CGA CGA Legal Concepts & Property Rights

Question 1

Which of the following best defines 'real property' in the context of appraisal?

Accepted Answer

The interests, benefits, and rights inherent in the ownership of real estate

Answer

The physical land and improvements attached to it

Answer

The assessed value of land as determined by local government

Answer

The market value of a property as determined by an appraiser

Question 2

What is a 'fee simple' interest in real estate?

Accepted Answer

The most complete form of ownership, subject only to governmental powers and private encumbrances

Answer

An ownership interest that expires after a set number of years

Answer

An ownership interest limited to the surface rights of a parcel

Answer

A partial ownership interest shared equally among multiple owners

Question 3

Which governmental power allows the state to take private property for public use with just compensation?

Accepted Answer

Eminent domain

Answer

Police power

Answer

Escheat

Answer

Taxation

Question 4

What is an easement appurtenant?

Accepted Answer

An easement that benefits an adjacent parcel of land and transfers with the property

Answer

An easement granted to a specific individual that expires upon their death

Answer

An easement that allows public utility companies to access private land

Answer

An easement that reduces a property's value due to a burden

Question 5

What is a 'lien' in the context of real property?

Accepted Answer

A charge or encumbrance against a property that serves as security for a debt or obligation

Answer

A legal restriction on how a property may be used

Answer

A government tax levied against undeveloped land

Answer

A recorded agreement between neighbors regarding shared use of land

Question 6

Which type of deed provides the greatest protection to a buyer by including all six common law covenants?

Accepted Answer

General warranty deed

Answer

Special warranty deed

Answer

Quitclaim deed

Answer

Bargain and sale deed