811. Legally and technically, property is defined as:

1. 811. Legally and technically, property is defined as: • Freehold estates; • Things which buyers and sellers own; • Rights or interests which a person has in the thing owned; • Only personal property

2. 811. Legally and technically, property is defined as: • Freehold estates; • Things which buyers and sellers own; • Rights or interests which a person has in the thing owned; • Only personal property Property – Rights or interests in the thing owned

3. 529. One of the main differences between real and personal property is that real property: • Can be held in joint tenancy • Is immovable; • Is subject to depreciation over a period of time; • Can be willed.

4. 529. One of the main differences between real and personal property is that real property: • Can be held in joint tenancy • Is immovable; • Is subject to depreciation over a period of time; • Can be willed. Real property – immovable

5. 810. In which of the following ways does real property differ from personal property: • It is immovable by law; • In the method conveyed; • In the acquisition and transfer of title; • In the type of loan instrument.

6. 810. In which of the following ways does real property differ from personal property: • It is immovable by law; • In the method conveyed; • In the acquisition and transfer of title; • In the type of loan instrument. Real property – immovable by law

7. 531. Which of the following would be considered real property? • A maturing grape crop which is under a sales contract and to be harvested later; • Trade fixtures that a tenant has installed but which are removable without damage; • A refrigerator in a mobile home that is not attached to a permanent foundation; • A bearing wall in a single-family house.

8. 531. Which of the following would be considered real property? • A maturing grape crop which is under a sales contract and to be harvested later; • Trade fixtures that a tenant has installed but which are removable without damage; • A refrigerator in a mobile home that is not attached to a permanent foundation; • A bearing wall in a single-family house. Real property – bearing wall

9. 15. All of the following would be classified as real property, except: • Unextracted crude oil; • Leasehold estates in residential properties; • Uncultivated grove of trees; • Easements appurtenant.

10. 15. All of the following would be classified as real property, except: • Unextracted crude oil; • Leasehold estates in residential properties; • Uncultivated grove of trees; • Easements appurtenant. Real property – not leasehold estates

11. 778. The law defines a fixture as an item which has been: • Made part of a chattel real; • Referred to by actions but not referred to in the sales contract; • Incorporated into the land; • Used in an extraordinary way with the land.

12. 778. The law defines a fixture as an item which has been: • Made part of a chattel real; • Referred to by actions but not referred to in the sales contract; • Incorporated into the land; • Used in an extraordinary way with the land. Fixture – Incorporated into land

13. 20. All of the following are factors generally considered when determining whether an item of personal property has become real property, except: • Agreement between the parties; • Permanence of the installation; • Cost of the article; • Relationship of the parties.

14. 20. All of the following are factors generally considered when determining whether an item of personal property has become real property, except: • Agreement between the parties; • Permanence of the installation; • Cost of the article; • Relationship of the parties. Fixtures – Not Cost

15. 884. Which of the following is not a test for a fixture: • The intention of the parties; • The method of attachment; • The agreement of the parties; • The time of attachment.

16. 884. Which of the following is not a test for a fixture: • The intention of the parties; • The method of attachment; • The agreement of the parties; • The time of attachment. Fixtures – Not time of attachment

17. 873. A lessee renting a business office often attaches certain items to the real property. These items may, prior to the expiration of the lease, be removed provided no substantial damage to the property results. Of the following, which best exemplifies such items: • Trade fixtures; • Fixtures for manufacturing purposes; • Articles affixed for domestic use; • Any of the above.

18. 873. A lessee renting a business office often attaches certain items to the real property. These items may, prior to the expiration of the lease, be removed provided no substantial damage to the property results. Of the following, which best exemplifies such items: • Trade fixtures; • Fixtures for manufacturing purposes; • Articles affixed for domestic use; • Any of the above. Trade fixtures – Business office

19. 534. Which of the following "run with the land": • Easements appurtenant; • Covenants; • Stock in a mutual water company; • All of the above.

20. 534. Which of the following "run with the land": • Easements appurtenant; • Covenants; • Stock in a mutual water company; • All of the above. Run with the land – Easements, water company stock, covenants

21. 533. Jones conveyed his ranch to Brown using a land contract. The ranch was serviced by a mutual water company, and Jones was a stockholder in the company. The stock which Jones owned was appurtenant to the land. Does Brown have to enter into a separate contract for the stock of the mutual water company? • Yes, since stock is always personal property and therefore not included in land contracts; • No, because land in California cannot be sold without water rights; • Yes, because real property is not always accompanied by water rights; • No, because the stock was appurtenant to the land and therefore part of the real property and part of the land contract.

22. 533. Jones conveyed his ranch to Brown using a land contract. The ranch was serviced by a mutual water company, and Jones was a stockholder in the company. The stock which Jones owned was appurtenant to the land. Does Brown have to enter into a separate contract for the stock of the mutual water company? • Yes, since stock is always personal property and therefore not included in land contracts; • No, because land in California cannot be sold without water rights; • Yes, because real property is not always accompanied by water rights; • No, because the stock was appurtenant to the land and therefore part of the real property and part of the land contract. Run with the land – water company stock

23. 660. Unless otherwise specified, the rights to minerals which lie beneath the surface of land: • Are automatically transferred with the sale of the real property; • Cannot be leased; • Are kept by the original owner; • Cannot be conveyed apart from the real estate surrounding the minerals.

24. 660. Unless otherwise specified, the rights to minerals which lie beneath the surface of land: • Are automatically transferred with the sale of the real property; • Cannot be leased; • Are kept by the original owner; • Cannot be conveyed apart from the real estate surrounding the minerals. Run with the land – … Minerals

25. 532. A real estate broker may have difficulty with personal property because its ownership rights and identification may be difficult to determine. This is because personal property can: • Be alienated; • Be hypothecated; • Become real property; • All of the above.

26. 532. A real estate broker may have difficulty with personal property because its ownership rights and identification may be difficult to determine. This is because personal property can: • Be alienated; • Be hypothecated; • Become real property; • All of the above. Personal property – hypothecated, alienated, become real property

27. 767. Another name for an estate of inheritance is: • Fee simple defensible; • Estate at sufferance; • Estate in fee; • Probate estate.

28. 767. Another name for an estate of inheritance is: • Fee simple defensible; • Estate at sufferance; • Estate in fee; • Probate estate. Fee simple estate (fee estate) – Inheritance

29. 658. “Of indefinite duration” is a characteristic which is particularly descriptive of an: • Estate for years; • Estate from period-to-period; • Estate of inheritance; • Estate less-than-freehold.

30. 658. “Of indefinite duration” is a characteristic which is particularly descriptive of an: • Estate for years; • Estate from period-to-period; • Estate of inheritance; • Estate less-than-freehold. Fee Simple Estate (Fee Estate) – Inheritance – Indefinite duration

31. 2. A freehold estate consists of: • A fee estate; • An estate at will; • An estate from period to period; • A leasehold estate.

32. 2. A freehold estate consists of: • A fee estate; • An estate at will; • An estate from period to period; • A leasehold estate. Fee Simple Estate (Fee Estate) – Freehold

33. 3. Of the following, which best defines a fee simple estate: • Title in the owner without limitations; • An estate for years; • A life estate; • The most interest that one can hold in land.

34. 3. Of the following, which best defines a fee simple estate: • Title in the owner without limitations; • An estate for years; • A life estate; • The most interest that one can hold in land. Fee Simple Estate (Fee Estate) – Most interest

35. 726. Which of the following is not a characteristic of a fee simple title: • It is always free of encumbrances; • It is of indefinite duration; • It is transferable with or without consideration; • It is transferable by will or intestate.

36. 726. Which of the following is not a characteristic of a fee simple title: • It is always free of encumbrances; • It is of indefinite duration; • It is transferable with or without consideration; • It is transferable by will or intestate. Fee Simple – Not free of encumbrances

37. 773. David gave a grant deed to John transferring title to a house. The title is subject to a condition which states that title will be forfeited if the property is used to sell alcoholic beverages. John's estate is called: • A fee simple absolute; • A fee simple defeasible; • An estate in forfeiture; • A less than freehold estate.

38. 773. David gave a grant deed to John transferring title to a house. The title is subject to a condition which states that title will be forfeited if the property is used to sell alcoholic beverages. John's estate is called: • A fee simple absolute; • A fee simple defeasible; • An estate in forfeiture; • A less than freehold estate. Fee Simple Defeasible – No alcohol

39. 741. May owned a life estate in a home measured on her own life. She leased the property to Rees for five years. Shortly after she executed the lease, May died. The lease was: • Valid for as long as May lived; • Valid for the full five years; • Invalid because May could not lease the property since she only owned a life estate; • None of the above.

40. 741. May owned a life estate in a home measured on her own life. She leased the property to Rees for five years. Shortly after she executed the lease, May died. The lease was: • Valid for as long as May lived; • Valid for the full five years; • Invalid because May could not lease the property since she only owned a life estate; • None of the above. Life estate, property is leased – Owner dies, lease terminates

41. 530. Less-than-freehold estates consist of estates held by: • Beneficiaries of trust deeds; • Holders of easements; • Lessees; • Grantees of life estates.

42. 530. Less-than-freehold estates consist of estates held by: • Beneficiaries of trust deeds; • Holders of easements; • Lessees; • Grantees of life estates. Less-than-freehold estates – Lessees

43. 8. Which of the following is not required to create a lease for more than one year: • It must be in writing; • Lessor and lessee must both sign it always; • A termination date; • The amount of rent and the method of payment.

44. 8. Which of the following is not required to create a lease for more than one year: • It must be in writing; • Lessor and lessee must both sign it always; • A termination date; • The amount of rent and the method of payment. (Leases) – Not necessary to sign

45. 647. If a person leased a store for only six months, that person would have an: • Estate from period to period; • Estate for years; • Estate at will; • Estate at sufferance.

46. 647. If a person leased a store for only six months, that person would have an: • Estate from period to period; • Estate for years; • Estate at will; • Estate at sufferance. Six months – Estate for years

47. 867. Tyson owns a store building which he leased to Crown for seven years. Crown's estate in the store building is: • Personal property; • Estate for years; • A chattel real; • All of the above.

48. 867. Tyson owns a store building which he leased to Crown for seven years. Crown's estate in the store building is: • Personal property; • Estate for years; • A chattel real; • All of the above. (Leases) – personal property, chattel real

49. 12. An instrument which usually transfers possession of real property, but does not transfer ownership is: • A mortgage; • A sublease; • A security agreement; • An easement.

50. 12. An instrument which usually transfers possession of real property, but does not transfer ownership is: • A mortgage; • A sublease; • A security agreement; • An easement. Sublease – Transfers possession