Aceable Agent Mi Real Estate Exam 1
Test Bank Latest Real Exam 800+
Questions And Correct Answers|Already
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Which one of the following rights is NOT associated with property ownership? -
ANSWER✔✔ Insurance
Which of the following are considered industrial real estate? - ANSWER✔✔
Research Facilities
What is a typical characteristic of a special-purpose real estate property? -
ANSWER✔✔ Publicly Owned
property: - ANSWER✔✔ any item which may be owned, including the rights
associated with ownership.
land: - ANSWER✔✔ the surface of the earth, including all permanently attached
natural features, extending downwards to the center of the earth and upwards to
infinity.
real estate: - ANSWER✔✔ part of the surface of land to the center of the earth and
upward to space, plus all improvements made by man or nature.
improvement: - ANSWER✔✔ any non-natural structure built on or affixed to land.
,real property: - ANSWER✔✔ land from the surface to the center of earth and
upward into space, including everything attached by man or nature as well as the
bundle of legal rights of ownership.
asset: - ANSWER✔✔ a tangible or intangible item of value.
equity: - ANSWER✔✔ the portion of a property's total value owned outright by
the holder to title, equal to the difference between the market value and all
outstanding debts on the property.
common law: - ANSWER✔✔ the side of law which arises from judgments and
decisions made in courts rather than explicit legislation.
legal title: - ANSWER✔✔ complete legal ownership of real property and the
bundle of rights associated.
bundle of rights: - ANSWER✔✔ ownership of land with all of the legal rights of
possession, control, enjoyment, exclusion, and disposition.
quiet enjoyment: - ANSWER✔✔ a lessee's right to possess a property without
interference from lessor, previous owner, or anyone else about the claim to the
title.
exclusion: - ANSWER✔✔ a right included in the bundle of legal rights to real
property which empowers the owner to allow or deny others' use of the property.
,personal property: - ANSWER✔✔ any unattached, movable asset on the property
not considered real estate (land plus improvements); also known as chattel or
personalty.
chattel: - ANSWER✔✔ any unattached, movable asset on the property not
considered real estate (land plus improvements); also known as personal property
or personalty.
All of the following are part of land's unique characteristics EXCEPT: -
ANSWER✔✔ inherent value
When an individual owns the mineral rights, they own: - ANSWER✔✔ subsurface
rights
If someone has a river on their property, what type of rights would be associated
with it? - ANSWER✔✔ Riparian
Which right is associated with lakefront or oceanfront property? - ANSWER✔✔
Littoral
accretion: - ANSWER✔✔ the process that results in the gradual increase in land
area through deposits of soil by natural forces.
surface rights: - ANSWER✔✔ the rights to access the surface area of a parcel of
real property.
subsurface rights: - ANSWER✔✔ ownership rights to all that is found beneath the
surface of the tract of land owned, extending downward to the center of the earth.
, mineral rights: - ANSWER✔✔ separately transferable rights to the subsurface
resources on a property.
air rights: - ANSWER✔✔ the right to use the airspace above the surface of land.
air space: - ANSWER✔✔ the area above ground that is owned along with a
property — could include space above a piece of land, or the space owned inside a
condominium unit.
water rights: - ANSWER✔✔ the right of a property owner on a waterfront to
access and use that water.
riparian rights: - ANSWER✔✔ rights that govern the use of flowing water, such as
rivers and streams that pass through or border a property.
littoral rights: - ANSWER✔✔ rights that govern lakefront or oceanfront property
and usually allow the property owner to use the water bordering their property.
prior appropriation: - ANSWER✔✔ the legal doctrine which grants states the
power to control and regulate all water resources within their borders.
Plants that are cultivated and harvested annually are considered personal property.
These are called: - ANSWER✔✔ Emblements
MARIA: - ANSWER✔✔ Method of attachment
Adaptability
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