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Champions School Real Estate- Law of Agency Exam Questions And Correct Answers
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Champions School Real Estate- Law of Agency ExamQuestions And Correct Answers
Appurtenance - Answer rights, privileges or improvements that belong to and pass with
the land
Improvements - Answer Man's additions to the land such as buildings and landscaping.
Chattle or Personalty - Answer temporary or movable nature and includes anything not
classed as real property.
Real Property - Answer Consists of land, improvements attached to the land, benefits,
rights and ownership interests that go with the land.
Bill of Sale - Answer Ownership is transferred by:
Fixture - Answer was personal property but then became real estate because it has
been attached to the land
Annexation - Answer The process of attaching may also be called:
Severance - Answer The process of real property becoming personal (severed)
Trade Fixtures - Answer installed for commercial purposes by a tenant (belongs to
tenant)
Emblements - Answer crops cultivated annually
, 3 Characteristics of Real Property - Answer 1. Nonhomogeneity - no 2 pieces exactly
alike
2. Immobility - land cannot be moved
3. Indestructibility - durability, it will always be there
4 Economic Characteristics of Land - Answer 1. Scarcity - in short supply
2. Modification - greatly influenced by improvements made by man
3. Fixity - Land and buildings considered fixed or permanent, not liquid assets
4. Situs - location, location, location
Legal description - Answer Created and determined by a surveyor. Required part of a
contract or conveyance so that that document to be enforceable. Metes & Bounds, Lot &
Block, Rectangular Survey System aka Govt Survey System
Government Survey System - Answer A method of land description in which meridians
(lines of longitude) & base lines (lines of latitude) are used to divide land into townships
& sections. Township = 36 Sections. Section contains 640 acres = 1 mile. Acre = 43,560
sq ft.
Governmental Rights in Land - Answer "PETE":
"Police Power" = Zoning; Non-conforming use = request a variance; Buffer Zone
"Eminent Domain" - Right of the govt to take private property for public use through
condemnation. Must compensate owners.
"Taxation" - Property taxes are ad valorem
"Escheat" - Dies without will or heirs
CC&R - Covenant, Conditions, Restrictions - Answer Private controls of land use - Deed
Restictions
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