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MISSOURI REAL ESTATE EXAM WITH QUESTIONS AND ANSWERS 100% CORRECT!!
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MISSOURI REAL ESTATE EXAM WITH QUESTIONS AND ANSWERS 100% CORRECT!!
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MISSOURI REAL ESTATE EXAM WITH QUESTIONS ANDANSWERS 100% CORRECT!!
MARIA (method of attachment, adaptability, relationship of the parties, intention
of the parties, agreement between the parties)
Answers :what is the acronym to determine if something is a fixture or not?
real
Answers :fixtures are considered (real/personal) property
fixtures
Answers :_______ are items attached to the land or improvements which usually
can not be removed without an agreement between the parties
custom built items, items attached with bolts/screws, items added with the intent of
making them permanent
Answers :what are three examples of items that would be considered fixtures?
buyer over seller, tenant over landlord
Answers :courts typically rule in favor of which party when determining if items
are fixtures?
personal property
Answers :anything that is not real estate is considered ________________
chattel
Answers :personal property is also known as ______
,moveable
Answers :general rule to determine if something is personal property is that it is
____________
person who planted them (cultivator)
Answers :crops and other plantings grown on property is considered personal
property of whom?
trade fixtures
Answers :personal property of the tenant that are installed by a business and are
intended to be removed upon termination of tenancy (business signage, equipment,
shelving)
metes
Answers :method of property line marking involving describing the boundaries as
straight lines between points is known as ______________
bounds
Answers :method of property line marking involving the general description of
certain boundaries, such as stakes, fences, roads, or streams
remeasured
Answers :a property must be ____________ to ensure the accuracy of public
records and to make sure the property has not been altered without updating
records.
gross living area (GLA)
,Answers :the __________ is a calculation of the amount of finished living area in
a property
7 ft
Answers :rooms must have a ceiling height of at least ________
habitable and finished to the same standard as the rest of the home (must be safe
and reasonably comfortable when heated/cooled and have proper ventilation/light)
Answers :what are the qualifications for a room to be considered "finished" and to
be included in the gross living area?
finished attic
Answers :which of the following can be included in gross living area?
- finished basements
- unfinished attics
- finished attic with at least a 5 ft ceiling
GBA includes all finished living areas, even finished basements (includes all
above/below grade finished areas, whereas GLA is only above grade)
Answers :how does gross business area differ from gross living area?
air rights
Answers :the rights in real property to reasonable use of the air space above the
surface of the land
bundle of rights
, Answers :all of the legal rights indicent to ownership of property including rights
of use, posession, encumbering, and disposition
oil found under property is the property of the owner, however it is expensive and
difficult to mine for oil so many people give up a portion of their rights to have
external companies extract the oil
Answers :is oil found under the property considered property of the landowner?
raw land
Answers :______ is known as land in its natural state with no man-made structures
real estate
Answers :__________ is known as land plus anything permanently attached to the
land
real property
Answers :______________ is real estate + the bundle of rights (right to possess,
dispose, use, encumber, quiet enjoyment)
encumber
Answers :the right to _________ is a right that allows the owner to use his/her
property as collateral to secure debt or take money out against the property
quiet enjoyment
Answers :the right to _______________ is a right that allows the homeowner to
enjoy their property in peace without outside disturbances (such as if a pig farm
moves next door, you could sue because it would smell and be loud and you have a
reasonable right to quiet enjoyment)
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