KY Real Estate Chapter 1 Exam With 100% Correct Answers 2023

KY Real Estate Chapter 1 Exam With 100% Correct Answers 2023 Legal concept of land - Correct Answer-Surface area of earth, beneath surface, natural things permanently attached, air, minerals and water on or below earth surface Parcel or tract - Correct Answer-Portion of land delineated by boundaries. 3 characteristics of land - Correct Answer-Immobility, indestructibility, heterogeneity 5 economic char of land - Correct Answer-Demand, utility, scarcity, transferability, situs Legal concept of real estate encompasses - Correct Answer-Land & all man made structures permanently attached to the land (Improvements) Improvements - Correct Answer-Man made items permanently attached to the land. (Ex: buildings, patios, decks, sidewalks, sewers) Set of rights - Correct Answer-Own property and also have set of rights to property Bundle of Rights 4 - Correct Answer-Possession, Transfer, Encumber, Exclude Bundle of Rights also applies to individual components of real estate - Correct Answer-Air, surface, subsurface Doctrine of Prior Appropriation - Correct Answer-Requires that property owners obtain permits for use of water Littoral rights concern which of the following bodies of water? - Correct Answer-Navigable lakes, seas, and oceans Littoral Rights - Correct Answer-Rights concern properties border body water NOT moving Riparian Rights - Correct Answer-Concern properties that border moving water (streams/rivers) Different types of real property rights? - Correct Answer-Answer Distinguish between real property and personal property? - Correct Answer-Answer 4 ways of classifying property? - Correct Answer-Real, personal, tangible, intangible Fixture - Correct Answer-Personal property that has been installed or attached to become real property Emblements are: - Correct Answer-Annually cultivated crops, attached to the land, and are personal property. Require human intervention and labor. What system is all property classified under? - Correct Answer-Allodial system Are plants that grow naturally without labor considered to be real property? True or False - Correct Answer-True 7 Regulated aspects of property? - Correct Answer-Bundle of Rights, legal description, financing, insurance, inheritance, taxation, usage Name the 4 levels of real estate regulation? - Correct Answer-Federal, State, Local, Judicial Federal Regulation- name all 3 - Correct Answer-Grants overall rights of ownership, controls broad usage standards, discrimination State Regulation- Name 2 - Correct Answer-Governs real estate biz, sets regional usage standards Local Regulation- 2 points - Correct Answer-Levies Real Estate taxes, controls specific usage Judicial Regulation - Correct Answer-Applies case law and common law to disputes Name 2 types of managers for real estate (specific properti