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Question 1 of 10
1. Question
Which of the following statements is true about littoral rights?
I. Littoral protection for lands next to the ocean grant ownership the mean high watermark.
II. Littoral protection for lands next to the ocean grant ownership at a distance of 200 feet from the sea.
III. Littoral protection for lands next to the ocean grant ownership the line of state ownership.
IV. None, since the littoral rights have to do with non-navigable streams or rivers.Correct
Littoral rights allow owners of property to own land adjacent to large bodies of water. Up to the normal or average high water level. Riparian rights cover rivers and streams.
Incorrect
Littoral rights allow owners of property to own land adjacent to large bodies of water. Up to the normal or average high water level. Riparian rights cover rivers and streams.
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Question 2 of 10
2. Question
Which of the following statements is true?
I. Jewelry boxes in a jewelry store are a form of fixtures.
II. Jewelry boxes are a form of personal property.
III. Jewelry boxes in a jewelry store are a form of trade fixtures.
IV. Jewelry boxes are a form of real estate.Correct
Jewelry boxes may be regarded as personal property since they are usually removable by the owner, but the best answer is the trade fixtures.
Incorrect
Jewelry boxes may be regarded as personal property since they are usually removable by the owner, but the best answer is the trade fixtures.
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Question 3 of 10
3. Question
Select the statement that best describes fixtures.
I. Fixtures are always assumed to accompany a property that is sold.
II. Fixtures are always meant for the seller and may be removed.
III. Fixtures are usually sold independently with a bill of sale.
IV. Fixtures are not usually considered a real estateCorrect
The fixture becomes real estate when it is attached to it and is always assumed to go with the property when it is sold. Private property is usually sold on a bill of sale.
Incorrect
The fixture becomes real estate when it is attached to it and is always assumed to go with the property when it is sold. Private property is usually sold on a bill of sale.
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Question 4 of 10
4. Question
What is the general difference between a PUD and a condominium?
Correct
Both PUDs and condominiums usually have groups with homeowners and monthly associations. Cooperative owners own the shares of a company.
Incorrect
Both PUDs and condominiums usually have groups with homeowners and monthly associations. Cooperative owners own the shares of a company.
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Question 5 of 10
5. Question
Three people purchase a piece of property next to each other for agricultural use. As a matter of urgency, one person is employed to run the farm as a single unit even though the assets are owned separately. How’s the land owned?
Correct
Sole ownership is deemed as a tenancy in severalty. Joint tenancy, tenancy in common, and full tenancy are all subject to possession by more than one person.
Incorrect
Sole ownership is deemed as a tenancy in severalty. Joint tenancy, tenancy in common, and full tenancy are all subject to possession by more than one person.
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Question 6 of 10
6. Question
A proprietary lease is a special aspect of what type of ownership?
Correct
Cooperative ownership accounts for the ownership of shares of a company that owns the property. The proprietary lease allows the unit to be leased.
Incorrect
Cooperative ownership accounts for the ownership of shares of a company that owns the property. The proprietary lease allows the unit to be leased.
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Question 7 of 10
7. Question
A corporation commonly holds the property in which of the following?
Correct
Corporations are deemed to be a single entity, and tenancy in severalty is owned by a single person or entity. Other options are all kinds of possession with others.
Incorrect
Corporations are deemed to be a single entity, and tenancy in severalty is owned by a single person or entity. Other options are all kinds of possession with others.
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Question 8 of 10
8. Question
The responsibility which is limited to an expenditure shall not apply to which of the following?
Correct
Three of the options are limited liability, and only one (general partnership) is not.
Incorrect
Three of the options are limited liability, and only one (general partnership) is not.
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Question 9 of 10
9. Question
The type of co-ownership that allows the owner to leave the property to his heirs is known as which of the following?
Correct
Tenancy in common has no privilege of survivorship, which means that an individual has a share of the property that goes to the heirs after the death of the parent, not to the other owners of the house.
Incorrect
Tenancy in common has no privilege of survivorship, which means that an individual has a share of the property that goes to the heirs after the death of the parent, not to the other owners of the house.
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Question 10 of 10
10. Question
You intend to build your house ten feet closer to the road than the zoning code requires. Which of the following should you probably go to try and get?
Correct
You may attempt to make a modification to the actual zoning ordinance, which is unlikely to happen because it only includes one property.
Incorrect
You may attempt to make a modification to the actual zoning ordinance, which is unlikely to happen because it only includes one property.