Champions Real Estate NATIONAL TEST (chs 1-2) Final Exam with complete solutions 2024
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Course
CHAMPIONS REAL ESTATE
Institution
CHAMPIONS REAL ESTATE
Real Property - Answer- consists of land, improvements, attached to the land, benefits, rights, and ownership interests that go with the land.
Appurtenance - Answer- is often used to describe rights, privileges, and improvements that belong to and pass with the land
Improvements - Answer- man...
Champions Real Estate NATIONAL TEST
(chs 1-2) Final Exam with complete
solutions
Real Property - Answer- consists of land, improvements, attached to the land, benefits,
rights, and ownership interests that go with the land.
Appurtenance - Answer- is often used to describe rights, privileges, and improvements
that belong to and pass with the land
Improvements - Answer- man's additions to the land such as buildings and landscaping
Personal property - Answer- is a right or interest in something of a temporary or
movable nature and includes anything not classed as real property (chattel or
personalty)
Bill of Sale - Answer- ownership is transferred with this document
Fixture - Answer- an item that was personal property; however, it has been attached in
such a way that it has become real property
Annexation - Answer- "the process" of attaching a fixture to a property in a way that it
becomes real property
Severance or "severed" - Answer- "the process" of real property becoming personal
property will be described by this
Trade Fixtures - Answer- fixtures installed by a tenant in order to carry out a business,
and they may be removed from leased property prior to the termination of the lease. If
these fixtures are not removed prior to termination of the lease, they become real
property and pass to the landlord.
Emblements - Answer- crops cultivated annually. even though they are attached to the
ground, they are considered the personal property of the farmer who cultivated them.
They are not automatically part of the sale of a farm or ranch.
1. Nonhomogeneity - Answer- no two pieces of land are exactly alike. a more current
turn is uniqueness. each piece of land is unique
, 2. Immobility - Answer- land cannot be moved - a person must go to the land
3. Indestructibility - Answer- durability - it will always be there
land's four economic characteristics: - Answer- 1. Scarcity
2. Modification
3. Fixity
4. Situs
1. Scarcity - Answer- in short supply, where demand is great - (a lot in Manhattan is
more valuable than a lot in upstate New York). Scarcity is usually based on geographic
considerations.
2. Modification - Answer- land use and value are greatly influenced by improvements
made by man to land and to surrounding parcels of land.
3. Fixity - Answer- land and buildings and other improvements to land are considered
fixed or permanent investments - they are not liquid assets.
4. Situs - Answer- location preference, or location from an economic rather than a
geographic standpoint. This can change over time as people change.
Legal Description - Answer- this is created and determined by a surveyor. it is a
necessary part of a contract or conveyance (deed, listing, sales contract, etc.) in order
for that document to be enforceable. (methods: metes and bounds, lot and block, the
rectangular survey system)
3 methods of land description: - Answer- 1.) Metes and Bounds
2.) Lot and Block
3.) The rectangular (Government) Survey System
1. metes and bounds description - Answer- use terminal points and angles and always
have a p.o.b. (point of beginning). this method uses compass directions, degrees, and
minutes. the p.o.b. is also the end. might include the use of street names.
*this is the OLDEST and MOST COMMON method of land description.* monuments,
permanent surveyor markers, are often the starting point for a metes and bounds
description, and can be essential to the accuracy of that description. (monuments can
be manmade - an iron pipe, or natural - a stand of timber, an old oak tree, etc.)
2. Lot & Block system (for legal description) - Answer- these descriptions are derived
from a recorded map, called a "plat." this is the ***most common description used in
residential listing agreements***
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