Ce Shop Pa Real Estate unit1 Exam
Questions and Answers
Personal property - Answer-All property not classified as real property
Real property - Answer-Land and everything permanently attached to it, can you be
removed without causing damage?
Land - Answer-The earths surface extending downward to the center of the earth and
upward to infinity, including permanently attached natural objects
Real estate - Answer-land and anything that is attached to it
Real property - Answer-Real estate and interest, benefits, and rates automatically
included with real estate ownership
Improvements - Answer-man-made attachments to the land (e.g. pipelines, fences,
driveways)
(Trade) fixture - Answer-Equipment placed on/attached to real estate which the renter
uses in their trade or business such as display shelves
Rates associated with real property - Answer-Enjoyment, exclusion, possession,
disposition, and control
Disposition - Answer-The right to dispose of (by any sale, lien, easement, lease etc.)
any interest in the property
Enjoyment - Answer-The right to use the property in any legal way the owner desires
Exclusion - Answer-The right to refuse others entry to, or use it, the property
Possession - Answer-The right to occupy property
Control - Answer-Determine how property is used by others
Chattel - Answer-Personal property as opposed to real property,
You might confuse your buyers if you asked them, "Was there any chattel of the sellers
you wanted to write into the sales contract?" It's better to use the term "personal
property."
Maria - Answer-Method of annexation,
Adaptability of items to lands use, Relationship of the parties,
, Intention in placing item on land, Agreement of the parties
Trade fixtures can be removed if - Answer-It is essential for the tenants business
operations, it is detachable without damaging the property or repairable, moved out
within certain time period
A business lease should spell out what happens to all trade fixtures when tenant leaves
Bill of sale - Answer-An agreement stating if an item will stay or go in writing by parties
What are improvements with regard to property? - Answer-Artificial attachments such as
fencing walkways and buildings
What is the best way for a seller and buyer to demonstrate their agreement of
appliances being included in the sale? - Answer-Including a bill of sale in the purchase
contract
Land characteristics - Answer-Immobility, Non-homogeneity, Indestructibility, Situs,
Improvements, Fixed Investment, Scarcity
Legal descriptions - Answer-A description of a specific parcel of real estate complete
enough for an independent surveyor to locate and identify it.
Used in most agency Agreements, All Deeds, and All Real Estate Sales Contracts
Economic value impacts - Answer-A characteristic of real estate. improvements
permanence of investment scarcity and location
(Explosive population growth equals increase in property value)
Physical value impacts - Answer-Immobility, indestructibility, uniqueness/non-
homogeneity
(geographical location, land not improvements, one parcel or piece of land is not exactly
like the other)
Land survey - Answer-Reveals potential concerns about property boundaries and
clearly defines the property
Survey - Answer-Required to verify, clarify, correct, or create a legal description;
professional on-site measurement of the lot lines and dimensions of property including
location of improvements, any encroachments, and any easements of public record
Easement - Answer-A right to cross/use another's land for a specific reason
Metes and bounds system - Answer-Monuments, compass headings, and directions
