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Exam- Colorado Real Estate EXAM Prep Questions with Solutions
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Exam- Colorado Real Estate EXAM Prep Questions with Solutions
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Exam- Colorado Real Estate EXAM Prep Questions withSolutions
An owner of real estate possesses certain rights, including:
possession of the property
control of the property
disposition of the property
all of the above Correct Answer-all of the above
Possession, control and disposition of ownership are included in the bundle of rights. The
"Bundle of Rights" can best be remembered by the name "C-U-P-E-D". These letters stand for
control, use, possess, enjoyment, and dispose.
According to law, a trade fixture is:
A fixture
Personal property
An easement
A license Correct Answer-Personal property
, Exam- Colorado Real Estate EXAM Prep Questions with
Solutions
A trade fixture is personal property of the tenant and may be removed by the tenant. A trade
fixture is something that is used in the conducting of a business; i.e. a pizza oven in a pizza
restaurant.
Personal property may be distinguished from real property by its:
great variety
mobility
overhead price
multiplicity of uses Correct Answer-mobility
Personal property is not attached to the land or the improvements and it usually is movable.
Even though it may be personal property, the contract can include it in the sale of the real
estate and then, by means of the contract it does become real estate.
Three of the four economic characteristics of real property are:
, Exam- Colorado Real Estate EXAM Prep Questions with
Solutions
scarcity
permanence of investment
improvements
all of the above Correct Answer-all of the above
Scarcity (supply), permanence of investment, improvements, and area preference are all
economic characteristics of real property.
Legal tests to determine whether a fixture (something which is attached) should stay or can
be removed from a property by a Seller include all of the following EXCEPT:
intention of the parties
method of attachment
how they were purchased
existence of an agreement Correct Answer-how they were purchased
Legal tests of a fixture include intention of the parties (did they plan for it to stay or did they
plan to take the object usually defined in the contract), method of attachment (is it screwed
, Exam- Colorado Real Estate EXAM Prep Questions with
Solutions
into the wall like a curtain rod or is it just hanging on a rod like a curtain), its type and
adaptability to the real property, and the relationship of the parties which is usually set forth
in an agreement or contract.
Trade fixtures are:
a permanent part of a building
owned by the owner of the real estate
removable with the building owner's permission
personal property of the tenant Correct Answer-personal property of the tenant
Trade fixtures are the personal property of the tenant and may be removed at any time. If left
after the termination of the lease they become the property of the landlord.
Which of the following is (are) considered personal property?
Wood-burning fireplaces
Patio furniture
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