Real Estate Principles A Value Approach 4th Edition By Ling - Test Bank

Multiple Choice Questions

[QUESTION]

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.

Ans: B

Difficulty: Basic

Learning Objective: 1

[QUESTION]

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

A. Vehicles

B. Stocks and bonds

C. Patents

D. Commercial building

Ans: D

Difficulty: Basic

Learning Objective: 1

[QUESTION]

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

Ans: C

Difficulty: Intermediate

Learning Objective: 1

[QUESTION]

4. Based on your understanding of the rules for determining when an object becomes a fixture, which of the following items would most likely be considered a fixture at the time of sale?

A. Custom (built-in) bookshelves

B. Refrigerator in a single-family residence being sold

C. Fence installed by the tenant of a rental property