AlBERTA REAL ESTATE FUNDAMENTALS EXAM QUESTIONS AND ANSWERS 204/2025 GRADED A+. 2 / 3 1. Real Estate: The land and fixed improvements to the land 2. Classes of License: a. Associate a) Associate Broker b) Broker 4 Areas of Practice: 1. Residential 2. Commercial 3. Rural 4. Property Management 4. Mo...
AlBERTA REAL ESTATE FUNDAMENTALS EXAM
QUESTIONS AND ANSWERS 204/2025 GRADED A+
, AlBERTA REAL ESTATE FUNDAMENTALS EXAM
QUESTIONS AND ANSWERS 204/2025 GRADED A+
Real Estate - Answer- land and things attached to the land
Property - Answer- any objects that can be owned or possessed
Real Property - Answer- consists of legal interest in land and things attached to the land
Personal Property - Answer- includes legal interests in all other types property; chattel
Title - Answer- ownership rights to real property
Deed - Answer- the document normally used to convey the rights from one party to
another
Lease - Answer- the document used to convey the rights from the property owner to the
tenant
Fixture - Answer- Personal property that becomes part of the real property when it is
attached to the land or a building
Test of Intent of the Parties - Answer- the most crucial test used to determine whether
something is a fixture or personal property
Trade Fixtures - Answer- personal property used in a trade or business
Water Rights - Answer- the right to withdraw water from the land
Riparian Rights Doctrine - Answer- all owners whose land underlies or borders the
water have equal rights to the water (dominant in the Eastern US)
Prior Appropriation Doctrine - Answer- The first person to use a body of water for some
beneficial economic purpose has a right to use all the water desired, even if landowners
who later find a use for the water may be precluded from using it (dominant in the
Western US)
Estates in Land - Answer- collections or bundles of ownership interests in real property
Freehold Estates - Answer- own the estate
Leasehold estates - Answer- the right to use or possess but not own property owned by
someone else
Grantor - Answer- the party who transfers a real property interest
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