Champions-
Real
Estate
National
Exam
Prep-
Chapter
1
-
Real
Property
Characteristics,
Legal
Descriptions,
and
Property
Use
Physical
Characteristics
-
answer-Non-homogeneity,
immobility,
and
indestructibility
Economic
Characteristics
-
answer-scarcity,
improvements,
permanence
of
investment,
area
preference
Scarcity
-
answer-A
situation
in
which
unlimited
wants
exceed
the
limited
resources
available
to
fulfill
those
wants
appurtenance
-
answer-rights,
privileges
or
improvements
that
belong
to
and
pass
with
the
land
Bill
of
Sale
-
answer-A
document
used
to
transfer
ownership
of
personal
property.
Trade
Fixtures
-
answer-fixture
installed
by
a
tenant
who
carries
on
a
business
in
a
leased
area
Emblements
-
answer-Growing
crops,
such
as
corn,
that
are
produced
annually
through
labor
and
industry;
also
called
fructus
industriales.
Rectangle
survey
system
-
answer-Also
known
as
the
Government
Survey
System;
takes
into
consideration
base
lines,
and
meridians,
townships,
and
sections
buffer
zone
-
answer-is
an
area
of
land
separating
one
land
use
from
another;
located
between
incompatible
uses
eminent
domain
-
answer-the
right
of
government
to
take
private
property
for
public
use-
under
condemnation
Inverse
Condemnation
-
answer-When
an
individual
forces
the
government
to
buy
his
or
her
property
What
are
the
highest
priority
lien?
-
answer-Property
Taxes
ad
valorem
tax
-
answer-According
to
value;
the
term
is
used
for
property
taxes
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