estate
D.      None above

2)                                    The rights of surviving joint tenants have in real property when a joint tenant dies.
A.      Subsurface rights
B.      Surface rights
C.      Right of survivorship
D.      None above

3)                                        The right to possess or use real property.
A.      Personal property
B.      Real estate
C.      Freehold estates
D.      Leasehold estate

T/F Question:
4)      The term “Fixture” is an item that was once personal property but has been affixed or adapted to the real property that it is now real property.
·         T
·         F

5)      The term “Air rights” is the ownership and usage rights to the space above land.
.        T
·         F

6)      Escheat involves dying with a valid will.
·         T
·         F
7)       ’Easement in gross’ is a specific limitation on the fee of simple estate interest.
·         T
·         F
8)      A ‘lease’ is the estate of a property owner who has leased the property to another person or organization.
·         T
·         F

 1D, 2C, 3D, 4T, 5T, 6F, 7F, 8F

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