FIL 260 EXAM 1 QUESTIONS SOLVED 100% LATEST VERSION 2025
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Module
FIL 260 EXM 1
Institution
FIL 260 EXM 1
FIL 260 EXAM 1 QUESTIONS SOLVED 100% LATEST VERSION 2025
Real estate - Answers land and items seen legally as having a permanent connection to the land
Parcel - Answers an area of land with a particular ownership, land use, or other characteristic.
Physical aspects of land - Answers long life, u...
FIL 260 EXAM 1 QUESTIONS SOLVED 100% LATEST VERSION 2025
Real estate - Answers land and items seen legally as having a permanent connection to the land
Parcel - Answers an area of land with a particular ownership, land use, or other characteristic.
Physical aspects of land - Answers long life, unique, fixed location
Economic aspects of land - Answers scarce, long term investment, can be altered
Tenant-occupied - Answers apartments and hotels
Owner-occupied - Answers condominiums and cooperatives
Condo - Answers individual household and all owners own the common areas
Co-op - Answers a corporation owns property and each shareholder has special lease
Commercial - Answers Retail and office
Industrial - Answers manufacturing and warehouse
Agricultural - Answers farm and timberlands
Brokers - Answers brings sellers and buyers together
developers - Answers buys land to subdivide
Builders - Answers constructs buildings
Inspectors - Answers specialists in construction and operating systems who do careful inspections
Appraisers - Answers determine the relative value and evaluate the property
Mortgage lenders - Answers work for banks, thrifts, insurance companies, loan brokers
Investment analysts - Answers analyze real estate investments for investment firms
Property managers - Answers manage buildings for owners
Asset managers - Answers select sites for/acquire, manage, and dispose of a portfolio of real estate
assets for a corporation or other client
Lawyers and paralegals - Answers specialize in real estate law and transactions
Public sector personnel - Answers land use planners, zoning board personnel, specialists in acquisition
and leasing
Characteristics of real estate market - Answers local in nature, unique, long lead time needed
, 3 primary methods of legal description - Answers 1) U.S. Government Rectangular Survey System
2) Metes and Bounds
3) Reference to recorded Subdivision Plat Maps
Quadrangles - Answers 24 miles x 24 miles (16 townships)
Township - Answers 6 miles x 6 miles (36 sections)
Section - Answers 1 mile x 1 mile (640 acres)
How many square feet are in an acre? - Answers 43,560 square feet
What are metes - Answers distances
what are bounds - Answers directions
Latent ambiguities - Answers clear in writing but has different interpretations
Patent ambiguities - Answers present when no other written documents exist to give clarification
Bundle of Rights - Answers use, exclusion, disposition, and the right to do none of these
What are fixtures - Answers personal property items that have become permanently connected to real
estate
What are examples of fixtures - Answers plumbing pipes, electrical wires, kitchen cabinets
How to determine a fixture - Answers 1) What were the parties' intentions?
2) How is the item attached?
3) Is the item specially adapted
What are trade fixtures - Answers business assets routinely allowed to be removed
What is an estate - Answers an interest in land that is (or at least may become) accompanied by right to
occupy/possess the property
Possessory - Answers current interest
Non-Posessory - Answers future or contingent future interest
Grantor - Answers the party that sells or gives an interest in real estate to a receiving grantee
What is Fee AD&D - Answers Fee- the interest can be inherited
Alienable- you can sell or give it away during your life
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