ch02 - ch02 Student 1 A principal definition of real estate...

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ch02 Student: ___________________________________________________________________________ 1. A principal definition of real estate is as a bundle of rights associated with the possession, use, and disposition of property. Each of the following is a fundamental characteristic of property rights EXCEPT: A. they are enforceable by the government. B. they apply only to tangible assets. C. they are nonrevocable. D. they are enduring. 2. Property rights can be divided into two classes, real and personal. Which of the following is an example of real property? 3. 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)? A. Manner of the attachment B. Character of the article and manner of adaptation C. Intention of the parties D. Relation of the parties 4. Which of the following items would most likely be considered a fixture? 5. Property rights can be dismantled into lesser bundles, referred to as interests, which can then be held by different individuals. Interests in real property that include possessions are referred to as: 6. Which of the following types of ownership estates is the most complete bundle of rights, and therefore carries the greatest value? A. Fee simple absolute B. Fee simple conditional C. Ordinary life estate D. Legal life estate
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