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©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM CE Shop National Exam Prep: PROPERTY OWNERSHIP Define *Land* - answerThe earth's surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects. Define *Real Estate* - answerLand, ...

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  • 28 de agosto de 2024
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©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM



CE Shop National Exam Prep: PROPERTY
OWNERSHIP

Define *Land* - answer✔✔The earth's surface extending downward to the center of the earth
and upward to infinity, including permanently attached natural objects.

Define *Real Estate* - answer✔✔Land, plus all things *permanently* attached to it naturally or
artificially

*Real Property* - answer✔✔Real estate, plus the interests, benefits, and rights included with real
estate ownership

Define *Improvements* - answer✔✔Artificial attachments to land that include things such as
fencing, buildings, and walkways.

*Personal Property* - answer✔✔Everything owned *that is not real property*
*Personal Property*


Five Basic tests to determine if an item is real or personal property - answer✔✔*MARIA*


*M* Method of Annexation: Whether the item is attached to the property and how permanently
the attachment is


*A* Adaptability for use: how an item is adapted to the real property. If removing an item would
change or eliminate the use of the property, its likely real property.


*R* Relationship of the parties: courts tend to favor a tenant's take on an item over the landlord's
and a buyer over a seller


*I* Intention in placing: If an item was intended to be temporary, then it's less likely to be
considered real property.

, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM



*A* Agreement of the parties: if the parties have agreed whether an item will stay or go, this is
the simplest and first test.
Anything permanently attached to the land or to permanent structures on the land is called. -
answer✔✔*Fixtures*


*MARIA test helps classify these items as fixtures rather than personal property*
*Fixtures*


They are part of _______________ *Property* and are included (conveyed) with a sale of real
property unless the parties negotiate differently. - answer✔✔They are part of *Real Property*
and are included (conveyed) with a sale of real property unless the parties negotiate differently.




*If a fixture should be excluded from the transfer* the sales contract should clearly identify that
the item is excluded from the transaction.


*If the fixture's status is debatable,* the contract should clarify whether the item will stay or go.
*Fixtures* that are removed from the improvement before an agreement of sale become personal
property again through the process of _______________________________. -
answer✔✔*Fixtures* that are removed from the improvement before an agreement of sale
become personal property again through the process of *severance.*
Cultivated crops are called _______________ and are considered *real or personal* property,
even though they're part of the soil. - answer✔✔Cultivated crops are called *emblements* and
are considered *personal property*, even though they're part of the soil.


*Owners don't need to dig up the crops and take them when the land is conveyed, but those
owners are entitled to the fruits of their labor and can harvest the crop when it's ready (even if the
land has transferred to a new owner).

What is *Annexation*? - answer✔✔Annexation: *the process of converting personal property to
real property.*

, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM


This is anything that's attached to leased land or structures that's used in conducting business. -
answer✔✔*Trade Fixture*


Rights and responsibilities differ depending on the commercial lease agreement, but usually
tenants may remove trade fixtures when the lease terminates. They must repair any damages
created by removing the fixtures.
Real Property is conveyed from one owner to another using a ______________.

Personal Property is transferred using a ________________. - answer✔✔Real Property is
conveyed from one owner to another using a *Deed.*
Personal Property is transferred using a *Bill of Sale or Receipt.*
*Land Characteristics and Legal Descriptions*


Physical Characteristics of Land - answer✔✔*Immobility*
-the geographic location of land is fixed and can't be changed.


*Indestructibility*
-Improvements may deteriorate over time, but not land itself.


*Uniqueness/Nonhomogeneity*
-One piece of land is never exactly like another
*Land Characteristics and Legal Descriptions*


Economic Characteristics of Land - answer✔✔*Scarcity*
-you can't make more land


*Improvements*
-A land's value can be positively or negatively affected by the improvements made on it.

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