COMPREHENSIVE REAL ESTATE FINAL
EXAM 2025
What is **real property**?
**Real property** includes land and anything permanently attached to it, such as buildings or fixtures.
What are **improvements** in real estate?
**Improvements** are permanent, man-made attachments like fences, bui...
COMPREHENSIVE REAL ESTATE FINAL
EXAM 2025
What is **real property**?
**Real property** includes land and anything permanently attached to it, such as buildings or fixtures.
What are **improvements** in real estate?
**Improvements** are permanent, man-made attachments like fences, buildings, and walkways.
What is **chattel**?
**Chattel** refers to personal property.
What are **trade fixtures**?
**Trade fixtures** are equipment a tenant installs on leased commercial premises for conducting
business.
What does **MARIA** stand for in real estate?
**MARIA** stands for **Method of annexation, Adaptability of item to land's use, Relationship of the
parties, Intention in placing item on land, Agreement of the parties**.
What does **method of annexation** refer to?
It refers to how an item is **attached to the property** and the permanence of the attachment.
What is **adaptation** in real estate?
**Adaptation** is related to how an item is **situated or adapted to the real property**.
What are **trade fixtures**?
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,**Trade fixtures** are removable personal property that tenants use in their business operations.
What is **Agreement of the Parties** in property law?
It is the agreement between parties about whether an item stays or goes, and it should ideally be in
writing.
What are **emblements**?
**Emblements** refer to crops that require annual planting, which are considered personal property.
What is **severance** in property law?
**Severance** occurs when an item originally considered real property is detached and becomes
personal property.
What is **annexation** in real estate?
**Annexation** is the process by which **personal property becomes a fixture** when attached to real
property.
What does **real estate** include?
**Real estate** includes land and anything permanently attached to it, either naturally or artificially.
What are the **economic characteristics** of land?
The economic characteristics are **scarcity, improvements, permanence of investment, and location
preference**.
What is **scarcity** in relation to real estate?
**Scarcity** refers to the limited supply of land and the fact that land cannot be produced, making it
more valuable if it is rare.
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,What are **improvements** in the context of real estate?
**Improvements** are structures placed on land, such as buildings and fences.
What does **permanence of investment** mean?
**Permanence of investment** refers to the long-term nature of infrastructure improvements, like
roads and utilities, which represent stable investments.
What is **location or area preference** in real estate?
It refers to how **the value of a property is influenced by its geographical location**.
What are the **physical characteristics** of land?
The physical characteristics are **immobility, indestructibility, and uniqueness**.
What is **immobility** in real estate?
**Immobility** means that **land's geographic location is fixed and cannot be changed**.
What is **indestructibility** in real estate?
**Indestructibility** means that while improvements may deteriorate, **land itself cannot be
destroyed**.
What is **uniqueness** in real estate?
**Uniqueness** refers to the fact that **no two parcels of land are exactly alike**.
What are the two primary categories of **real estate characteristics**?
The two categories are **economic and physical**.
What are **water rights**?
**Water rights** are the legal rights to use water from rivers, streams, or other bodies of water.
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, What is an **Independent Contractor Agreement**?
It is a contract that defines the working relationship between a broker and a salesperson.
What does **NAREB** stand for?
**National Association of Real Estate Brokers**.
What is a **REALTOR®**?
A **REALTOR®** is a member of the National Association of REALTORS®.
What does **NAR** stand for?
**National Association of Realtors®**.
What is a **Realtist**?
A **Realtist** is a member of the National Association of Real Estate Brokers (NAREB).
What does **license law** protect?
It protects the rights of **buyers, sellers, tenants, and property owners**.
What governs **licensing**?
Licensing may be governed by **laws, regulations, or a combination of both**.
How is the **South Carolina Real Estate Commission** composed?
It consists of **seven active real estate professionals elected by state house and senate members, two
appointed by the governor, and one elected by other commission members**.
What are the duties of the **South Carolina Real Estate Commission**?
The commission **regulates real estate license law, approves education courses, reviews applications,
and investigates complaints against licensees**.
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