Question 1

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails) ?

Accepted Answer

A)  Manner of the attachment
B)  Character of the article and manner of adaptation
C)  Intention of the parties
D)  Relation of the partiesE) A) and D)
F) All of the above

Question 2

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Accepted Answer

A)  Vehicles
B)  Stocks and bonds
C)  Patents
D)  Commercial buildingE) A) and B)
F) All of the above

Question 3

Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

Accepted Answer

A)  Fee simple absolute
B)  Fee simple conditional
C)  Ordinary life estate
D)  Legal life estateE) All of the above
F) A) and B)

Question 4

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

Accepted Answer

A)  Tenancy in common
B)  Tenancy by the entirety
C)  Condominium
D)  PartnershipE) B) and D)
F) None of the above

Question 5

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

Accepted Answer

A)  Courts have been reluctant to maintain restrictive covenants for an unreasonably long time and in some cases states have enacted a time limit on their applicability.
B)  Courts may refuse to enforce restrictive covenants due to changing neighborhood character.
C)  Courts may refuse to enforce restrictive covenants due to abandonment of the property.
D)  Restrictive covenants can be enforced by those who do not hold a legal interest in the property.E) A) and B)
F) A) and C)

Question 6

Which of the following types of liens is automatically superior to any other lien?

Accepted Answer

A)  Property tax and assessment lien
B)  Mortgage lien
C)  Lien arising from a court judgment unrelated to ownership of the property
D)  Mechanics' lienE) All of the above
F) None of the above

Exam 2: Legal Foundations to Value

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

Correct Answer
verified

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

Correct Answer
verified

Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

Correct Answer
verified

Which of the following types of liens is automatically superior to any other lien?

Correct Answer
verified

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Correct Answer
verified

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails) ?

Correct Answer
verified

Exam 2: Legal Foundations to Value

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

Correct AnswerverifiedShow Answer

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

Correct AnswerverifiedShow Answer

Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

Correct AnswerverifiedShow Answer

Which of the following types of liens is automatically superior to any other lien?

Correct AnswerverifiedShow Answer

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Correct AnswerverifiedShow Answer

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails) ?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified