REE 3043 Exam Questions With Revised
Answers
Immovable possesions - answerrealty
moveable possessions - answerpersonalty or chattel
residential real estate - answerone-to-four unit properties suitable for dwelling use
commercial real estate - answerall real estate other than resedential
class...
moveable possessions - answer✔✔personalty or chattel
residential real estate - answer✔✔one-to-four unit properties suitable for dwelling use
commercial real estate - answer✔✔all real estate other than resedential
class a - answer✔✔low effective age and highest rents in market
class b - answer✔✔average age and rents
class c - answer✔✔older with updates needed, still reasonably well-maintained
capital markets - answer✔✔long term financial securities traded
property markets - answer✔✔right to receive property, cash flows traded
real property bundle of rights - answer✔✔possession, use, disposition
freehold - answer✔✔an estate that is of unlimited indefinite duration
fee simple absolute - answer✔✔all possible rights, greatest interest available
fee simple conditional - answer✔✔revocable if specific condition is violated
ordinary life estate - answer✔✔ownership ends at death and reverts to grantor or passes to
designated person
leaseholds - answer✔✔temporary conveyance of possession and use
fixture - answer✔✔chattel has become real property legally by affixing it to realty
building - answer✔✔structure with walls and a roof that is permanently affixed to the land
leasehold estates - answer✔✔specific period of time
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