Champions School of Real Estate Exam Prep National Chapter 1 & 2
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CHAMPIONS School of Real Estate
Institution
CHAMPIONS School Of Real Estate
Champions School of Real Estate Exam Prep National Chapter 1 & 2
Appurtenance
Rights, privileges or improvements that belong to and pass with land.
Improvements
Man made additions to the land such as buildings and landscaping. Also known as free standing
Personal Property
Right or int...
champions school of real estate exam prep national
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Champions School of Real Estate Exam Prep
National Chapter 1 & 2
Appurtenance
Rights, privileges or improvements that belong to and pass with land.
Improvements
Man made additions to the land such as buildings and landscaping. Also known as free standing
Personal Property
Right or interest in something that is temporary or movable by nature. Also known as chattel or
personalty.
Bill of Sale
Ownership is transferred by...
Non Realty Item Addendum
When personal property is included in a sale, an ___________________________ is attached to
describe the details of the transaction. It must be very specific.
Fixture
Was Personal property but it has been attached in such a way that it becomes real property.
Annexation
Process of Attaching
severance
The Process of real property becoming personal property
Trade Fixtures
Fixtures installed by a tenant in order to carry out a business. A dentist needs a dentist chair in order
to operate and it is removed when the lease ends.
Emblements
Crops cultivated annually
1. Non Homogeneity
2. Immobility
3. Indestructibility
Land has three physical Characteristics.
Non Homogeneity
No two pieces are exactly alike. Each piece of land is unique
Immobility
, Land Cannot be moved
Indestructibility
Durability - It will always be there
1. Scarcity
2. Modification
3. Fixity
4. Situs
Four Economic Characteristics of Land
Scarcity
Short Supply when demand is great. When there is a shortage, the price goes up. "Naturally
Desirable"
Modification
Land use and value are influenced by improvements made by man. "Change or Improve"
Fixity
Fixed or permanent investments. Not liquid assets
Situs
Location preference. "Prestigious Location"
Surveyor
A legal Description is created and determined by a surveyor
Metes and Bounds
Use of terminal points and angles and always have a point of beginning. Monuments and markers are
often starting points. This method uses compass, directions, degrees, and minutes.
Lot and block
Derived from a record map called a plat. Most common description used in residential listing
agreements
Rectangular Survey System
Also known as Government survey system that uses base lines, meridians, townships, and sections.
36
One township contains _____________ sections
640
Each Section contains ___________ acres
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