National Real Estate Exam Outline - Pearson Vue, Questions And Correct Answers
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National Real Estate Exam Outline - Pearson Vue, Questions And Correct Answers
Real property
The interests benefits and rights inherit in real estate ownership often used as a synonym for Real Estate conveyed by deed
Personal property
Items called chattels or personalty that do not fit into t...
National Real Estate Exam Outline -
Pearson Vue, Questions And Correct
Answers
Real property
The interests benefits and rights inherit in real estate ownership often used as a
synonym for Real Estate conveyed by deed
Personal property
Items called chattels or personalty that do not fit into the definition of real property such
as movable objects and bill of sale
Fixtures
Personal property that's so attached to land or building that by law becomes part of real
property such as Plumbing light fixtures radiators kitchen cabinets elevators Heating
Trade fixtures
Article installed by a tenant under terms of a lease that is removed by the tenant before
the lease expires such as seating booths or agricultural fixtures
Emblements
Growing crops that are produced annually through Labor and Industry also called
fructus industriales and are considered personal property
Fructus Naturales
Trees, Shrubbery, grass, that does not require annual cultivation and is considered real
estate
Severance
Changing an item of real estate to personal property by detaching it from the land such
as cutting down a tree is separating it from the land therefore becomes personal
property
Annexation
Process of converting personal property into real property such as a homeowner buying
wood to construct a deck in the backyard the land owner has converted personal
property of wood into real property the deck
Legal tests of a fixture or Maria
Method of annexation how permanent is the attachment
adaptability of the item how is it used personal or real property
Relationships of parties tenant landlord or buyer seller
intention shouldn't be attached to appear permanent
agreement of parties agreement of personal or real property written on offer to purchase
or lease
Economic characteristics of land
, Scarcity improvements permanence of investment area preference or situs
Scarcity
While a considerable amount of land has not been developed the supply in a given
location that is suitable for a particular use is finite or scarce
Improvements
Building an improvement on one parcel of land can affect the land value and use as well
as neighboring tracts and whole communities
Permanence of investment
The capital and labor used to build an improvement represent a large fixed income even
though a well-built structure can be razed to make way for a newer building
improvements such as drainage electricity water and sewage remains the return on
such Investments tend to be long-term and relatively stable
Area preference
Also known as situs or place is commonly referred to as location location location this
economic characteristic refers not only to geography but also to the preference for a
specific area
Three physical characteristics of land
Immobility indestructibility and uniqueness also known as non homogeneity
Immobility
Geographic location can never change its fixed in there for and immobile
Indestructibility
Geographic location Remains the Same whatever that condition
Uniqueness
Also known as non homogeneity meaning No two Parcels are the same or in the same
location
6 categories of real property
Residential
commercial
mixed-use
industrial
agricultural and
special purpose
Residential
Single-family or multi-family
Commercial
Business property
Mixed-use
Commercial and residential in the same building
Industrial
Warehouse Factory power plant
Agricultural
Timberlands ranches Orchards and Farms
Special purpose
Churches schools cemeteries government buildings and Parks
Eminent domain
Right of the government to acquire privately owned land or real estate for public use
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