Question 1

Erick Chinn bought a stack of lumber, which he placed in his backyard. Later he used some of the lumber to build a room addition to his house. He only used a portion of the lumber. The remaining wood is considered:
A) chattel
B) real property
C) personal property
D) both (a) and (c) are correct

Accepted Answer

The remaining wood is considered chattel (a term for personal property) because it is movable and not permanently attached to the land or the structure, making both (a) and (c) correct.

Question 2

The need to determine whether property is real or personal frequently arises. Which of the following would not be classified as real property?
A) airspace over a condominium project
B) newly planted fruit trees
C) stock in a real estate corporation
D) minerals in the ground before they are mined

Accepted Answer

Stock is not considered real property as it is an ownership interest in a corporation and does not involve any physical land or structures. The other options all involve physical property or interests in property that would be considered real property.

Question 3

The right to possess, encumber, use, and enjoy a piece of property, to the exclusion of all others, would be an accurate description of:
A) a life estate
B) real property
C) property ownership
D) an equitable position

Accepted Answer

The right to possess, encumber, use, and enjoy a piece of property, to the exclusion of all others, is the full bundle of rights associated with property ownership. Real property is a subset of property ownership, referring specifically to land and permanent structures on that land. A life estate refers to ownership of property only for the duration of the owner's life, and an equitable position refers to a legal claim or right that is based on principles of fairness rather than strict property ownership.

Question 4

A legal definition of real estate includes many elements and parts. Which of the following items would not be a part of real estate?
A) farm equipment
B) fences
C) growing trees
D) permanent two-story buildings

Accepted Answer

Farm equipment is not a part of real estate as it is considered personal property.

Question 5

Which of the following is considered personal property?
A) a peach orchard
B) stock in a mutual water company
C) silver removed from the ground and sent to the smelter
D) easement

Accepted Answer

Personal property refers to movable items that can be owned by an individual, such as jewelry, cars, and cash. Silver removed from the ground and sent to the smelter can be considered personal property, as it is a movable commodity that can be owned and sold. The other options listed are considered real property or rights associated with real property.

Quiz 1: Introduction to Real Estate

Erick Chinn bought a stack of lumber, which he placed in his backyard. Later he used some of the lumber to build a room addition to his house. He only used a portion of the lumber. The remaining wood is considered:

The need to determine whether property is real or personal frequently arises. Which of the following would not be classified as real property?

The right to possess, encumber, use, and enjoy a piece of property, to the exclusion of all others, would be an accurate description of:

A legal definition of real estate includes many elements and parts. Which of the following items would not be a part of real estate?

Which of the following is considered personal property?