Barney Fletcher Real Estate Exam Study Guide Solutions

Barney Fletcher Real Estate Exam Study Guide Solutions Assemblage - ANSWER-combining two or more contiguous parcels of real estate into a single parcel under one ownership plottage - ANSWER-an increase in value resulting from assemblage fixture - ANSWER-personal property that is permanently attached to real property and goes with the property when its sold what makes something a fixture - ANSWER-if object was fixed or installed with the intention of improving the home appurtenances - ANSWER-when new fixtures are attached ex. heat/air, roof have brokers license but are working for another broker - ANSWER-associate broker principal/employing broker - ANSWER-in charge of and responsible for all real estate operations conducted by a real estate brokerage firm ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 2/24 which type of land description are the properties described as they relate to meridians - ANSWER- government / rectangular survey alienation of title - ANSWER-any change of ownership - transferring ownership rights or interests in real property from one person to another legal title - ANSWER-right of ownership of a parcel of real property held by an owner equitable title - ANSWER-interest in a piece of real estate held by a buyer held under a contract to obtain absolute ownership of the property at a future date bare legal title - ANSWER-lacks the usual rights and privileges associated with ownership constructive notice - ANSWER-information has been made available to the public inquiry notice - ANSWER-when factors exist that make someone inquire further ex. dirt road running across you would inquire whether there is an easement in place marketable title - ANSWER-a title free from reasonable doubt as to who the owner is abstract of title - ANSWER-detailed report of the title search torrens system - ANSWER-an owner petitions the state court to register his property transfer of land ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 3/24 allodial system - ANSWER-individuals are able to own land eminent domain - ANSWER-right of govs to assume property for necessary public use escheat - ANSWER-power the gov has when someone dies intestate and leaves no known heirs PETE - powers of gov over title - ANSWER-police power, eminent domain, taxation, escheat encroachment - ANSWER-unauthorized infringement on a property owners rights as a result of physical intrusion freehold estate - ANSWER-highest and most complete form of ownership seisin - ANSWER-possession of freehold estate qualified fee estate - ANSWER-a fee simple estate that has certain limitations / qualifications - owner holds fee simple title defeasible - ANSWER-capable of being voided/defeated life estate - ANSWER-fee simple estate that is conveyed to a person for the duration of their life remainder estate - ANSWER-future interest in real estate created at same time and by same instrument as other state ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 4/24 statutory estate - ANSWER-any state created by the law/ gov Non-freehold estates - ANSWER-for years, year to year, at will, sufferance for years - ANSWER-definite beginning and definite end year to year - ANSWER-indefinite number of time periods ex. month to month or week to week rental at will - ANSWER-when a tenant in lawful possession with no definite time specified as to when he may vacate sufferance - ANSWER-when a tenant occupies real estate after his lawful rights have run out - goes until tenant vacates or landlord takes action - termination doesn't require notice laches - ANSWER-stops a person from acting against another if they dont do it in a set amount of time PITT - four unities - ANSWER-property, interest, time, title tenancy by the entireties - ANSWER-for married couples - only between husband a