Which of the following is not considered to be appurtenant to land?
A. Watercourses
B. Fences
C. Dwellings
D. Trade fixtures
Answer: D. Trade fixtures
Explanation: Trade fixtures (items installed by a tenant for use in a trade or business) are not appurtenant to land. The tenant is presumed to have installed them with the intention of removing them at the end of the lease, so they remain the tenant's personal property.
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Indicate whether the statement is true or false
Stock X has a beta of 0.7 and Stock Y has a beta of 1.7 . Which of the following statements must be true, according to the CAPM?
a. Stock Y's realized return during the coming year will be higher than Stock X's return. b. If the expected rate of inflation increases but the market risk premium is unchanged, the required returns on the two stocks should increase by the same amount. c. Stock Y's return has a higher standard deviation than Stock X. d. If the market risk premium declines, but the risk-free rate is unchanged, Stock X will have a larger decline in its required return than will Stock Y. e. If you invest $50,000 in Stock X and $50,000 in Stock Y, your 2-stock portfolio would have a beta significantly lower than 1.0, provided the returns on the two stocks are not perfectly correlated.