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Exam 38: Real Property

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Question 1

True/False

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Land includes the soil on the surface of the earth, but not the waters contained on it.

A) True
B) False

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Question 2

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The most important factor in determining whether an item is a fixture is the perception of a disinterested third party.

A) True
B) False

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Question 3

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Presidio Homes is interested in buying a large tract of land west of Heber City to develop a subdivision. The property currently is owned by Melissa Hakes. Melissa's family has owned that property for several generations. She has cousins who own property on both sides of the tract Presidio is interested in buying. Because the property has stayed in the family, no one has measured the boundaries or had any appraiser come out to determine if fence lines are on the property lines. Discuss Presidio's options for deeds and what sort of deed is most likely going to be used for this sale.

Real property consists of land, and does not include anything attached to it.

Carl has an easement that allows him to drive across Dave's land to get to Carl's house. With respect to Dave's land, Carl right is

Commonly, ownership interests in land are transferred by sale.

When a parcel of land is sold, and the land has crops growing on it, the sale does not include the crops, unless specified in the sales contract.

A fee simple is limited in duration to the life of the owner.

In many states, a subsurface owner who excavates is responsible for any damage that the excavation causes to buildings on the surface.

Fact Pattern 38-1 Allen owns the Buffalo Ranch in California. Allen's ownership rights include the right to sell or give away the property without restriction, and the right to use the property for whatever purpose he sees fit. Refer to Fact Pattern 38-1. Allen's ownership interest is

Ownership in fee simple passes to the state if the owner does not have a will to transfer the ownership.

With few exceptions, the owner of life estate has an exclusive right to possession during his or her life.

Owen owns a farm in Pennsylvania. Owen's brother Quentin owns the subsurface rights to the farm. Either brother can pass title to what he owns

Frank tells Grover that he can swim in Frank's lake whenever he wants. With respect to Grover's right to swim in the lake,

Alexis sells half of her land, including a reservoir, to Bev. In the deed, Alexis retains the right to remove a limited amount of water per day from the reservoir. This right is

The interests in land that do not include any rights to possess the property include

Mike owns a beach house in North Carolina in fee simple. This ownership interest is

Jack owns a parcel of land. Jack tows a mobile home to the parcel and attaches it to the utility system near a stand of Douglas fir trees. Jack's real property consists of

If the owner of land dies without a will, state inheritance statutes prescribe how and to whom the property will pass.

The government has the right to acquire possession of real property whenever the public interest requires it.