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Exam (elaborations)

MN Real Estate Exam Prep Study Guide Solutions

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright ©Stuvia International BV Page 2/10 (2) Land is not a fixture. (3) Once the fixture (personal property) is attached, it becomes an appurtenance and is utomatically transferred in the deed. ...

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  • November 4, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Real Estate
  • Real Estate
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KaylinHoffman
Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MN Real Estate Exam Prep Study Guide

Solutions


Bill of Sale - ANSWER✔✔-What is used to transfer personal property


Buffer Zone - ANSWER✔✔-My be used to separate two incompatible zoning uses


Certificate of Occupancy - ANSWER✔✔-


Appurtenances - ANSWER✔✔-Are attached to and run with the land


Real property - ANSWER✔✔-Is the land, anything affixed to the land and rights and interests in the land

and is conveyed by a deed


Personal property - ANSWER✔✔-(1) Includes all items not attached to the land that may or may not be

conveyed when the property is sold. Each item of personal property is listed in and conveyed by a bill of

sale.




(2) All property that is not real property is movable, is not permanently attached to the land and typically

does not transfer with the real estate. Must be INCLUDED in the purchase agreement to convey with the

property.




(3) Is transferred by a bill of sale


Fixture - ANSWER✔✔-(1) Personal property attached to improvements.

Copyright ©Stuvia International BV 2010-2024 Page 1/10

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




(2) Land is not a fixture.




(3) Once the fixture (personal property) is attached, it becomes an appurtenance and is utomatically

transferred in the deed.


Improvements - ANSWER✔✔-Items attached to the land with the intent of being permanent (Examples -

House, fence, road, landscaping)


Land - ANSWER✔✔-Surface rights, Subsurface rights, Air rights


Three forms of rights - ANSWER✔✔-Land, Ownership, Governmental


Air rights (Land) - ANSWER✔✔-1. Extend as high as can reasonably be used. 2. Government controls air

space. 3. Owners may not interfere.


Water rights (Land) - ANSWER✔✔-(1) The government controls water rights and grants permits for the

beneficial use of water, such as irrigation, under the doctrine of prior appropriation. (2) Water rights do

not include the right of access. The owner of a water right would not have the right to cross another's

property and would need to obtain an easement (right of use) to do so.


Riparian - ANSWER✔✔-Flowing water (R = River - like a river)


Littoral - ANSWER✔✔-Standing water (L = Lake - like a Lake)


Accretion - ANSWER✔✔-Addition to land through natural causes


Mineral rights (Land subsurface rights) - ANSWER✔✔-(1) These rights may be transferred when property

is sold or reserved by the seller.

Copyright ©Stuvia International BV 2010-2024 Page 2/10

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