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FINC 371 Exam 1 Questions & Answers 100% Correct!!
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improvements - ANSWERanything reasonably permantly attached/affixed to land Location and Timing - ANSWERWhat are the 3 most important things in Real Estate? (it is really only 2 just repeated 3 times) Real Estate - ANSWERis the physical land and appurtenances affixed to the land real prope...

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  • August 5, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • finc 371 exam 1 questions answers 100 correct
  • finc 371 exam 1 stuvia 2024
  • improvements answeranything reasonably permantly
  • location and timing answerwhat are the 3 most im

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FINC 371 Exam 1 Questions & Answers 100% Correct!!



improvements - ANSWERanything reasonably permantly attached/affixed to land



Location and Timing - ANSWERWhat are the 3 most important things in Real Estate? (it is really only
2 just repeated 3 times)



Real Estate - ANSWERis the physical land and appurtenances affixed to the land



real property - ANSWERincludes all interests, benefits, and rights inherent in the ownership of
physical real estate



title - ANSWERownership rights to real property



deed - ANSWERis the document normally used to convey the rights from one party to another



lease - ANSWERconveys the rights of use and possession of real property under the agreed terms.



personal property - ANSWERincludes moveable items or property that are not permanently affixed
to, or part of the real estate



Air rights - ANSWERreal property rights to the space above the earth's surface



mineral rights - ANSWERreal property rights to the minerals and other useful materials that exist
below the surface



water rights - ANSWERthe right to withdraw water from the land



Riparian Rights Doctrine - ANSWERDominates the Eastern U.S

All owners whose land underlies or borders the water have equal rights

Can use all water needed as long as not depriving other users

, Prior Appropriation Doctrine - ANSWERWest of the Mississippi

Arid Land

"First come, First serve"

Can deprive others from having water usuage



underground water - ANSWERwater that flows in a defined channel



Estates - ANSWERBundles of ownership interests in real property



Freehold Estates - ANSWERseparated into present and future interests



Fee Simple Absolute Estate - ANSWERis fullest and most complete set of ownership rights one can
posses in real property

fixture - ANSWERis an article that was once personal property, but has since been installed or
attached to the land or building. Considered part of the real estate.



trade fixture (chattel fixture) - ANSWERa part of a building that is detachable and is for a business
purpose




qualified fee estate - ANSWERowner's right can be defeased or lost in the future should a stated
event or condition come to pass



life estates - ANSWERownership terminates automatically and immediately upon the death of a
named person



remainder right - ANSWERrights to property upon death of life tenat



remainderman - ANSWERthe party who holds the remainder interests associated with a life estate



vested remained - ANSWERexists when remaindermen is guaranteed ownership of the property at
some time in the future.

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