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ASREB Exam Prep Questions and Answers
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ASREB Exam Prep Questions and Answers
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ASREB Exam Prep Questions andAnswers
What is included in a "Bundle of Rights"?
(allodial system of ownership) - Correct Answers -1. Possession
2. Use
3. Encumbrance (loan against)
4. Expulsion (exclude others)
5. Transfer
Corporeal - Correct Answers -Land and Tenements (buildings)
Incorporeal - Correct Answers -Rights and Relationships
Hereditaments - Correct Answers -Any property that can be inherited
Fixtures - Correct Answers -Item of personal property that because of it's attachment
becomes real property
MARIA
Legal test to determine what is or isn't a fixture - Correct Answers -1. Method of a
attachment (How permanent is the fixture
2. Agreement (agreed to verbally/written by both parties)
3. Relationship (what is the relationship of the item to a party...do they need it for health
reasons, etc.?)
4. Intent (what was the intent of the annexors (installers))
5. Adaptability (how does the fixture fit into the purpose)
How do you change a fixture back into personal property? - Correct Answers -
Detachment or Severance
Personal Property is also called... - Correct Answers -Chattel or Personalty
Transfer of Title (via Deed): Will - Correct Answers -In testate succession ... person died
with a will
Transfer of Title (via Deed): Interstate Succession - Correct Answers -Person died
without a will but has heirs
Concept of Ad Valorem - Correct Answers -According to value - process you go through
to get to the assessed value
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