Champions School Of Real Estate Exam Prep National Chapter 1 & 2 Questions And Answers Graded A+.
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Champions School of Real Estate
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Champions School Of Real Estate
Champions School Of Real Estate Exam Prep National Chapter 1 & 2 Questions And Answers Graded A+.
Rights, privileges or improvements that belong to and pass with land. - correct answer. Appurtenance
Man made additions to the land such as buildings and landscaping. Also known as...
Champions School Of Real Estate Exam
Prep National Chapter 1 & 2 Questions And
Answers Graded A+.
Rights, privileges or improvements that belong to and pass with land. - correct answer.
Appurtenance
Man made additions to the land such as buildings and landscaping. Also known as free
standing - correct answer. Improvements
Right or interest in something that is temporary or movable by nature. Also known as
chattel or personalty. - correct answer. Personal Property
Ownership is transferred by... - correct answer. Bill of Sale
When personal property is included in a sale, an ___________________________ is
attached to describe the details of the transaction. It must be very specific. - correct
answer. Non Realty Item Addendum
Was Personal property but it has been attached in such a way that it becomes real
property. - correct answer. Fixture
Process of Attaching - correct answer. Annexation
The Process of real property becoming personal property - correct answer. severance
Fixtures installed by a tenant in order to carry out a business. A dentist needs a dentist
chair in order to operate and it is removed when the lease ends. - correct answer.
Trade Fixtures
Land has three physical Characteristics. - correct answer. 1. Non Homogeneity
2. Immobility
3. Indestructibility
No two pieces are exactly alike. Each piece of land is unique - correct answer. Non
Homogeneity
Land Cannot be moved - correct answer. Immobility
Durability - It will always be there - correct answer. Indestructibility
Four Economic Characteristics of Land - correct answer. 1. Scarcity
2. Modification
3. Fixity
4. Situs
Short Supply when demand is great. When there is a shortage, the price goes up.
"Naturally Desirable" - correct answer. Scarcity
Land use and value are influenced by improvements made by man. "Change or
Improve" - correct answer. Modification
Fixed or permanent investments. Not liquid assets - correct answer. Fixity
Location preference. "Prestigious Location" - correct answer. Situs
A legal Description is created and determined by a surveyor - correct answer.
Surveyor
Use of terminal points and angles and always have a point of beginning. Monuments
and markers are often starting points. This method uses compass, directions, degrees,
and minutes. - correct answer. Metes and Bounds
Derived from a record map called a plat. Most common description used in residential
listing agreements - correct answer. Lot and block
Also known as Government survey system that uses base lines, meridians, townships,
and sections. - correct answer. Rectangular Survey System
One township contains _____________ sections - correct answer. 36
Each Section contains ___________ acres - correct answer. 640
One Acre contains ___________ square feet - correct answer. 43,560
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