1. Real estate is BEST defined as:
a. land and the air above it
b. land, the air above it and everything above and below the ground
c. land, the buildings on it and anything permanently attached to the land and/or buildings and all appurtenances
d. land an all rights in the land - ANSWER-1. C R...
1. Real estate is BEST defined as:
a. land and the air above it
b. land, the air above it and everything above and below the ground
c. land, the buildings on it and anything permanently attached to the land and/or
buildings and all appurtenances
d. land an all rights in the land - ANSWER-1. C Real estate is defined as: land plus
improvements, buildings and other permanent attachments and appurtenances
2. Physical characteristics of real estate include:
a. indestructibility
b. scarcity
c. improvements
d. situs - ANSWER-2. A Indestructibility is a physical characteristic. The other physical
characteristics of real estate are immovable and non-homogeneity. Improvements,
scarcity and situs are economic characteristics of real estate.
3. All of the following are separable ownerships in land EXCEPT:
a. surface of the land
b. area below the surface
c. non homogeneity
d. air rights - ANSWER-3. C Non-homogeneity is a physical characteristic of real estate
meaning that no two parcels of real estate are alike.
4. Economic characteristics of real estate include which of the following:
a. situs
b. immobility
c. indestructibility
d. non homogeneity - ANSWER-4. A Situs is an economic characteristic of real property
meaning that value is enhanced by the desire of people to locate in a particular area.
5. A fee simple estate is NOT:
a. of indefinite duration
b. free of encumbrances
c. transferable
d. inheritable - ANSWER-5. B A fee simple estate is seldom, if ever, free of
encumbrances.
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