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