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