Which of the following is true about air rights?
They allow the owner to use the open space above buildings.
They allow the owner to use the space directly below buildings.
They cannot be bought or sold.
They include mineral rights.
Over time, a river running through Farmer Jones’ ranch deposits sediment along the banks of the river and adds half an acre of land to the ranch. This is an example of what process?
Accretion
Avulsion
Erosion
Riparian buffering
Land, plus all things permanently attached to it, either naturally or artificially, is known as _________.
Bundle of sticks
Interest
Real estate
Real property
A real estate licensee makes notes about décor, updates, and inclusions that will stay with the property. Which of the following items is NOT considered personal property and would, therefore, stay with a home?
The area rug in the dining room
The banker’s lamps in the den
The chandelier in the foyer
The patio heater on the back patio
Which of these is the best definition of real estate?
Everything that’s not real property
Land, plus all things permanently attached to it naturally or artificially
Real property, plus all of the interests, benefits, and rights included in ownership
The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Which of the following is an example of a fixture that is real property?
Above-ground pool and pool accessories
Bathroom mirror hanging on a hook
Photos and wall hangings
Shelves attached to the wall with brackets
Littoral rights allow property owners to take which of these actions?
Construct a dock to moor their boat.
Irrigate from a stream running through the property.
Navigate the river running through the property.
Use the water from the lake bordering the property.
The right to access rivers, streams, and other flowing bodies of water adjacent to a property is called ______.
Land
Littoral
Mineral
Riparian
Jamie owns a lakeside home. Over a period of years, the water has receded quite a bit, doubling the size of the sand beach on his property. What’s the name of this process?
Accretion
Erosion
Exclusion
Reliction
A cabin has 120 feet of lake frontage. The cabin owner’s ability to access the lake is based on ______.
An aquifer
An easement
Littoral rights
Riparian rights
Jordan bought 25 acres along a navigable river. Several years later, Jordan calculates that the river has slowly carried away almost two acres of land. What process caused this?
Accretion
Avulsion
Erosion
Riparian buffering
Real estate, plus all of the interest, benefits, and rights included in ownership, is also known as ____________.
Estate
Land
Personal property
Real property
What are improvements with regard to property?
Another name for a building permit
Artificial attachments to land that include items such as fencing, buildings, and walkways
Natural fixtures that are part of the land and that enhance its value
The right to increase the value of a property
John and Tara have lived in their home for 23 years and are excited to move to Florida for retirement. As homeowners, what right in the “bundle of rights” allows them to sell their home?
Disposition
Enjoyment
Exclusion
Possession
______ is the gradual receding of water, which uncovers new land.
Accretion
Erosion
Exclusion
Reliction
Alluvion describes new deposits of land that are the result of what natural process?
Accretion
Erosion
Exclusion
Reliction
A family owns a 212-acre farm. Their property is landlocked, but they have permitted water rights to use the stream located six miles away for irrigation purposes. What kind of water rights do they hold?
Alluvial
Littoral
Prior appropriation
Riparian
What’s the best definition of real property?
Artificial attachments to land that include things such as fencing, buildings, and walkways
Earth, soil, and air
Land, plus all things permanently attached to it naturally or artificially
Real estate, plus all of the interests, benefits, and rights included in ownership
Which of the following is a common factor used to distinguish between real property and personal property?
Location of item
Ownership history
Perceived value
Permanence of attachment
The right to access ponds, lakes, oceans, and other stationary bodies of water is ______.
Littoral
Mineral
Riparian
Water
A river runs adjacent to a rancher’s property. The rancher’s ability to use the water from the river is based on ______.
Aquifer rights
Encroachment rights
Littoral rights
Riparian rights
IRMA helps identify the four tests of a fixture. The I stands for _______.
Immovability of the property
Indecisiveness of the parties
Intention of the parties placing the property
Irreconcilable differences of the parties
Basic property rights include the rights of possession, control, exclusion, enjoyment, and ______.
Destruction
Disposition
Encroachment
Reliction
What term explains the complexity of property ownership rights and how rights for a single property can be “owned” by multiple parties at the same time?
Littoral rights
Physical component rights
Riparian rights
The bundle of rights
Which of the following is included with real property rights?
Enjoyment
Hazardous acts
Right to destroy
Right to encroach
Mr. Schroeder installed built-in bookcases that he intended to remain as part of the home forever. This refers to which part of IRMA?
Independence of the item
Intent of the parties placing the item on the property
Relationship of the parties
Replacement of the item
The Earth’s surface, extending downward to the center of the earth and upward to infinity, including permanently attached natural objects, is called ______.
Estate
Land
Real estate
Real property
What’s the best definition of personal property?
Artificial attachments to land that include things such as fencing, buildings, and walkways
Everything that’s not real property
Land
Property that’s fenced
A business owner installs specialized equipment in a rented building. Which of the following terms best describes the equipment?
Conveyances
Fixtures
Personal property
Real property
The right to access non-navigable rivers, streams, and other flowing bodies of water adjacent to a property is called ______ rights.
Land
Littoral
Mineral
Riparian
What’s the best definition of land?
Everything that’s not real property
Land, plus all things permanently attached to it, naturally or artificially
Real estate, plus all of the interests, benefits, and rights included in ownership
The earth’s surface, extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
What do riparian rights give landowners the ability to do?
Drill an agricultural water well.
Prohibit others from using the water.
Use a pond adjacent to the property.
Use a river running through the property.
Sarah owns her own home. As part of her basic property rights, she has the right to decide who may or may not access the property. Which right is this?
Disposition
Enjoyment
Exclusion
Possession
Abe learned that his family farmstead sits over a rich deposit of coal. What type of rights does Abe have relative to this coal?
Air rights
Sub-surface rights
Surface rights
Water rights
A tenant installs a specialized oven in a rented bakery. What type of property is the specialized oven?
Chattel
Emblement
Real property
Trade fixture
Along with property ownership, rights are granted to use the land’s physical components. Which right allows a property owner to use or sell the underground resources, such as natural gas and minerals?
Air
Sub-surface
Surface
Water
What is one of the key characteristics of an item that is real property (also known as a fixture)?
Internal or external to the house
Made of the same material as an interior or exterior wall
Over or under a certain value
Permanently affixed to the property
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Which of the following is true about Florida homesteads?
Non-governmental creditors cannot pursue liens against these properties.
Non-governmental creditors can pursue liens against these properties for debts over $10,000.
They are not protected from creditors.
They are protected from all creditors.
In which form of co-ownership is a person’s ownership inheritable?
Joint tenancy
Tenancy by the entirety
Tenancy in common
Tenancy in severalty
One of the benefits of the ______ is protection of the family in the event of the death of a married person.
Family Benefits Law
Florida Family Protection Law
Florida Homestead Law
Florida Married Persons Act
What is a leasehold estate for an unknown period of time in which either party is permitted to terminate the lease by giving notice to the other?
Estate at will
Estate for years
Freehold estate
Life estate
What’s the difference between reversionary interest and remainder interest in a property?
Remainder interest applies only to heirs.
Reversionary interest only applies to spouses.
With remainder interest, the property remains with the owner, even when a life tenant possesses the property.
With reversionary interest, the property reverts to the owner after the death of the life tenant.
A tenant rents a single-family home from its owner. What type of interest does the owner have in the property?
Freehold
Homestead
Leasehold
Lifelong
Owners of Florida homesteads can deduct _________of the assessed value for properties valued at more than $75,000.
$10,000
$25,000
$5,000
$50,000
Rhonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda own the building?
As a joint tenant with rights of survivorship
As a tenant in common with Oliver’s heirs
In severalty
In trust
Owners of Florida homesteads can deduct $50,000 of the assessed value for properties valued at more than __________.
$25,000
$5,000
$50,000
$75,000
Which of the following properties would qualify for a homestead exemption through the Florida Homestead Law?
A 200-acre ranch 10 miles outside of town.
A home in the city on a three-quarter-acre lot.
A primary residence in the city on a quarter-acre lot.
A second home.
_____ is an estate for an unknown period of time in which either party may terminate the lease by giving notice to the other.
Estate at will
Estate for years
Homestead
Periodic estate
In several states, married couples usually hold property as ______.
Joint tenants
Tenants by the entirety
Tenants in common
Tenants in severalty
Ken, Dale, and James were brothers who owned more than 100 acres as tenants in common. The relationship between Ken and James disintegrated, and so James initiated a lawsuit. The end result was that the court gave each brother a designated set of acres to own. What did the court grant?
Bifurcation
Parcel
Partition
Severalty
With both joint tenancy and tenancy by entirety, when one tenant dies, that person’s share automatically goes to the other surviving tenant(s). This is known as ______.
Estate in severalty
Termination of joint tenancy
The right of inheritance
The right of survivorship
Non-lawful possession after the expiration of a lease is called ______.
Estate at sufferance
Estate at will
Estate for years
Leasehold estate
Joe and Susie bought a house together before they were married. If Joe dies, Susie automatically inherits Joe’s share of the house. What type of ownership is it?
Estate in severalty
Joint tenancy
Tenancy at will
Tenancy in common
Which of the following is true about homesteaded properties in Florida?
They are protected from all bankruptcy laws.
They are protected from all creditors.
They are protected from non-governmental creditors.
They cannot be foreclosed upon for failure to pay property taxes.
Property with ownership by more than one person is known as ______.
Co-ownership
Dual ownership
Estate by severalty
Property partnership
In Florida, unless they specify otherwise, a married couple that purchases property does so as ______.
Estate in severalty
Joint tenancy
Tenancy in common
Tenants by the entirety
As Florida homeowners, John and Patricia can apply to homestead their principal residence, which could allow them to exempt a portion of the assessed value of their home from property taxes. If their home is valued at $300,000, how much of an exemption could they qualify for?
$10,000
$25,000
$5,000
$50,000
Which form of real property ownership (for owners other than married couples) means there’s equal ownership shares with undivided possession rights?
Joint tenancy
Tenancy by the entirety
Tenancy in common
Tenancy in severalty
Jenner purchased his first home, to which he’ll have access forever, as far as he knows. Jenner owns ______.
A freehold estate
A leasehold estate
An estate for years
An ownership estate
What type of ownership has the right of survivorship and requires that the co-owners be married when they take title?
Joint tenancy
Tenancy at will
Tenancy by entirety
Tenancy in common
In Florida, unless they specify otherwise, a married couple that purchases property does so as tenants by the entirety. If the couple divorces, they become ______.
Joint tenants
Tenants by the entirety
Tenants in common
Tenants in severalty
Siblings Julia and Gene are co-owners of a small retail building in which a tanning salon is currently operating. Gene really wants to leave his ownership interest to his son when he dies, but the way in which they own the property doesn’t allow him to do so. What type of ownership do they have?
Joint tenancy
Tenancy by the entirety
Tenancy in common
Tenancy in severalty
Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?
Barbie and Midge each own 50%.
Barbie and Skipper each own 50%.
Barbie, Midge, and Ken’s heirs each own one-third.
Barbie owns two-thirds, and Midge owns one-third.
In order for Florida homeowners to qualify to homestead their residence, which of the following must be true?
It must be their principal residence.
The home’s assessed value must be higher than the market value.
The home’s value must be $50,000 or less.
The title must be held in the name of only one person.
Which type of ownership termination allows each tenant to have a specific, divided portion (partition) of the property exclusively?
Termination by division
Termination of co-ownership by partition
Termination of estate in severalty
Termination of joint tenancies
Kathryn and Donald are a married couple and have homesteaded their primary residence in Florida. The homestead is only titled in Kathryn’s name. Under the Florida Homestead Law, if Kathryn dies, what happens to the property?
Donald automatically receives a life estate to the property.
Donald keeps the homestead law protection from creditors.
It must be sold at auction.
The property reverts to the state of Florida.
What is the name of a type of ownership where each person has the same percentage of ownership and the right of survivorship, but are not married?
Joint tenancy
Tenancy at will
Tenancy by entirety
Tenancy in common
A tenant rents a single-family home from its owner. What type of interest does the tenant have in the property?
Freehold
Homestead
Leasehold
Lifelong
Deborah and her mother, Sarah, own a townhouse together. Sarah owns 70% of the house and Deborah owns 30%. What type of ownership is this?
Joint tenancy
Tenancy at will
Tenancy by entirety
Tenancy in common
What type of ownership requires that all co-owners have the same percentage of ownership?
Joint tenancy
Tenancy at will
Tenancy by entirety
Tenancy in common
Which of the following is true about the Florida Homestead Law?
It allows families to stay in homes which have been foreclosed upon if there are children present.
It prevents families from being displaced under certain conditions.
It prevents homesteaded properties from being willed to anyone other than a relative.
It prevents the sale of properties while there is a surviving spouse.
______ is the form of ownership used by married couples in certain states. It includes automatic survivorship rights.
Tenancy by five unities
Tenancy by the entirety
Tenancy by union
Tenancy in common
Jack, Jerry, and Joe purchased a property together. Jack put up half of the money; Joe and Jerry each put up one-quarter of the money. Their ownership is 50%, 25%, and 25%. What type of ownership is this?
Joint tenancy
Tenancy at will
Tenancy by entirety
Tenancy in common