Basic Real Estate Concepts Quiz!

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| By Sseveland

Sseveland

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Quizzes Created: 21 | Total Attempts: 28,347

Questions: 10 | Attempts: 8,913 | Updated: Mar 22, 2023

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When it comes to selling a house there are some things that one has to know is deal with prospective clients and attract the people needed. Having covered chapter one on basic real estate principles in the real estate fundamental class, I have prepared a quiz to help you refresh your memory on what we covered. Give it a shot and keep on revising!

Questions and Answers

1.

In real estate the definition of land includes ONLY what is on the surface of the earth and attached by nature such as trees.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Land includes what is on the surface of the earth and attached by nature such as trees, but it also constitutes everything that is below the surface to the center of the earth. That means all of the minerals, oils, water, or anything else contained in the earth.

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1
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2.

All of these statements are characteristics of land: All parcels of land are different; land is essentially indestructible; and, land is fixed in its location.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Land is a unique asset, and all parcels of land have distinct characteristics that differentiate them from one another. Land is essentially indestructible, meaning that it cannot be destroyed or depleted like other resources. Additionally, land is fixed in its location, meaning that it cannot be moved or relocated. Therefore, all of these statements accurately describe the characteristics of land, making the answer true.

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4
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3.

There are only two (2) categories of property: (1) Real Property, and (2) Improved Property.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The two categories are: (1) Real Property and (2) Personal Property.

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2
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4.

Real estate is defined as land and whatever is permanently attached to land by either man or nature.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Real estate refers to land and any structures or improvements that are permanently attached to it, whether by human intervention or natural means. This includes buildings, fences, and other fixtures that cannot be easily moved or detached from the land. Therefore, the statement that real estate is defined as land and whatever is permanently attached to it is correct.

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5.

Real property includes the definition of real estate but adds to that definition the rights and interests that an owner has in the real estate.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Real property refers to land and any permanent structures attached to it, such as buildings. This definition also includes the rights and interests that an owner has in the real estate, such as the right to use, sell, or lease the property. Therefore, the statement that real property includes the definition of real estate but also encompasses the rights and interests of the owner is true.

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6.

A fixture is an item of real property that has been changed into personal property as a result of permanent attachment to the personal property.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
A fixture is an item of personal property that has been changed into real property as a result of permanent attachment to the real property.

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7.

Fixtures are such an important part of a sales transaction that most agreements of sale have a special section on fixtures that have been carefully prepared to avoid any misrepresentation of what is included in the sale of real estate
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true because fixtures are indeed an important part of a sales transaction. They are items that are permanently attached to the property and are typically included in the sale of real estate. To ensure transparency and avoid any misrepresentation, agreements of sale often include a specific section dedicated to fixtures, outlining what is included in the sale. This helps both the buyer and seller have a clear understanding of what is being sold and what is not.

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8.

If a fixture is missing from the listing agreement and is also missing from the agreement of sale, it would still be binding upon the parties, if there was an oral agreement as to a specific fixture.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The exclusion of a fixture must be in writing in the agreement of sale if it is to be binding upon both parties.

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9.

A tree remains real property even if it is cut into firewood.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
A tree represents real property because it is attached to the land. If, however, the tree is cut down into firewood; it becomes detached through the process of severance.

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10.

A trade fixture is a special fixture that is owned and installed by a business tenant into a rental unit as a part of a trade or business. An example would be a pizza oven needed for a pizza business in a rented store. Because it is considered to be essential to the operation of a business, it is clasified as personal property and is removable by the business tenant before the lease expires.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A trade fixture is a fixture that is owned and installed by a business tenant in a rental unit for the purpose of conducting their trade or business. It is considered essential to the operation of the business and is classified as personal property. As personal property, the trade fixture can be removed by the business tenant before the lease expires. Therefore, the statement "A trade fixture is removable by the business tenant before the lease expires" is true.

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2
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Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Jul 26, 2011

Quiz Created by
Sseveland

Basic Real Estate Concepts Quiz!

In real estate the definition of land includes ONLY what is on the surface of the earth and attached by nature such as trees.

All of these statements are characteristics of land: All parcels of land are different; land is essentially indestructible; and, land is fixed in its location.

There are only two (2) categories of property: (1) Real Property, and (2) Improved Property.

Real estate is defined as land and whatever is permanently attached to land by either man or nature.

Real property includes the definition of real estate but adds to that definition the rights and interests that an owner has in the real estate.

A fixture is an item of real property that has been changed into personal property as a result of permanent attachment to the personal property.

Fixtures are such an important part of a sales transaction that most agreements of sale have a special section on fixtures that have been carefully prepared to avoid any misrepresentation of what is included in the sale of real estate

If a fixture is missing from the listing agreement and is also missing from the agreement of sale, it would still be binding upon the parties, if there was an oral agreement as to a specific fixture.

A tree remains real property even if it is cut into firewood.