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CE Shop National Exam Prep PROPERTY OWNERSHIP Questions and Answers
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CE Shop National Exam Prep PROPERTY OWNERSHIP Questions and Answers
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CE Shop National Exam Prep:PROPERTY OWNERSHIP Questions and
Answers
Define *Land* - Answer -The earth's surface extending downward to the center of the
earth and upward to infinity, including permanently attached natural objects.
Define *Real Estate* - Answer -Land, plus all things *permanently* attached to it
naturally or artificially
*Real Property* - Answer -Real estate, plus the interests, benefits, and rights included
with real estate ownership
Define *Improvements* - Answer -Artificial attachments to land that include things such
as fencing, buildings, and walkways.
*Personal Property* - Answer -Everything owned *that is not real property*
*Personal Property*
Five Basic tests to determine if an item is real or personal property - Answer -*MARIA*
*M* Method of Annexation: Whether the item is attached to the property and how
permanently the attachment is
*A* Adaptability for use: how an item is adapted to the real property. If removing an item
would change or eliminate the use of the property, its likely real property.
*R* Relationship of the parties: courts tend to favor a tenant's take on an item over the
landlord's and a buyer over a seller
*I* Intention in placing: If an item was intended to be temporary, then it's less likely to be
considered real property.
*A* Agreement of the parties: if the parties have agreed whether an item will stay or go,
this is the simplest and first test.
, Anything permanently attached to the land or to permanent structures on the land is
called. - Answer -*Fixtures*
*MARIA test helps classify these items as fixtures rather than personal property*
*Fixtures*
They are part of _______________ *Property* and are included (conveyed) with a sale
of real property unless the parties negotiate differently. - Answer -They are part of *Real
Property* and are included (conveyed) with a sale of real property unless the parties
negotiate differently.
*If a fixture should be excluded from the transfer* the sales contract should clearly
identify that the item is excluded from the transaction.
*If the fixture's status is debatable,* the contract should clarify whether the item will stay
or go.
*Fixtures* that are removed from the improvement before an agreement of sale become
personal property again through the process of _______________________________.
- Answer -*Fixtures* that are removed from the improvement before an agreement of
sale become personal property again through the process of *severance.*
Cultivated crops are called _______________ and are considered *real or personal*
property, even though they're part of the soil. - Answer -Cultivated crops are called
*emblements* and are considered *personal property*, even though they're part of the
soil.
*Owners don't need to dig up the crops and take them when the land is conveyed, but
those owners are entitled to the fruits of their labor and can harvest the crop when it's
ready (even if the land has transferred to a new owner).
What is *Annexation*? - Answer -Annexation: *the process of converting personal
property to real property.*
This is anything that's attached to leased land or structures that's used in conducting
business. - Answer -*Trade Fixture*
Rights and responsibilities differ depending on the commercial lease agreement, but
usually tenants may remove trade fixtures when the lease terminates. They must repair
any damages created by removing the fixtures.
Real Property is conveyed from one owner to another using a ______________.
Personal Property is transferred using a ________________. - Answer -Real Property
is conveyed from one owner to another using a *Deed.*
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