Exam (elaborations)
ASREB Exam Prep Questions and Answers 2024
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Exam of 4 pages for the course ASREB at ASREB (ASREB Exam Prep)
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ASREB Exam PrepWhat is included in a "Bundle of Rights"?
(allodial system of ownership) - answer1. Possession
2. Use
3. Encumbrance (loan against)
4. Expulsion (exclude others)
5. Transfer
Corporeal - answer Land and Tenements (buildings)
Incorporeal - answer Rights and Relationships
Hereditaments - answer Any property that can be inherited
Fixtures - answer Item of personal property that because of it's attachment becomes
real property
MARIA
Legal test to determine what is or isn't a fixture - answer1. Method of a attachment (How
permanent is the fixture
2. Agreement (agreed to verbally/written by both parties)
3. Relationship (what is the relationship of the item to a party...do they need it for health
reasons, etc.?)
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 personal property? - answerDetachment or
Severance
Personal Property is also called... - answerChattel or Personalty
Transfer of Title (via Deed): Will - answerIn testate succession ... person died with a will
Transfer of Title (via Deed): Interstate Succession - answerPerson died without a will
but has heirs
Two types of Personal Property - answerTangible: objects
Intangible: (rights and relationships - trademarks, logo, slogan, patent, royalties, etc.)
If its not Realty, its... - answerPersonalty (personal property or chattel)
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