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ASREB Exam Prep Questions With 100- Correct Answers..
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10/7/24, 1:55 PMASREB Exam Prep
Jeremiah
Terms in this set (50)
1. Possession
2. Use
What is included in a "Bundle of Rights"?
3. Encumbrance (loan against)
(allodial system of ownership)
4. Expulsion (exclude others)
5. Transfer
Corporeal Land and Tenements (buildings)
Incorporeal Rights and Relationships
Hereditaments Any property that can be inherited
Fixtures Item of personal property that because of it's attachment becomes real property
1. Method of a attachment (How permanent is the fixture
2. Agreement (agreed to verbally/written by both parties)
MARIA
3. Relationship (what is the relationship of the item to a party...do they need it for
Legal test to determine what is or isn't a
health reasons, etc.?)
fixture
4. Intent (what was the intent of the annexors (installers))
5. Adaptability (how does the fixture fit into the purpose)
How do you change a fixture back into Detachment or Severance
personal property?
Personal Property is also called... Chattel or Personalty
Transfer of Title (via Deed): Will In testate succession ... person died with a will
Transfer of Title (via Deed): Interstate Person died without a will but has heirs
Succession
Tangible: objects
Two types of Personal Property
Intangible: (rights and relationships - trademarks, logo, slogan, patent, royalties, etc.)
If its not Realty, its... Personalty (personal property or chattel)
Item affiliated with trade/business is always the personal property of the
Trade Fixtures trade/business even if it is attached
Any type of agricultural crop-owner has the right to harvest that season's crops even
Industrial Fruits (Right of Emblements)
after a lease hold has expired
1. Surface
Real Property: Land 2. Subsurface (mineral rights-appurtenant to land)
3. Air rights
Caissons are... Pillars that support over land or water
Improvements are... any type of structure that is added to the land (foundation, building, etc.
Groundwater and Surface Water
Two Classifications of Water Rights:
(both controlled by Arizona Dept. of Water Resources)
Arizona Department of Water Resources
DWR
(controls all natural bodies of water)
Groundwater is... Water below the surface
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