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unit 1 test questions

Question	Answer
Which phrase BEST defines real estate?	Land and all things permanently affixed to it
The term nonhom*ogeneity refers to	uniqueness.
The bundle of legal rights is included in the definition of	real property.
The bundle of legal rights includes all of the following rights EXCEPT	use the property for any purpose, legal or otherwise.
Which of the following is a physical characteristic of real estate?	Indestructibility
Which of the following would NOT be a consideration when determining whether an item is real property?	Cost of the item when purchased
Which of the following is NOT an economic characteristic of real estate?	Indestructibility
Real property can be converted into personal property through	severance.
The tenant of a single-family home installs an awning over the building's front windows to keep the sun away from some delicate hanging plants. Which of the following is TRUE?	The awning is considered a fixture.
Which entity is generally responsible for creating the requirements for a real estate license?	Individual state law
The buyers have asked their real estate agent to help them determine the correct way to take title to their new home. In this situation, the real estate agent should	suggest that the buyers consult an attorney.
What is the purpose of real estate license laws?	To protect the public from fraud, dishonesty and incompetence
Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the	coal notice.
the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?	Ceiling fans are normally considered to be real estate.
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?	Subsurface rights
A homeowner is building an enclosed front porch on his home. A truckload of lumber that the homeowner purchased has been left in the driveway for use in building the porch. At this point, the lumber is considered	personal property.
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is	a fixture or personal property.
A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called	area preference.
Which of the following is required in Pennsylvania real estate transactions?	Coal Mining Notice
What is the process that often produces sinkholes or troughs in some Pennsylvania regions?	Mine subsidence
A rancher owns a parcel of land, including the full bundle of rights. The rancher has leased the land to a tenant but has not conveyed any other rights. Who owns the oil recently discovered on the land?	The rancher
After the construction of a building over a railroad right of way, the trains can	operate as usual.
Which of the following is considered to have the greatest impact on the value of a property?	Area preference
Which of the following is indestructible?	Land
What affects the value of land in the marketplace?	Permanence of investment
The buyers fell in love with Lot 17A and entered into an agreement to purchase the lot. A few days later, the owner's son decided that he wanted Lot 17A. The owner is not permitted to make a substitution based on the characteristic of	uniqueness.
A landlord leases store space to a tenant for a restaurant. The tenant installs ovens, booths, counters, and other equipment. When, if ever, do these items become real property?	When the lease expires
What economic characteristic refers to people's preference for a specific area?	Situs
A property owner sells the rights to minerals located in the ground to an exploration company. After selling the mineral rights, the owner no longer owns which of the following?	Subsurface rights
The term real estate includes natural components of the land as well as	permanent man-made improvements
The rights, privileges, and improvements that belong to the land and are conveyed when ownership transfers are	appurtenances.
In Pennsylvania, a newly manufactured home is considered	personal property.
Who, if anyone, is permitted to obtain aviation easem*nts over land surrounding airports?	Local government authorities
After initial licensure, in order to continue working as a real estate agent, licensees must	complete continuing education courses.
All of the following areas of law are generally important to real estate licensees EXCEPT	farm equipment.

Created by: adalieburgard26

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