chapter003 - CHAPTER 3 Legal Foundations to Value Test...

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CHAPTER 3 Legal Foundations to Value Test Problems 1. Which of the following is not a form of property right? d. License 2. Which of these easements is most likely to be an easement in gross? d. Power line easement 3. Rules used by courts to determine whether something is a fixture include all except: c. Law of capture. 4. Which of the following is a titled estate? e. All of these. 5. Which of these forms of co-ownership could best be described as “normal ownership,” except that multiple owners share identically in one bundle of rights? a. Tenancy in common 6. Which of these marriage-related forms of co-ownership gives each spouse a one- half interest in any property that is “fruits of the marriage”? c. Community property 7. Which of these liens has the highest priority? c. Property tax lien 8. Restrictive covenants for a subdivision usually can be enforced by: d. a and b , but not c 9. Timeshare programs can involve which of the following claims or interests? e. All of these are possible 10. Every condominium buyer needs to know the details of which document(s): d. a and b , but not c Study Questions 1. Explain how rights differ from power or force, and from permission. Solution : Rights have three characteristics. First, rights are claims or demands that our government is obligated to enforce. Second, rights are nonrevocable and cannot be canceled, ignored, or otherwise lessened by other private citizens. Third, rights are enduring and do not fade away with time. 3-1
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Rights are different from power because the government is obligated to honor and support the claims arising from rights. Government will not support claims of rights resulting from the use of force or threat. The government is obligated to defend property rights in subsequent generations, and it does not have the power to abandon this obligation. Unlike permission, which is revocable, rights are nonrevocable and cannot be taken away or lessened in stature by other private citizens. 2. A developer of a subdivision wants to preserve the open space and natural habitat that runs along the back portion of a series of large lots in the proposed subdivision. He is debating whether to use restrictive covenants to accomplish this or to create a habitat easement on the same space. What are the pros and cons of each choice? Solution
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This note was uploaded on 03/31/2008 for the course REAL 3000 taught by Professor Peng,liang during the Spring '08 term at Colorado.

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chapter003 - CHAPTER 3 Legal Foundations to Value Test...

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