Exam (elaborations)
Real Estate Exam Prep- Champions
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Real Estate Exam Prep- Champions
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Real Estate Exam Prep- ChampionsImprovements Correct Ans - A property owner has decided to do some
landscaping work on his yard. He has planted a tree surrounded by some
flowering shrubs. The tree and shrubs are an example of:
a. encroachment
b. improvements
c. surface Rights
d. emblement
Riparian Correct Ans - A property owner has a waterfront lot on a
stream. He has the right to use the water from the stream. What is this right
called?
a. riparian
b. littoral
c. appropriative
d. appropriation
Appurtenance Correct Ans - A right, privilege, or improvement
belonging to, and passing with, the land.
Chattel or Personalty Correct Ans - Personal property is a right or
interest in something of a temporary or movable nature and includes anything
not classed as real property.
Fixture Correct Ans - An item of personal property; however, it has
been attached in such a way that it has become real property.
Severance Correct Ans - the process by which an item of real property
becomes personal property
Trade Fixtures Correct Ans - Fixtures installed by a tenant in order to
carry out a business. They may be removed from leased property prior to the
termination of the lease.
, Emblements Correct Ans - The crops and other annual plantings
considered to be personal property of the cultivator.
Nonhomogeneity Correct Ans - no two pieces are exactly alike
(uniqueness)
Immobility Correct Ans - land cannot be moved - a person must go to
the land
Indestructibility Correct Ans - durability - it will always be there
Nonhomogeneity
Immobility
Indestructibility Correct Ans - Characteristics of Real Property
Land has three physical characteristics:
Scarcity, modification, fixity, situs Correct Ans - Land has four
economic characteristics:
Scarcity Correct Ans - in short supply where demand is great
Modification Correct Ans - land use and value are greatly influenced by
improvements made by man to land and to surrounding parcels of land
Fixity Correct Ans - land and buildings and other improvements to
land are consideration fixed or permanent investments- they are not liquid
assets
Situs Correct Ans - Location preference, or location from an economic
rather than geographic stand point
Police Power Correct Ans - Is the power given to a municipality to
regulate and control the character and use of property for the health, safety
and general welfare of the public.
zoning is the most common example
Zoning Correct Ans - dividing an area into zones or sections reserved
for different purposes such as residence and business and manufacturing etc
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