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ASREB Exam prep A-1 (gray packet) Solved Correctly!!
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ASREB Exam prep A-1 (gray packet) Solved Correctly!! The sale of personal property would include: Bill of sale What governmental right requires compensation to private property owners? Eminent domain If property is obtained by the state after a person dies, this is called: Escheat Transf...

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  • January 24, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • asreb exam prep a 1 gray packet solved correctl

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ASREB Exam prep A-1 (gray packet) Solved Correctly!!

The sale of personal property would include:
Bill of sale
What governmental right requires compensation to private property owners?
Eminent domain
If property is obtained by the state after a person dies, this is called:
Escheat
Transfer of real property requires a:
Deed
This is an economic characteristic of real property:
Frozen asset
A promissory note is considered:
Personal property
These are included in the bundle of rights ownership:
1. Usage
2. Possession
3. Sell property at any time
Discount points:
1. INCREASE the lenders yield
2. Usually 1 % of loan amount
3. Decrease the loan term
A storage shed attached to a slab would be considered a:
Fixture
If an HOA had additional expenses how would they be handled?
Each property owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When
the property is sold who gets the crops?
The farmer
The tenant's right to harvest crops after a lease is expired is called:
Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the
bookcase is removed. The bookcase would be considered:
Trade fixture
A lease is considered:
Personal property
Ad valorem property taxes are based on:
Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous
year.
1. Property taxes
2. Assessments

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