MN Real Estate Exam Prep Verified Solutions
Real Estate Terminology
What is a Bill of Sale used for? Options: a. To transfer real property; b. To transfer personal property; c.
To transfer both real and personal property; d. None of the above
Answer: b. To transfer personal property;
What...
MN Real Estate Exam Prep Verified Solutions
Real Estate Terminology
What is a Bill of Sale used for? Options: a. To transfer real property; b. To transfer personal property; c.
To transfer both real and personal property; d. None of the above
Answer: b. To transfer personal property;
What is a Buffer Zone used for? Options: a. To separate two compatible zoning uses; b. To separate two
incompatible zoning uses; c. To combine multiple zoning uses; d. To cancel a zoning use
Answer: b. To separate two incompatible zoning uses;
What is a Certificate of Occupancy used for? Options: a. To prove ownership of a property; b. To prove
that a property is habitable; c. To prove that a property is uninhabitable; d. None of the above
(Not provided, as the correct answer is not among the options)
Property Types
What are appurtenances? Options: a. Items attached to the land with the intent of being permanent; b.
Items not attached to the land that may or may not be conveyed when the property is sold; c. Items that
are not permanently attached to the land and are typically not transferred with the real estate; d. Items
that are permanently attached to the land but are not transferred with the real estate
Answer: a. Items attached to the land with the intent of being permanent;
What is real property? Options: a. The land and anything affixed to it; b. The land only; c. The
improvements only; d. The personal property only
Answer: a. The land, anything affixed to it, and rights and interests in it;
What is personal property? Options: a. All items that are not attached to the land; b. All items that are
permanently attached to the land; c. All items that are temporarily attached to the land; d. None of the
above
Answer: a. All items that are not attached to the land;
, (2) Built in = fixture; freestanding = personal property
Adaptation ✔️Specific to individual property (i.e. house keys, garage door openers)
Agreement ✔️(1) The written agreement regarding the items is the final decision on what will be
conveyed.
(2) Fixtures must be excluded from the purchase agreement if the seller is not going to convey.
(3) The size, value, or location of the item is not important in determining if an item is a fixture.
Trade fixtures ✔️(1) Tenant-installed additions that are a necessary part of the tenant's trade or
business.
(2) Tenants may remove trade fixtures prior to lease termination.
(3) If not removed by lease termination, the trade fixtures belong to the landlord.
(4) Transferred by bill of sale
Emblements ✔️Annually cultivated crops that belong to the party who planted them, unless otherwise
agreed.
Transferred by bill of sale
Personal property must be ✔️included in writing
Fixtures must be ✔️excluded in writing
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